Convergence Finance is thrilled to announce the private sale of Polygon’s tokens $MATIC on Convergence Offering (ConvO). This offering will kick start the private-sale series of existing prominent projects to make private markets public apart from the previous pre-IDO offerings. Convergers will be able to access prominent project tokens at a reduced price as compared to the market price which is not publicly available, this also enables price discovery of the corresponding project token during the lock-up period of the future tokens.
About Polygon
Polygon (previously known as Matic Network) is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications.
Using Polygon, developers can create Optimistic Rollup chains, ZK Rollup chains, stand-alone chains or any other kind of infra required by the developer.
Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche etc. with the advantages of Ethereum’s security, vibrant ecosystem and openness.
The $MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.
$MATIC Token Usage
Polygon’s native token $MATIC is an ERC-20 token that is used to power Polygon, the gateway to a Multi-Chain Ethereum.
The MATIC token serves dual purposes: securing the network via staking and being used for the payment of transaction fees.
- Fees: The MATIC token is used to pay fees for transactions taking place on 400+ Dapps running on Polygon
- Staking: Validators and delegators secure the network by staking their MATIC in the staking contracts, which are used to achieve consensus and ensure the security of the network.
Private Sale Details & Timeline
How to Subscribe?
Part 1: Apply for Whitelist
Like our previous offerings, there will be two pools for the upcoming offering on the ConvO platform — public and premium. There is no specific requirement to participate in the public pool. However, to ensure our long-term supporters have fair access to the offerings, there will be a premium pool as well. There are three main ways to qualify for premium access:
- Stake 50,000 CONV
- Stake 50,000 CONV worth of CONV-ETH LP at ConvPool; or
- Stake 50,000 CONV worth of CONV-USDT LP at ConvPool
View here to check whether you are eligible for premium pool and details on how to upgrade to participate in premium pool for a higher chance of whitelist selection and larger ƒMATIC allocation size.
Please note that Stakers of 50,000 CONV or equivalent value of Conv-LP will be entitled to (1) lottery ticket in the premium access pool. Each staker is allowed a maximum of (10) lottery tickets per 50,000 CONV holding. View here for more details on the premium pool lottery tickets.
Regardless of how users are participating in the premium pool, users must stake their CONV/LP tokens with an average of at least seven days before the KYC is sent to successful whitelisted addresses, which is from 21 December 2021 8:00 UTC to 28 December 2021 8:00 UTC, to secure a spot in the premium pool.
Part 2: Selected for Whitelist & Complete KYC
After the whitelist application is closed, in the event of oversubscription, Convergence team will use Chainlink VRF (Verified Random Function) to ensure fair application selection for both public and premium pool.
They will announce the whitelist addresses selection result via their official Twitter so that selected applicants can proceed to the KYC submission stage, including the 5 winners of the public pool whitelist spot from the retweet giveaway.
Selected applicants will need to submit their info and pass KYC and AML requirements. If you have previously participated in our other offerings (ƒLITH/ƒLIKE) and have completed successfully for KYC, you would not need to re-submit.
Please note that
- Citizens from the following countries will not be eligible to take part in our private-sale token offering: Afghanistan, Angola, Azerbaijan, Bosnia and Herzegovina, Botswana, Burundi, Cambodia, Cameroon, Chad, Comoros, China, Congo, Congo (Democratic Republic), Cuba, Eritrea, Ethiopia, Ghana, Guinea, Guinea-Bissau, Haiti, Hong Kong, Iran, Iraq, Lao People’s Democratic Republic, Libya, Liberia, Madagascar, Mozambique, Nicaragua, North Korea, Pakistan, Panama, Seychelles, Somalia, South Sudan, Sri Lanka, Sudan, Syrian Arab Republic, Tajikistan, Thailand, Trinidad and Tobago, Tunisia, Turkmenistan, Uganda, United States, Uzbekistan, Vanuatu, Venezuela, Virgin Islands (U.S.), Yemen, Zimbabwe.
- KYC submission emails will be sent via our official email, [email protected]. If you receive any communication prior to 28 December 2021 asking for KYC or any personal information, it is NOT from Convergence Finance. They will also never ask you to send funds directly or your private keys/recovery phrase etc.
- In the case of any disputes, Convergence Finance reserves the right of final decision.
Part 3: Join the Token Subscription
Only whitelisted addresses that have completed KYC will be able to access ConvO for the Polygon private-sale token offering in both premium access and public pools. They will do a whitelist successful announcement via their official Twitter so that lucky whitelisted users will be able to join the token subscription and enter the premium/public pool to confirm their subscription amount and claim the allocation afterwards.
How can I still participate if I’m not selected from the whitelist application?
Fret not! You would be able to buy the discounted $ƒMATIC tokens directly on ConvX once the trading pool is launched after the token subscription period opens.
What will be the ƒMATIC token price?
The ƒMATIC token price would be a 50% discount of the L7D market price of $MATIC before the whitelist application opens on December 22, 2021, the discount % is subject to changes in case of any sudden price movement. The final ƒMATIC token price would be decided by Convergence Team and announced via their official Twitter.
About Convergence Finance
Convergence is the first AMM to make private tokens interchangeable in the DeFi space by fractionalizing them using a single easy-to-use interface and composable with other DeFi protocols. Convergence enables originators to take advantage of DeFi’s liquidity, while DeFi users can access exotic private exposure unavailable to them before. Convergence Finance combines the edge of a lowered investment entry barrier with the liquidity, automation, and transparency features of DeFi to bring exclusive investment exposure to all DeFi users.
About Polygon
Polygon (Previously MATIC network) is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Aggregating scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem.
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