On Thursday, June 17th, we had the pleasure to welcome to our Telegram chat:
Oscar Yeung, The Co-founder of Convergence Finance.
We asked him questions about the development of Convergence Finance.
Q~ Thanks for joining us today Oscar. Please start off by introducing yourself to the Blockchain Space community and your role in the team?
A~ So I am Oscar, co-founder of Convergence Protocol. I bring my expertise in tokenization to the world of DeFi. I am also the CSO of Liquefy, a leading security token issuance platform in Asia. Prior to my ventures in the blockchain space, I was a Global Markets Analyst at Deutsche Bank. Spending time in traditional finance and now moving into DeFi, I experienced first hand both the innovations and limitations of security tokens as well as now seeing the growth and demand for real world and private assets in the DeFi.
I’m also passionate about enterprenuership and startups, being an active investor in the venture capital and private equity space. Alongside Convergence, I am also the co-founder of DAO Ventures, a high-growth ventures focused firm focused on token investment and Pre-IPO investments.
In a nutshell, thats a brief overview about what I do alongside and before Convergence.
Q~ Tell us what Convergence Finance is, how it works, and what kind of value the protocol adds to the ever expanding DeFi ecosystem ?
A~ Convergence Finance’s vision is to bring typically private and hard to access investment opportunities to DeFi users on a user-first platform. This means assets such as pre-ido tokens, rare NFTs and private companies. To democratize investment to such assets, Convergence product suite includes a launchpad (ConvO), an AMM (ConvX) and various liquidity pools (ConvPools).
We launched our first Pre-IDO offering alongside polkastarter today which is already oversubscribed 10x for public pool. The value of this is to allow defi users to gain access to these private opportunities typically reserved for VC investors.
Looking ahead, we’re curently prioritising strategic partnerships to source exotic assets for ConvO and ConvX, as well as to continue building out a superior user experience — whether this technical (e.g. Moonbeam integration, Wintermute collaboration) or from a security point of view (e.g. code audits).
Q~ Can you share with us detailed information on the $CONV tokenomics and it’s usecases ?
A~ To put it simply, CONV Token has three main functions: a) Governance Rights b) Split of Transaction Fee c) Privileged access to new deals.
Privileged access to new deals is most visible now as Conv holders get allocation from a different pool which has more whitelist spots and most less competition, and hence higher chance. To gain access to that, investors will need to stake 50k Conv or 50k worth of Conv LP tokens into our pools.
Transaction fee wise, we have over 100m of liquidity traded since we launched our AMM less than a month ago.
Q~ Can you give us an update on what the team at Convergence Finance has accomplished till date and your future plans for Convergence Finance. ?
A~ To quickly recap on the work our previous week, Convergence took part in Moonbeam’s offical virtual demo day as one of the main project to be deployed on Moonbeam ecosystem. We also launched our full product suite ranging from ConvX, ConvO and ConvPool, all of which has received amazing feedback from both the users and community. The latest is the Lithium Pre-IDO as mentioned before which is gaining significant traction as our first project.
Looking heading, we look to partner with more great project to bring our vision to the Defi ecosystem, including but not limited to more launchpad partners, data oracles and other real world asset protocols.
QUESTIONS FROM BITCOINTALK
Q~ ConvO, recently announced its first pre-IDO token sale, Lithium Finance. Can you give us details on the sale and the amount of CONV we need to hodl to enable us to have priority access to the Lithium pre-IDO and other upcoming ConvO pre-IDO offerings?
A~ Sure, in simply, to get into the Pre-IDO prioritized access, you need to:
Stake 50k CONV in the CONV pool or Stake 50k worth of CONV LP tokens in the CONV LP pool
To access more to the future Pre-IDOs, participants should hodl and stake more CONV. We will have different hodling and staking amount requirements in the future, and will announce the latest events on our official channels.
Q~ Security is a very important factor for any project. Is convergence fully audited ? what is the security status of it?
A~ Yes for sure, given the recent hacks of other protocol, security is our upmost priority. Convergence product suites have been audited with Certik since the beginning of our journey. As you can see we have strived our strategic partnership with Certik which is the leading blockchain and crypto security company specializing in code audit founded by Yale University and Columbia University Professors. For those interested, more information can be found here
CertiK Security Leaderboard - Convergence Finance
Stay up to date with the latest security insights on Convergence Finance: Audit, Skynet, Security Oracle, CertiKShield…
QUESTIONS FROM TWITTER
Q~ The Convergence team recently shared their first pre-IDO announcement last week. What are the main differences between a Pre-IDO and an IDO? What are the reasons for doing a Pre-IDO?
A~ We see there’re a lot of questions and confusion raised from the community about the difference between Pre-IDO and IDO, and of course they’re different. Pre-IDO grants you the access to the investment before the traditional IDO takes place. It improves the liquidity for the tokens which have a locking period and allow investors to access the investment opportunities of investing in the unicorn companies. For more details about pre-IDO and IDO, we’ve prepared the article to further discuss about the details:
Q~ The ConvPool is one of the product suites, the Convergence Finance team has built , can you give us a walkthrough on the ConvPool features, and how we can interact with this features?
