Convergence Finance is the first-ever AMM platform to combine security tokens with the liquidity and transparency of the decentralized finance (DeFi) space.
Convergence Finance (CONV) also recently completed the testnet launch of its much-anticipated ConvX product. Alongside this, it has also released a step-by-step guide on how to swap assets on its ConvX product. Asset swaps, simply put, are an easy way to trade ERC-20 tokens for another token. This entire process is carried out using an automated liquidity pool.
ConvX – Where Real-World Assets Meet DeFi
Convergence Finance is an amazing product bringing together assets with real-life use cases and the features of the decentralized finance (DeFi) space.
It does this by bringing together Wrapped Security Tokens (WSTs) and Utility Tokens, all on a single interface. Therefore, making it easy to adopt and customize with other DeFi protocols. In simple terms, it brings together the benefits of Security Tokens and the transparency and liquidity of the DeFi space.
To facilitate this, Convergence Finance (CONV) has disclosed plans to launch four parts of its Wrapped Security Ecosystem. These parts, according to a tweet, include ConvO, ConvX, ConvPool, and ConvDAO.
— Jay_OKEX_CEO (@JayHao8) April 14, 2021
This article covers in-depth details of how to make use of Convergence Finance’s (CONV) distinct AMM – ConvX. The platform currently operates liquidity pools for swaps involving its native token (CONV), ETH, and USDT. Plans are in place to include more digital assets in the near future.
🤓We've created a step-by-step walkthrough on how to use our AMM on Kovan testnet linked below.
— Convergence Finance (@ConvergenceFin) April 17, 2021
Step-by-Step Process of Swapping Assets on ConvX
A few important things to note:
First thing to note is that, to make use of the AMM, interested persons need to have at least one of the assets from the existing liquidity pools in their personal wallets. Users will also need to own Ethereum (ETH) in order to pay their transaction fees.
- The first step is to visit https://faucet.kovan.network/ and then submit your Kovan address.
- Next is to contact the Convergence ConvX Telegram group admin. The admin will distribute CONV within 24 hours.
How to Swap CONV Tokens
- The first step is to input the amount of CONV you want to swap.
- Next is to click the settings icon and switch the transaction customization option. It is important to note that you will need to confirm this change using the update setting icon.
- Then click Swap to help to boost interaction with Convergence Finance. Interestingly, this approval only needs to be carried out once and works across other CONV-supported UIs.
- Next is to authorize CONV. This is done by simply clicking on the “Confirm” icon.
- Click Confirm again, and then wait for the confirmation.
- Finally, once confirmation has been successful, the next step is to add the asset to MetaMask. This is done by clicking the “Add to MetaMask” icon.
At the time of publication, CONV was trading at $0.108391, with a market cap of $57,910,229 and a 24-hour trading volume of $5,826,223.
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