Convergence Finance launches Moonlit Farm powered by Moonriver Network

Press release

Convergence Finance, a Decentralized Finance (DeFi) Launchpad and Automated Market Maker (AMM) aiming to open the private investment market to the public, has announced the launch of Moonlit Farm, the productivity group of Moonlit Finance powered by Moonriver Network.

Moonlit Finance is a cross-chain AMM officially supported by the Moonbeam team and operated by Moonriver, an Ethereum-compatible smart contract on Kusama.

Moonlit was developed by the Convergence team as an independent discovery suite in the Moonriver network, as Convergence is cross-chain compatible with the polkadot ecosystem of the Moonbeam community.

Moonlit Farm aims to incentivize liquidity providers (LPs) with attractive Annual Percentages (APRs) in MLIT-native tokens when deploying their Moonlit LP tokens in groups after the liquidity injection. This in turn will stabilize the supply of liquidity in AMM pools and minimize slippage in token swaps.

In addition to the goal of enabling users to share with minimal slack, the Convergence team also aims to expand the Moonriver ecosystem by introducing Community Farms in partnership with other Moonriver projects that generate double rewards. In addition to MLIT Yield Farming, the Convergence Team will introduce dual bonus farms so that farmers can farm moonriver project tokens in addition to MLIT.

When first introduced, there are four basic farms and two community farms with attractive APR between 1,000% and 10,000% APR *.

Basic farm

1. Moonriver (MOVR) to Tether (USDT)

2. Ether (ETH) – MOVR

3. ETH in USDT

4. USDT to USD Coin (USDC)

Community farm

5. Pets to the MOVR with PolkaPets

6. ZOOM to MOVR with Zoombies the whole world

* The farm’s APR will decrease as the Total Value Locked (TVL) in Moonlit pools increases as more users add more liquidity. Please note that the per block reward is also weighted differently per farm, so the APR calculation varies between the different farms.

The Convergence team is fertilizing the land in order to establish further community farms with other moonriver projects and will host MOVR airdrop events for committed farmers.

In the meantime, here is a guide on how to farm MLIT. Also in this post is Convergence’s previous tutorial on getting started with Moonlit – prepare MOVR as a transaction fee, add the Moonriver community to your metamask, connect your assets from the Ethereum community to the Moonriver community and swap and add liquidity.

Moonlit Farm rewards will be the main distribution for MLIT. More information on MLIT token metrics can be found here.

Take action now and start increasing MLIT before anyone else. The Convergence team is working closely with the Moonbeam team to develop a cross-chain launcher and AMM that will enable seamless deployment of the protocol for World Wide Web 3. and Polkadot Substrate environments.

Ivan Yeung, Co-Founder of Convergence Finance, said: “The Moonbeam team has been very supportive in many ways since the beginning of Convergence and we are grateful for the implementation of Moonlit. We believe that Convergence, with its unique advantages, will be able to become one of the leading cross-chain AMMs in the ecosystem. ”

Derek Yoo, founder of Moonbeam, said, “Decentralized exchanges are at the heart of an efficient DeFi ecosystem. “We are excited to be working with Convergence Finance to bring their AMM to users and facilitate cross-chain compatibility between Ethereum and Moonriver. In addition to providing critical transactional capabilities for the growing DeFi ecosystem on Moonbeam, Moonlit also provides a Launchpad ecosystem on Moonbeam that enables early fundraising for new Polkadot-based DeFi applications. ”

The convergence team is working on a cross-chain compatible solution with a vision that will allow converters to seamlessly move assets from Ethereum to trading Moonbeam’s high transaction throughput and low gasoline fees with demand. Convergers and the Moonbeam community can register for the private token sale of the Moonbeam project on ConvO, cross-chain swaps of convergence futures tokens and other crypto assets on ConvX, enjoy liquidity mining and innovative yield farming, to earn CONV rewards on ConvPool – the future is omnidirectional.

Introduction to Convergence Finance

Convergence is the first AMM to create interchangeable data protection tokens in the DeFi space by splitting them using a single easy-to-use interface and interoperable protocols. Convergence enables originators to take advantage of DeFi’s liquidity, while DeFi users can access eerie privacy that they did not have before. Convergence Finance combines the advantage of lower barriers to entry with the liquidity, automation and transparency features of DeFi to offer all DeFi users exclusive investment opportunities.

Official Links

Website / Discord / Telegram / Twitter / Whitepaper