Convergence Discord AMA Recap — Oct 16, 2021
Our first interactive Discord AMA was hosted successfully on 16 October. Our Co-Founder Ivan Yeung delivered a concrete update for Convergence and the recently launched AMM on Moonriver, Moonlit. This AMA introduced the upcoming roadmap and revamped whitepaper for Convergence and how the overall Convergence cross-chain compatibility ecosystem will be built.
Alica (host): Hello Convergers! It’s nice to have you in the first Convergence AMA on Discord! We’re happy to have our Co-Founder Ivan, here with us today to share the overview of the roadmap and the recent update of the Moonlit launch and the revamped whitepaper. We’ll also have a community round for the interaction with Ivan. You can prepare the questions that you want to know about the current update from Ivan! Thank you Ivan for taking time to be here with us! 🥳
Ivan: Hey Convergers, how are you guys doing! It’s been awhile thanks for spending your time with us.
Alica: This AMA is for everyone to get to know more about the overall update of Convergence. We’ll start with the roadmap and Moonlit first, — a cross-chain AMM on Moonriver, which will deliver you the recent situation about Convergence. Then, we’ll talk about the revamped whitepaper and what is its position in the overall Convergence ecosystem and how it will create the synergies and hype with Convergence itself.
Alica: Although I think a lot of Convergers are very familiar with Ivan’s background, Ivan could you give us a brief introduction about yourself as this is the first AMA on Discord?
Ivan: Sure. Let me put this in short! I’m the Co-Founder of Convergence and I bring the expertise of asset tokenization to the world of DeFi. With my previous experience in Asia leading security token issuance platforms and product management, I started Convergence with the aim to democratize the private assets to the public.
Alica: Yup, Ivan has a sound experience in tokenized assets! To kick off the recent update, can you share with us the recent roadmap that’s just released?
Ivan: As you see the recent roadmap consists of 2 product suits: Convergence & Moonlit. We are focusing on the development of Cross-Chain Compatibility and we want to bring this compatible ecosystem into Convergence by bridging ERC-20 assets to different networks to extend the user base in our DeFi community. There’ll be so much work to do for Moonlit and the merge for Convergence and we believe it would be a great usecase for the DeFi world. Convergers can expect there’ll be a new and cost-efficient solution for trading ERC-20 assets.
Alica: Interesting. So I can expect to see more cross-chain features and benefits from Convergence. What will Moonlit offer to the existing protocol?
Ivan: Moonlit will have the same feature that Convergence does. As it is a standalone platform, users can swap tokens, stake $CONV & $MLIT and other LP tokens for yield farming, as well as it serves as a launchpad for Moonriver projects and these all happen on Moonriver, a EVM chain on Kusama.
Alica: I see. So Moonlit sounds like a Convergence that runs on a different network, Moonriver. What is driving you to build another AMM on Moonriver and what kind of the synergies do you think Moonlit can bring to Convergence?
Ivan: We understand the high gas fee on Ethereum has been bothering our community, Convergence is looking into multi-chain solutions since the beginning and Moonlit is the first use case to prove our vision — make private markets public, into implementation. Private assets offering will be robust on various chains and Moonriver is our important trail that can bring more user flows and provide offerings on different chains that won’t risk and affect our existing and established platform — Convergence.
Ivan: The cross-chain AMMs feature widens the accessibility of private sales tokens on different networks. Users will enjoy the benefits of low gas fee and high speed transaction performance, while in the meantime, the user base will be enlarged and more DeFi liquidity will flow into our network, making more extoic assets investment opportunities available to the public. Users can expect to see more trading pairs on Moonlit and they’re all cross-chain available. As the swapping, staking and yield farming are available on Moonlit, along with the launchpad functions for Moonriver projects to help them fundraising, Convergence will enjoy the whole benefit that Moonlit arouses and won’t be risking the existing system after the merge with Convergence to achieve cross-chain compatibility in the ecosystem.
Alica: That sounds amazing! Convergers will have more offerings by the new launch platform Moonlit and can enjoy a low fees structure network after the merge.
Alica: I see there’s also a revamped whitepaper for Convergence, what do you plan for Convergence as an overall direction?
Ivan: Convergence will keep finding the valuable investment opportunities for the community by offering extoic assets via a cross-chain network. Convergers can expect there’ll be more cross-chain solutions for Convergence, ie. BSC, Solana, Moonbeam and Enjin, which we are also keen on looking at. As NFT and GameFi are also very hot topics in the industry, we’re also looking for various partnerships with the industry by providing different assets offerings.
