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Highlights
- Launched in March 2021, Convergence crypto (CONV) is a new-age protocol, which brings together both the retail and enterprises together on one platform.
- Convergence gives the holders access to DeFi through a Convergence Pool, and they can explore the investments opportunities.
- On Wednesday, CONV as up by 15.43% and was trading at US $0.026680 with a 24-hour trading volume of US $0.026680.
Launched in March 2021, Convergence crypto (CONV) is a new-age protocol, which brings together both the retail as well as enterprises together on one platform. It allows the users operating in the DeFi platform to seamlessly swap between the real-world assets and blockchain-based DeFi utility tokens.
Convergence gives the holders access to DeFi through a Convergence Pool, and they can explore the investments opportunities through its unique protocol and take advantage of the flexibility thanks to the automated market maker (AMM) and ensure liquidity within the protocol.
Also read: MLN price prediction: Will it breach US $200 level by end of 2021?
How does Convergence Protocol work?
Developed by Oscar and Ivan Yeung, the Convergence protocol uses the wrapped security tokens, the token wrapping module and the Convergence AMM to bring real-world asset exposure to DeFi. Through wrapped security tokens, the token holders can take advantage of both the real world as well as get exposure to the DeFi landscape. With this, the users can use it to yield farms as well as manage their market-making strategies through Convergence Pools.
The convergence AMM gives the protocol the firepower to allow trading and assets’ price discovery. This also ensures that the traders are able to source the liquidity within the protocol at the best prices.
Also read: Reef cryptocurrency: Why investing at this time can be beneficial
How is CONV faring?
CONV has had a pleasant Wednesday as it was up by 15.43%. According to CoinMarketCap, the CONV was trading at US $0.026680 with a 24-hour trading volume of US $0.026680. At the time of writing (BST 10:06 am), CONV had a live market cap of US $2,72,64,005 and has a circulating supply of 1,02,18,87,178 CONV coins. The trading volume too was up by a significant 71.87% in the 24-hour period, signifying that that market participants are not only investing but also booking profits in the process.
Conclusion
Convergence may have seen a rally on Wednesday, but overall, it has had mixed fortunes. It has shown bouts of rallying, only to fall back in a few days. The market participants are not betting big on the token but are also not ruling out the possibilities. It is a good token to book short-term profit, but from a long-term perspective, the token needs to perform better to bring in more investor interest.
