Thanks a lot for actively participating in the Nord Finance AMA held on 28th July 2021 at the Game of Bitcoins Channel. We really appreciate all your support. This post is a recap of the entire session held with Convergence Finance

We have with us Oscar Yeung

Hi everyone,

I am the co-founder of Convergence Finance, the first interchangeable asset protocol in the DeFi space! My background is in traditional finance, with a bachelor's of science in Finance from NYU stern school of business. From there I started my career in investment banking at Deutsche Bank across Singapore and Hong Kong. My venture into the blockchain space began as the co-founder of Liquefy, a leading tokenized asset issuer in Asia. Spending time in traditional finance and now moving into DeFi, I experience first hand innovations and limitations of tokenized assets as well as the growth and demand for real world assets in DeFi.

Q1. At present, liquidity mining has triggered a boom in the DeFi market, but high gas fees and network congestion prevent users from actually experiencing the full potential of DeFi. What problem needs to be solved most? and how will Convergence provide a lasting solution?

Liquidity mining has indeed swept the Defi space and offered many new innovation in business model that accelerated from this boom. The number of transaction on Ethereum is increased exponentially due to the many new DeFi protocols and that has led expensive and slow transactions. As such, the premise of global accessible financial system has been limited to only those that are willing to pay the high gas fees.

For our community, we fully acknowledge the Ethereum congestion and gas fee issues. As such, we are building a cross-chain compatible protocol, where we will first build on EVM compatible chains and we are targeting Moonbeam if not Binance Smart Chain. Moonbeam can deliver fast and cheap transactions to users which enables multi-chain compatibility on Polkadot. We’ll have further announcements on the development of the infrastructure, aiming to be what Uniswap and Pancake Swap is for their respectively chain.

Q2. Contract security is a big issue in DeFi. Has your smart contract been audited? How do you ensure the protection of users' money so that users feel safe?

I believe users are very concerned about the hacking issue in smart contracts, which leads to the loss in funds. All Convergence products such as ConvO and ConvX are already audited by Certik, a well-known audit coding company in the blockchain industry which we’ve built the partnerships with. All the versions, from Testnet to Mainnet have passed the audit security test. Users can find Convergence's audit report and results on its official website. We also regularly conduct security tests for the platform. Users can also give feedback on any bugs and suggestions for optimizing the platform via our community channels. We will fix the bugs and optimize the existing website functions regularly.

Q3. Community is a key factor for all projects to be successful. Do you have any plan to attract more users and improve user experience? What is your governance model to give the power to community members?

We always listen to the community’s voice. Community is very important to our project and we’ve launched a lot of community events to reward our community members, especially those who voice out constructive advice and report the existing bugs and problems. We’re conducting the CMC airdrop event to celebrate the launch on ConvX trading volume and attract more users to join our community. We also have other Twitter and AMA events on social media such as the voting campaign for the next private sale token offering. Everyone is welcome to join and we’ll bring out more stuff to the community. Currently, we’re also planning and updating something new for our users! The community can stay tuned and expect a far better user experience on Convergence!

Q4. What kind of partnerships with different projects/platforms/protocols can we expect from Convergence in the future? Could you give us some examples of how other projects can leverage Convergence?

After the recent successful launch of the first pre-IDO offering on Convergence, we're currently making something new and exciting stuff for the community. If you’ve followed our Twitter or you’re already in one of our official community groups, you’ll notice that Solana stuff offering is coming. There are more pre-IDO and private sales tokens, as well as fractional NFTs offerings are coming. Other projects can gain trading liquidity to its illiquidity assets and get earlier price discovery on Convergence while DeFi users can gain exotic opportunities to invest in high quality projects that they haven’t had before.

Q5. What are Convergence's future development goals? To achieve your goal, what have you prepared? What strategic plans have been developed?

Convergence would like to tokenize as many assets as possible and democratize the assets to DeFi users. Convergence will revolutionize the way people trade real-world and crypto-native exposure by providing greater liquidity, transparency and inclusion for all investors. As mentioned before, we currently have 3 types of offerings on Convergence that we’re building relationships and partnerships with, the community can expect more diversified offerings to come in the future. By combining the edges of real world assets with the liquidity, automation and transparency features of DeFi, the Convergence Protocol will leverage the edges with the worlds of traditional finance and DeFi.

