Convergent
@convergent_so
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LST backed stablecoin ