Convergence Finance Kicked off $CONV Multi-Chain Token Utilities with Single-Sided Staking on Moonbeam
- $CONV staking on Moonbeam is now live with 100%+ APR
- Move your $CONV staking from Ethereum to Moonbeam to optimize transaction fees for staking and rewards claiming
- Preview: Other multi-chain token utilities coming soon!
Hello Convergers! We are excited to kick off $CONV multi-chain token utilities with the single-sided staking pool on Moonbeam Network. While the Convergence Team is busy preparing for the other roadmap items to optimize the protocol’s cross-chain compatibility on Moonbeam Network, $CONV staking on Moonbeam is an important chapter to lay the foundation for $CONV’s growing multi-chain token utilities.
$CONV is now a multi-chain token on both Ethereum and Moonbeam Network! In our previous Moonbeam deployment for ConvX — Swap, Liquidity and Farm, the $CONV token contract has been deployed on Moonbeam and bridging of $CONV tokens is facilitated via our partnership with Celer Network by leveraging their Open Canonical Token Bridge standard and Celer Bridge.
Convergence (CONV) Token Contract Address on Moonbeam: 0x8006320739fC281da67Ee62eB9b4Ef8ADD5C903a
$CONV staking enhancements on Moonbeam
To improve the user experience on the Convergence DApp, we have made a few UI and technical enhancements of $CONV staking on Moonbeam Network.
$CONV single-sided staking has a standalone [Stake] tab on Moonbeam — this is to differentiate $CONV stakers from the liquidity providers (LPs) staking LP tokens to farm $CONV rewards on [Farm] tab.
$CONV staking on Moonbeam has the same vesting schedule on Ethereum, 4% of the rewards accruing every block are immediately harvestable while the remaining rewards are vested over 6-month and released linearly on a weekly basis.
If you are an existing Converger staking $CONV on Ethereum, we strongly encourage you to move your $CONV staking from Ethereum to Moonbeam as the transaction fees for rewards harvesting are minimized on Moonbeam.
Apart from the attractive* staking APR on Moonbeam, we have also upgraded the staking contract on Moonbeam to resolve the vesting glitch of the Ethereum contract. If you are affected by the vesting glitch of our staking contract on Ethereum, fill in this form here and the team will handle accordingly.
*The staking APR will decrease with the increasing staking amount when more users are staking $CONV
How to stake $CONV & earn $CONV on Moonbeam
Prerequisites -
- Get GLMR ready as transaction fees
- Bridge your $CONV from Ethereum to Moonbeam via Celer Bridge
You may also refer here for our previous guide on how to get started with Convergence on Moonbeam — get GLMR ready to pay transaction fees, add Moonbeam Network to your Metamask, bridge your assets from Ethereum Network to Moonbeam Network, swap, add liquidity and import tokens.
To get started with stake $CONV and earn $CONV -
- Go to https://convx.conv.finance/
- Connect your Metamask Wallet
- Switch to Moonbeam Network
- Click on [Stake] on the left hand side navigation bar
- Enter the $CONV token amount or choose “Max” directly then click [Stake]
- Approve on Metamask if you are staking $CONV for the first time and wait for network confirmation
- Confirm on Metamask to confirm the stake action and wait for network confirmation
- You will then see an updated “My CONV Staked” amount and start seeing your “Accrued Reward” grows
As mentioned above, $CONV staking rewards on Moonbeam are subject to the same vesting schedule on Ethereum — 4% of the rewards accruing every block are immediately harvestable while the remaining rewards are vested over 6-month and released linearly on a weekly basis.
While the farm rewards on Moonbeam are immediately harvestable to incentivize LPs.
Other $CONV multi-chain utilities — Coming soon!
With $CONV being a multi-chain token, the Convergence Team is working on a cross-chain friendly solution for the upcoming ConvO offering on Moonbeam to take into account Convergers’ multi-chain staking balance for premium pool eligibility. The multi-chain $CONV staking balance and $CONV-related LP token staking balance would also be counted towards Covergers’ voting power and eligibility of joining the Premium Convergers Program — more details to follow in the next few weeks!
About Convergence Finance
Convergence is the first AMM to make private tokens 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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