Widening Pre-IDO access for $CONV holders

Introduction

Last week, we published this article, titled ‘How Does CONV Gain You Access to Pre-IDOs’, covering the following:

  • a) What are Pre-IDOs
  • b) How Convergence democratizes Pre-IDO investment; and
  • c) How holding $CONV gains you access to Pre-IDO investments

With the final details of our first pre-IDO announcement to be confirmed, we want to further explain how holding $CONV enables priority access to all upcoming ConvO pre-IDO offerings.

Quick Recap of Our Vision

Since the beginning, Convergence Finance was built with the vision of bringing real world and private asset investment exposure to DeFi users on a community and user-first platform on all aspects from speed, cost and security to interface design. By bringing typically private and exotic assets into DeFi we democratize and widen investment opportunities for DeFi users such as fractionalized NFTs, exposure to private sale tokens or even pre-IDO tokens.

Check out this article to learn more about how Convergence democratizes access for typically private investment opportunities. Also check out this article to understand the advantages from asset owners’ and investors’ perspectives of launching on ConvO.

Ensuring Fair Access

To ensure continued fair access to our supporters, we have two pools on the ConvO platform, premium and public. As mentioned in our article there are three main ways to qualify for premium access:

  1. Stake 50,000 CONV;
  2. Stake 50,000 CONV worth of CONV-ETH LP at ConvPool; or
  3. Stake 50,000 CONV worth of CONV-USDT LP at ConvPool.

This ensures that all Convergence supporters that meaningfully contribute to the Convergence ecosystem are fairly recognized for their contribution! With premium access, whitelisted participants will be put under a separate pool, and subject to a lottery ticket system to ensure fair access opportunity for the pre-IDO token sale.

The CONV Lottery System

Stakers of 50,000 CONV or equivalent value of Conv-LP will be entitled to (1) lottery ticket in the premium access pool. Each staker is allowed a maximum of (10) lottery tickets per 50,000 CONV holding. For example:

  • Alice will be entitled to (2) premium pool lottery tickets if she stakes 100,000 CONV
  • Bob will be entitled to (4) premium pool lottery tickets if he stakes 200,000 CONV worth of CONV-ETH LP
  • Charlie will be entitled to ONLY (10) premium lottery tickets even if he stakes 20,000,000 CONV
  • Doug will be entitled to (2) premium pool lottery tickets if he stakes 50,000 CONV and also 50,000 CONV worth of CONV-ETH LP
  • Emily will be entitled to (0) premium pool lottery tickets if she stakes 30,000 CONV and also 20,000 CONV worth of CONV-ETH LP.

(… a maximum of 10 lottery tickets, up to 500,000 CONV).

Conclusion

The dual pool design alongside the weighted and random lottery ticket system was meant to give fair consideration to CONV supporters, while at the same time keeping to our original ethos of democratizing access to investment opportunities.

We’re excited to announce the first of many private asset investment opportunities on ConvO for all DeFi users and CONV holders, including Pre-IDO tokens. More details will be revealed soon — as usual, stay in the loop by following us on Twitter, joining our Discord and TG channels (links below).

Until next time,

Convergence Finance

About Convergence Finance

Convergence is the first AMM to make private token interchangeable in the DeFi space by fractionalizing them using a single easy-to-use interface and composable with other DeFi protocols. Convergence enables originators to take advantage of DeFi’s liquidity, while DeFi users can access exotic private exposure unavailable to them before. Convergence Finance combines the edge of a lowered investment entry barrier with the liquidity, automation, and transparency features of DeFi to bring exclusive investment exposure to all DeFi users.

Official Links:

Website / Discord / Telegram / Twitter / Litepaper

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Convergence will be the first AMM to make private assets interchangeable in the DeFi space by fractionalizing them using a single easy-to-use interface and composable with other DeFi protocols.

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