Convergence Finance, a decentralized finance (DeFi) Launchpad and automated market maker (AMM) aiming to open up the private investment market to the public, announced the launch of Moonlit Farm, yield-farming pools on Moonlit Finance powered by Moonriver Network. 

Moonlit Finance is a cross-chain AMM that is part of the Moonriver DeFi Ecosystem and powered by Moonriver, an Ethereum-compatible smart contract parachain on Kusama. Moonlit is built by Convergence Team to serve as a standalone explorative product suite on Moonriver Network for Convergence’s cross-chain compatibility with the Polkadot ecosystem on Moonbeam Network.

Moonlit Farm aims to incentivize liquidity providers (LP) with an attractive annual percentage rate (APR) in the native token MLIT when they stake their Moonlit 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 Moonriver Ecosystem by introducing Community Farms partnering with other Moonriver projects that will generate double rewards. In addition to MLIT yield farming, Convergence Team will be launching double-reward farms so farmers will be farming the Moonriver project tokens along with MLIT in the future.

In the initial launch, there are four Base Farms and two Community Farms with attractive APRs, ranging from 1,000% to 10,000% APR*.

Base Farms

  1. Moonriver (MOVR) to Tether (USDT)

  2. Ether (ETH) - MOVR

  3. ETH to USDT

  4. USDT to USD Coin (USDC)

Community Farms

  1. PETS to MOVR with PolkaPets

  2. ZOOM to MOVR with Zoombies World

*The Farm APR will decrease with the increasing total value locked (TVL) in Moonlit pools when more users are adding liquidity. Please note that there is also a varying weighting per farm for the reward per block so the APR calculation varies across different farms.

Convergence Team is fertilizing the soil to launch more Community Farms with other Moonriver projects and will be organizing MOVR events for committed farmers. 

Meanwhile, here’s a guide on how to farm MLIT. You may also refer to this post for Convergence’s previous guide on how to get started with Moonlit — get MOVR ready as transaction fees, add Moonriver Network to your Metamask, bridge your assets from Ethereum Network to Moonriver Network and swap and add liquidity. 

Moonlit Farm rewards will be the primary distribution for MLIT, view here to learn more about MLIT token metrics.

Act now and start farming MLIT before everyone else. The Convergence Team is closely collaborating with the Moonbeam ecosystem to build a cross-chain launchpad and AMM, allowing the protocol to be deployed seamlessly to Web 3.0 and Polkadot Substrate environments.

Ivan Yeung, co-founder of Convergence Finance, explained that “The Moonbeam team has been very supportive in many aspects since the early days of Convergence, and we are grateful for Moonlit deployment. With its unique advantages, we believe Convergence will be able to be one of the top cross-chain AMMs in the ecosystem.”

“Decentralized exchanges lie at the heart of a productive DeFi ecosystem,” says Derek Yoo, founder of Moonbeam. “We are happy to partner with Convergence Finance to bring their AMM to users and facilitate cross-chain compatibility between Ethereum and Moonriver. Moonlit not only provides a critical trading capability to the growing DeFi ecosystem on Moonbeam, it also provides a launchpad ecosystem on Moonbeam enabling early fundraising for new Polkadot-based DeFi applications.”

The Convergence Team is working towards a cross-chain compatibility solution with the vision of enabling Convergers to move the assets seamlessly from Ethereum to transact on Moonbeam’s high transaction throughput and low gas fee network with the cross-chain bridge. Convergers and the Moonbeam community will be able to subscribe to Moonbeam Projects private token sale on ConvO, carry out cross-chain swaps of Convergence’s future tokens and other crypto assets on ConvX, enjoy liquidity mining and innovative yield farming to earn CONV rewards on ConvPool — the future is multichain.

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 that was 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.

Official Links

Website / Discord / Telegram / Twitter / Whitepaper