Convergence Finance has teamed up with Celer Network, a secure cross-chain bridging protocol. The partnership would allow Convergers to transfer their assets across the Ethereum and Moonbeam networks smoothly. This collaboration joins the many growth activities by Convergence in recent months.
Convergence is the first AMM to make private tokens interchangeable in the DeFi realm. It has become a key player in DeFi, capitalizing on Moonbeam’s growth and qualities. The project allows creators to benefit from DeFi’s liquidity. In addition, it grants DeFi users access to unique private data that was previously inaccessible to them. Convergence Finance is at the helm of providing special investing opportunities to all DeFi users. It merges the benefit of a low-risk investment with the luxurious features of DeFi.
The Benefits of the Partnership
The partnership with Cela Network will support new token pairings and launch yield-farming pools soon on Moonbeam Network. Convergence’s current Moonbeam exchange pairings use ceTokens. In addition, Convergers can use cBridge to bridge their assets to Ethereum. Convergence will add more token pairings after the farm launch.
Celer’s Open Canonical Token Bridge standard plays a huge role in Convergence. As a result, Convergers have moved their tokens from Ethereum to Moonbeam Network. This means that when users mint $CONV on Moonbeam, it will not be confined to a single-minter canonical token contract. Furthermore, $CONV will be interoperable with any other canonical token bridge. As a result, many other bridges will operate as canonical token bridges for $CONV on Moonbeam at the same time. This feature will increase the flexibility of $CONV as a multi-chain token.
Convergence Launches Dual-Yield Farm on Moonbeam
A few days after it partnered with Celer Network, Convergence announced the launch of its dual-yield farm on Moonbeam. Convergence’s development into the Moonbeam space will play a huge role in the project’s ambition to advance DeFi. Yield farming is currently available on Moonbeam Network. In addition, the $CONV single-sided staking pool will soon be available shortly.
Aside from allowing users to swap with minimum slippage, Convergence said it wants to expand the Moonbeam community. So Convergence’s Dual-Yield Farms will partner with other Moonbeam projects to create twofold benefits in $CONV and the partner tokens.
Why is Moonbeam Trending?
Moonbeam is currently one of the most trending crypto projects in the market. Moonbeam’s Ethereum-compatible smart contract solution has piqued interest. The project is a parachain based on Polkadot. Moonbeam allows developers to build apps effectively across Ethereum.
Furthermore, it leverages the Ethereum network’s scale while achieving faster speeds and reduced costs. A huge excitement surrounds the numerous Ethereum-based applications. Moonbeam seems to benefit from this visibility. Also, the potential for growth in this field makes it unsurprising to see Moonbeam gain traction.
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