Convergence: Inside the New Governance Black Hole

We are pleased to share that we have recently invested in Convergence.

With their upcoming Sagittarius 0x* ignition on the horizon, we invite you to discover the potential of this promising protocol together.

What’s Convergence?

Convergence is an agnostic Convex-like layer that will be deployed on top of various DeFi protocols, starting with Tokemak.

Their platform combines elements from Curve, Convex, and Olympus to create what they call the "Govearn" mechanism. It's basically an aggregator that rewards governance participation and optimizes yields and protocol functioning. They're not just copying existing protocols either, they've come up with their own unique concepts like a "three-dimensional" tokenized locked position and a tailored bonding solution.

Convergence "Govern" Mechanism
Convergence "Govern" Mechanism

Convergence is set to aggregate protocols, operate meta-governance, govern itself and direct emission, and build a treasury and own liquidity. They haven't revealed which protocols they will aggregate, but they'll be heavily involved in the Curve ecosystem and may extend to Aave in the future.

On the technical side, the team estimates that the code is 90-95% complete and is currently undergoing testing.

Convergence recently reached 1000 Twitter followers. In celebration, they shared their community management strategy.

To start, they'll keep their official Discord private, inviting the first batch of around 250 members from DAOs who had previously shown interest. These lucky folks will have the chance to mint a Soul Bound Token (SBT) and enjoy some exclusive perks yet to be revealed.

They'll gradually increase the number of members in their Discord and reveal the means to gain access in their upcoming publications. Once they hit 1000 members, they'll open the server to the public and start their whitelisting process.

What’s the Usecase of Their Native Token ($CVG)?

Like any truly decentralised protocol, Convergence will have its own token. By locking their $CVG, users can participate in the governance of Convergence and its underlying protocols.

Convergence will allow holders who have locked their $CVG to:

  • Participate in the governance of Convergence and its underlying protocols

  • Vote for weightings to direct the inflation of $CVG

  • Claim their share of treasury returns every 3 months (TDE)

  • Trade their locked positions

Who’s Behind the Project?

The Convergence squad is a wild bunch of crypto experts ready to take on DeFi. For now, they prefer to stay publicly anon for security reasons.

They've got a CEO who knows blockchain inside and out, and a lead Dev who's practically an IT superstar. There's also a seasoned full-stack developer, a Solidity student, an autodidact backend ninja who's all about MEV bots, and a math genius who designs fancy models and works for a fancy investment bank. Plus, three communication gurus who know how to build a community (and make some noise) and a great artist/designer.

Loading Convergence... (by @KiboDesigns)
Loading Convergence... (by @KiboDesigns)

Why We’re Hype about Convergence?

We've decided to trust Convergence and support them because their team is both smart and degen.

They know how to properly target Curve’s ecosystem power users and have great tokenomics that should work well with the resurgence of the bullish cycle (Conic's $CNC recently pumped well, for example).

They also have good connections with a variety of protocols (more announcements to come...) and the launch of their product is imminent.

77.57% Votes casted "FOR"
77.57% Votes casted "FOR"

Their team follows current trends and knows how to adapt. In fact, they are currently running a promotion on their Twitter page where you can win 100 Convergence-themed Ordinals on the Bitcoin Blockchain.

Don't hesitate to participate (until 09.03 at 1 pm UTC)!

That’s all for today! Stay tuned for updates and join their Twitter for more info.

(PS: If you’re a builder, our DMs are open for projects looking for a killer DAO to help them grow ✨).

Twitter: BlockHub DAO
Author: Bitcoineo

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