Ivan: Also I know the community is keen on if Convergence will have more marketing campaigns and community events. We’ve a lot to roll out in the coming months, please stay tuned for the latest announcement and be aware of our social media!
Alica: WOW! Can’t wait for the new offerings and the community events🤩
Alica: Thank you Ivan for the concrete answers on the project update. I believe Convergers are now well informed about the latest news of Convergence and what to expect! Moving on to the quick fire round, every Convergers here can ask questions directly to Ivan, and Ivan will pick a total of 5 Questions to answer. Whose questions get picked up will be given the Public Access Spots! Convergers, let’s have your questions prepared! 🥳
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Alica: Chat is closed, thanks to all Convergers! Ivan, your turn to answer the questions!
Q1: NFT is considered the current HOT trend of the cryptocurrency industry after DeFi. Can you share your opinion about NFT? Where do you see future growth of NFT features and capabilities over the next few years?
Ivan: That’s a good question, initially there were lots of people who said NFT is a bubble. Action speak louder than words NFT has been developing more and more use case nowadays and more like a special vehicle ie. premium membership, dividend distribution and more. I believe NFT will adopt more use cases and the blockchain will be more comprehensive with those features.
Q2: Convergence has had some really impressive private offerings! May we find out, how has convergence been able to get such amazing projects?
Ivan: Thanks to our amazing investors like Hashed, Alameda and OKEX we can get access to various deals and make it public for our community. Meanwhile, me and Oscar have been in the crypto field for a while also thanks for our valuable connections that can bridge us throughout the network. More deals are on the way please bear with us!
Q3: Do you plan allocation guaranteed tier system In future ? If not, do you plan lottery as dao maker do block 10days allocation to give more chance to others for next project allocation?
Ivan: Based on Convergers feedback this will be on the pipeline indeed. In the near future we will create pools for CONV holders to propose and vote on Convergence decision making. More and more offers are on the way, initially we aim to allow as many Convergers to participate as possible. After a couple more deals, we will have a guaranteed tier system for loyal CONV stakers to participate in all these deals.
Q4: Most investors only focus on the short-term price of the token instead of the actual value of the project. So what are the benefits for long-term investors?
Ivan: Totally agree on all new projects, VCs and investors would love to take on some profits upfront. I think that is totally fine, yet thanks to our investors and community we all got long term supporters while the price can steadily build up.
Q5: What key partnerships do you plan to use or how do you get your product out to the average consumer — especially those who don’t use crypto?
Ivan: Right now we are leveraging our connections for more private sale tokens, at the same time we want to expand our community by collaborating with different protocol ie. Chainlink, Moonbeam and 1inch. In the future, we will be actively communicating with all the new chains like Jumpnet to expand our ecosystem one step further.
Q6: Currently, the covid epidemic is booming again, very complicated and affecting the whole world. So what effect does it have on the economy of the project? And how do you generate income and profits to sustain the project?
Ivan: In my opinion it’s a pro and a con at the same time. It results in the Convergence team to face each other with less time but everyone can have more time working at home and actively communicate along the development. The amount we raised for protocol development is pretty sufficient and the main income would be the protocol fee by injecting liquidity at ConvX and transaction fee. We are also actively communicating with different CEXs and hope we can bring you guys some good news this month.
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Ivan: These are all quality questions. I think I have an extra answer for this AMA and give out an extra spot. Once again I just want to say thanks to you all for creating this amazing Convergence community. Convergence will go a long way, the Convergence team will be putting in our max efforts to complete the DeFi ecosystem. Please stay tuned to our Telegram and Discord channels for any other updates.
Alica: Sure, a total of 6 spots will be given out this time🤩 Thanks Ivan!
Ivan: Once again just want to say thanks to you all for creating this amazing Convergence community. Convergence will go a long way, the Convergence team will be putting in our max efforts to complete the DeFi ecosystem. Please stay tuned to our Telegram and Discord channels for any other updates.
Alica: Thank you Ivan for participating in the AMA again! Also, a huge thanks to all Convergers for attending this AMA!💙As always, the team will be continuing to distribute and find the best opportunities for the community. For winners whose questions got picked up by Ivan, please DM me and I’ll arrange the prize pickup. Remember, ADMINS WILL NEVER DM FIRST! Hope you guys have a great weekend! 😁🙌
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.
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