Q6. Do you have any plans to add NFT's to your ecosystem as this is the hottest topic in the crypto space?

NFT has launched into mainstream since Christie’s auctioned Beeple’s “Everydays: The First 5000 Days” for $69 million in March, making him among the top three most valuable living artists globally. Even though the NFT market is flourishing, investors can potentially find meaningful investment opportunities there; however, many investment-grade NFTs often come with a hefty price tag, which not everyone can afford comfortably. That’s why breaking down the NFT investment could become a new trend for the digital collectible market.

Convergence can fractionalize a high-priced NFT and present them as wrapped tokens, making them tradeable on ConvX, Convergence’s AMM. The built-in smart contract pre-set a time frame that the NFT will be held in the system. When it expires, the system will sell the NFT in the market, investors who have the NFT-represented wrapped tokens will be able to share the profit according to their shares.

We have a new upcoming offering with a famous contemporary artist that will for sure make Convergence the market leader in fractional NFTs.

Q7. Last week, the Convergence team made its first pre-IDO announcement. What are the primary distinctions between a Pre-IDO and an IDO? What are the benefits of performing a Pre-IDO?

Initial DEX Offering or IDO refers to a crypto project conducting fundraising on a decentralized liquidity exchange by launching a coin or token. Like an IPO in the equity market, IDO means that the crypto project raises funds from the public for the first time. All the general individual investors can fund the project and buy tokens representing that project for the first time.

Pre-IDO refers to token offerings that happen before the traditional IDO takes place. Unlike pre-sale, an offering only available to a specific group of investors, pre-IDO is widely accessible to all DeFi users. Pre-IDO tokens are essentially future unlocked tokens. It comes with a lockup period, and no tokens will be unlocked during this period. 

For our first offering, Lithium pre-IDO the lock-up cliff is 6 months, that means after 6 months the 𝑓LITH tokens are redeemable to actual LITH tokens. The price of  𝑓LITH increased 500% with an ATH of over 1000%, so stay tuned for the next offering on ConvO.

Q8. ConvO has introduced Lithium Finance, its first pre-IDO token sale. Can you tell us about the sale and how much CONV we need to hodl in order to have priority access to the Lithium pre-IDO and other forthcoming ConvO pre-IDO offerings?

To participate in the next offering, we have two pools; public pool and Conv premium pool. Public pool is accessible by everyone but highly competitive where anyone can apply. Premium pools are only available for those members who stake CONV or Convergence LP tokens on ConvX, while public pools are available for all the applicants. If you’re eligible to join the premium pool, you can join the public pool as well. It means that CONV stakers have a higher chance to get a place during the allocation.

Q9. The ecosystem of a project is very important to the long term development of a project, I would like to ask Convergence the main development ideas and future plans for some of the developers and the passionate community are what?

For the Convergence roadmap in the rest of 2021 we have the following planned: 

July - September

Upcoming pipeline deals with existing asset owners (e.g. institutional investors, family office, VC / PE Funds) announced.

Improvements on ConvX, ConvO and ConvPool along with mobile version and UX UI improvements.

Continuous development on exploring EVM compatible solutions on Moonbeam or Binance Smart Chain (BSC).

October - December

Implementation of AssetDAO with a buy-back mechanism launched on Ethereum mainnet.

Establish investment council and allow CONV holder to vote on upcoming private asset

First fractional NFT offering ready on Ethereum ConvO launchpad

Q10. Can you indicate a feature or feature that you like best about the platform so that it can compete with other competitors? What are you most confident about for your platform? Do you have plans to get users to choose your platform?

One of the feature that only exist in Convergence is the end-to-end solution from offering to liquidity provision to redemption. A lot of players does one part of the ecosystem but not the rest. In our point of view, the ease of use is most important which is why all parts of the ecosystem can be done with our platform. This starts from subscription to trading and finally conversion from the liquidity event. 

We are also the first platform in the world to run a Pre-IDO and will be further pushing the boundaries of private asset made public. The vision is to have anything traded on ConvX so the barrier of entry to private investment is nullified

Thanks everyone for the excellent question and feel free to ping me in the Convergence Community for anything at https://t.me/convergencefinanceofficial