Sagittarius 0x* ignition

Good day anon,

As you may have noticed, we’ve been around for a while now but we mostly remained silent. This will slowly change as we are approaching Sagittarius 0x* ignition.

This article aims to paint a clearer picture of Convergence, but we won’t go into too many technicalities just yet.

First of all, the Convergence core team would like to address its respect to all the degens before us who built the bricks of DeFi as we know it. Thank you, gentlemen.

To give you some context, we started building Convergence a bit more than a year ago, when Olympus’ hype was at its maximum. It took us a few months to properly assemble the team and conceptualize the protocol. Of course, we continued to iterate and explore new concepts along the way to build what Convergence v1’s scope will finally be. That being said, let’s get into it!

Convergence is an agnostic “Convex-like” aggregator that gathers various mechanisms to incentivize governance participation while optimizing underlying yields and the functioning of aggregated protocols. Convergence mixes Curve, Convex, and Olympus behaviors to achieve what we call the “Govearn” mechanism.

In simple terms, Convergence will :

• aggregate protocols and operate meta-governance as Convex does;
• govern itself and direct emission like Curve does;
• build a treasury and own its liquidity as Olympus does.

Convergence is not a fork of any existing protocol, the code is original, and most of the contracts have been developed and coded from scratch. The only exceptions are the voting escrow and the gauge controller contract, forked from Curve. On top of that, we introduce new concepts, such as a “three-dimensional” tokenized locked position, a fair time-weighted protocol revenue distribution mechanism, a new tailored bonding solution, etc… We will explain all of them in the coming articles.

Convergence is built as an aggregator, and as such, won’t rely on a single substrate protocol. However, it is important to understand that, in some aspects, the value proposition brought by Convergence doesn’t necessarily rely on aggregated protocols, but rather on internal and structural mechanisms.

We are not going to display yet which protocols Convergence will aggregate. Nevertheless, some will probably have a pretty good idea about where we will start. However, there are two things that can be mentioned at this point:

(1) Convergence will be deeply involved within the Curve ecosystem, either through its future treasury holdings and bonds offering or through its aggregations;

(2) Aggregations won’t be limited to protocols that adopted veTokenomics.

Once again, as we will get closer to launch, more details will be given in due time and we will address all the topics mentioned above: aggregation strategy, deep dive into structural mechanics of Convergence (such as locking model and bonds for example), governance and metagovernance, tokenomics, etc …

Before leaving you guys to speculations, here is what we can communicate regarding the current stage we are at:

Development :

• We estimate that the code (contracts) is done by approximately 90–95%. We still have some non-critical/structural contracts to develop but we didn’t identify any potential issues;
• We started testing some of our contracts (successfully) — more details on our testing process will be shared soon;
• Some contracts are ready to be pushed to audit.

Fundraising :

• We successfully closed our pre-seed round thanks to many partners (business angels, DAOs, and degen VCs).

Communication and community building :

• As previously mentioned, we will start communicating more as we end the protocol development. Many articles will follow, official Discord will be opened and we will be more active on Twitter. We decided not to get involved in marketing and communication activities until we were rock-solid on the main product strategy we are taking;
• The launch of our Discord will be done among partners we attracted since we started building (various DAOs and protocols). When the time comes, each community should distribute invitations allowing their members to join Convergence’s Discord.

Well, It’s enough for now. Again, more information will be revealed in due time. Thanks for reading, stay tuned anon!