By
Temitope Olatunji
April 19th, 2024
Convergence protocol is set to offer users the ability to tokenize real-world assets.
Decentralized interchangeable asset protocol Convergence has announced the closure of its IDO draw and set to list its $CONV tokens in Polkastater on March 25, 2021. The Convergence team previously announced that over 1000 lucky winners will participate in the project’s launch on Polkastater.
“The Convergence team is excited to announce that the whitelist emails are sent to over 1000 community members,” Convergence said through a Medium post earlier this week.
Notably, the selected lucky winners are expected to complete their KYC within two days of receiving the email. The convergence team has, however, given stern precautions to the selected users not to interact with any other email apart from the official one, which is [email protected].
“There are 1000+ winners which need to complete their KYC within 48 hours of receiving the email. In case some winners do not complete the KYC on time, we may draw for other lottery winners to replace the spot. We thank everyone in the community for your patience and participation in our whitelisting process. As always, stay connected, and good luck everyone,” the company further noted.
Convergence Protocol and Its Future Prospects
According to the company’s litepaper, the Convergence protocol is set to offer users the ability to tokenize real-world assets.
“The Convergence Protocol will be the first to make real-world asset exposure interchangeable in the DeFi space by connecting Wrapped Security Tokens (WSTs) with UTs on a single interface that is easy to use, adapt, and composable with other DeFi protocols,” the Litepaper indicates.
Notably, the Convergence Protocol is made up of different aspects that make it practical to day-to-day activities. Some of these aspects include the token wrapping module, Convergence AMM infrastructure, Convergence Pools, and ConvergenceDAO.
After the sale of the $CONV token through the Polkastater, holders can then access the set privileges. Among them, they get to become a selfie governed community that reflects the need to grow the Convergence protocol. Additionally, holders will be entitled to the right to vote for new assets, listing in exchanges, among other matters on the Convergence ecosystem.
Besides, $CONV token holders who act as liquidity providers will receive a split of the transaction fee in the form of $CONV tokens. Moreover, $CONV holders may also receive exclusive participation access to new initial WST offerings and also pre-sale events. These exclusive offers will be available immediately after the token sale is open tomorrow on the Polkastater platform.
Convergence protocol recently announced a strategic partnered partnership with Mash Network for further mutual benefits. Mask Network is focused on onboarding DApps into traditional social media platforms to further link Web 2.0 with Web 3.0.