A~ Yes happy to elaborate more! ConvPool basically consists of two pools: Liquidity Pools and Staking Pools. You can provide liquidity such as CONV-ETH pair in the liquidity pool, and you can stake CONV and other LP tokens that you provide in the liquidity pools before in the staking pools. Through providing liquidity and staking, you can earn trading fees and CONV tokens as the rewards. We’ll have more trading pairs come out in the ConvPool, stay tuned!
Q~ Oscar, I see you an expert on NFT and private investment, and you’ve been sharing your thoughts on building NFT marketplaces and ecosystems on various media outlets and summits, Do you have any plans to integrate NFT’s on Convergence?
A~ At Convergence our mission is to converge real world assets with DeFi liquidity. By providing unique opportunities about the potential growth of fast-growing unicorn companies as a form of NFTs, different types of investors gain excellent opportunities and exposures without involving middlemen.
We have been closely monitoring the NFT market and noticed a huge trend up and down in the matter of months. That being said, NFT to us is not just digital collectible but it represents ownership. Could that NFT be representing the ownership of an investment contract or shares as an LP of a fund? Alternatively, the NFT could also hold locked up tokens within it which gives its almost a forward derivative exposure to the holder. I believe we are just at the beginning of NFT adoption and we will see more real world assets being integrated with NFTs.
QUESTIONS FROM TELEGRAM
Q~ What are the main reasons why you consider that the concept of pre-IDOs is gaining momentum in the market?
A~ Timing is the single most crucial element when it comes to investing. When two investors buying the same asset but different times could mean a make-it-or-break-it difference.
Pre-IDO refers to token offerings that happen before the traditional IDO sales taking place. It will give investors exposure to VC-style private investment. For projects, pre-IDO can let developers put the market volatility aside and raise funds regardless of the market ups and downs, focusing more on the product itself. That’s why the concept of pre-IDOs is gaining momentum in the market.
Q~ There is fierce competition in the DeFi space. Obviously, you can find other projects that are similar to yours. What do you bring to the table that your competitors don’t? In other words, what is your Unique Selling Point?
A~ We are aiming to be cross-chain compatible: Ethereum, Polkadot with Moonbeam and more coming in the future. Cost-effective Pre-IDO Trading on ConvX AMM backed by our liquidity pool would be the key.
- Deep liquidity to pre-IDO tokens via pairings with native $CONV token, this enables better pricing on ConvX AMM which further routes trades to the CONV-ETH pool.
- Price discovery for pre-IDO tokens as trading is encouraged on ConvX AMM.
- CONV-ETH pool enables pre-IDO tokens to connect to the wider ETH-based DeFi ecosystem. All pools are in partnership with industry leading market maker Wintermute to provide low price impact trades.
The competitive advantages listed above are actually something that has never been done throughout the DeFi world!
Q~ In your opinion, should traditional companies apply blockchain? How can traditional companies be integrated into the blockchain, so what are your plans for traditional companies that continue to exist with their own systems?
A~ There are mass adoption in using blockchain technology, there are even hybrid solutions like Hyperledger from IBM to allow companies to transfer their business. The real question is what are the use cases and why blockchain. I think one of the most recognised use case for blockchain applications should be financial system. It allows bank and financial institutes to share their records in a immutable way. In terms of cooperating with traditional companies, we are glad to have backers from Soul capital and we are trying our best to bridge the traditional finance and the world of DeFi.
Q~ When a creator wants to start a project, what kind of documentation will they need to provide? Will it really be possible to crowdfund from any country when the platform goes live? Or will there still be some restrictions?
A~ Creators that want to launch their own pre-ido campaign has to reach out to our team at email@example.com and submit relevant information such as team, tokenmetrics, whitepaper and any supplementary information that can help our Convergence council to determine whether the project can achieve long term success. We are long term believer in investing in projects from the beginning and would like to offer that same exposure to our users. The vision is always about bringing exclusive private investment to the public market.
The restriction by country is based on the project itself and therefore we will follow their guidelines on investors from which countries are permitted to participate.
Q~ If we look about crypto transaction trading then there is much security privacy issues also crypto has major reputational problem due to 80% scams. How do you deal with the such a problem ?
A~ Indeed there are lots of scams taking advantage of the rapid growth of DeFi ecosystem. For Convergence, I believe time will speak and we have constant updates regarding our progress. At the same time, we have strived partnership with Certik, one of the most reputable code audit company among the space, to help us securing our codes and vulnerability. Constant code reviews from different perspectives would allow Convergence go further and grow further.
For those interested, the link to register for the pre-ido is convo.conv.finance
It’s really nice having the Convergence Finance project in here!!!
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