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Convergence Finance Launched Farm on Moonbeam and Introducing Dual-Yield Farm with Celer Network

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Announcements / DeFi / How-to Guides

Convergence Finance Launched Farm on Moonbeam and Introducing Dual-Yield Farm with Celer Network

Convergence

By Convergence

Created 10 months ago, last updated 10 months ago
3 mins read
Convergence Finance Launched Farm on Moonbeam and Introducing Dual-Yield Farm with Celer Network
Hello Convergers! We are excited to share with you the launch of Dual-Yield Farm on Moonbeam, the first Ethereum-compatible smart contract parachain on Polkadot.

Convergence aims to democratize investment by making private markets public and enable cross-chain compatibility to maximize liquidity across different chains so users can transact beyond the Ethereum ERC20 standard.

Convergence’s expansion into Moonbeam Network after our standalone venture with Moonlit on Moonriver Network will facilitate Convergence’s cross-chain compatibility with the technical advantages and efficiency as a parachain on Polkadot and Kusama to enjoy the convenience of full Ethereum compatibility — the future is multi-chain.

Yield-Farming on Moonbeam Network is now supported and $CONV single-sided staking pool will be supported next, the team is also preparing for the next private-sale token offering on Moonbeam for a fast and low-gas token subscription experience. For the rest of our Q1 roadmap, you may refer here.

Farms on Moonbeam and Dual-Yield Farms with Celer Network

Farm aims to incentivize liquidity providers with attractive APR in $CONV tokens when they stake their Convergence LP tokens after injecting liquidity into the pools. This will in return stabilize the liquidity provision in the AMM pools and minimize slippage during token swaps.

Apart from the objective to allow users to swap with minimal slippage, Convergence Team would also like to grow the Moonbeam Ecosystem by introducing Dual-Yield Farms partnering with other Moonbeam projects that generate double-sided rewards in $CONV and the partner tokens.
In the initial Farm launch, to celebrate our partnership with Celer Network, Convergers will be incentivized with additional 3.3M CELR token rewards for an exclusive dual-yield farming experience on Moonbeam Network.
6 Base Farms and 2 Protocol Farms with attractive APR ranging from 300% —10,000%*-

Base Farms yielding $CELR + $CONV

  1. ceUSDT — ceUSDC
  2. GLMR — ceUSDT
  3. GLMR — ceUSDC
  4. ceBUSD — ceUSDT
  5. ceWETH — ceWBTC
  6. ceWETH — ceUSDT

Protocol Farms yielding $CONV

  1. CONV — ceUSDT
  2. CONV — ceWETH

*The APR will decrease with the increasing TVL in farm pools when more users are staking more LP tokens, please note that there is also a varying reward rate per farm so the APR calculation varies across different farms.

Act now and start farming $CONV & $CELR before everyone else!

How to Farm on Moonbeam

Prerequisites:

  • Get GLMR ready as transaction fees
  • Bridge your $CONV or other ERC20 assets from Ethereum to Moonbeam via Celer Bridge

To get started,

  1. Go to https://convx.conv.finance/
  2. Connect your Metamask Wallet
  3. Switch to Moonbeam Network
  4. Click on [Farm] on the left hand side navigation bar
  5. By default you will see “All” farms, you can select “Boost” or “Normal” farm tabs accordingly or even filter for your farms via the “Show my farms only” toggle
  6. “Boost” farms are farms with a higher reward weighting with a multiplier applied on the reward per block
  7. Click on the preferred farm to start staking your Convergence (Moonbeam) LP tokens
  8. You have to add liquidity for the corresponding pool to receive the LP tokens in order to stake in the corresponding farm
  9. Enter the LP tokens amount or choose “Max” directly then click [Stake]
  10. Approve on Metamask for the LP tokens that you are staking and wait for network confirmation
  11. Confirm on Metamask to confirm the stake action and wait for network confirmation
  12. You will then see an updated “My LP Staked” amount and start seeing your “Accrued Reward” grows
You may also refer here for our previous guide on how to get started with Convergence on Moonbeam — get GLMR ready to pay transaction fees, add Moonbeam Network to your Metamask, bridge your assets from Ethereum Network to Moonbeam Network, swap, add liquidity and import tokens.

That’s it for now, $CONV single-sided staking pool will come next and we will also be supporting ConvO on Moonbeam soon. The Convergence Team continues to work towards a cross-chain compatibility solution with the vision of enabling Convergers to freely move the assets from Ethereum to transact on a high transaction throughput and low gas fee network via our cross-chain bridging solution for the end-to-end private-sale token launchpad subscription, future tokens and other crypto tokens cross-chain swapping, liquidity mining and innovative yield farming to earn $CONV rewards.

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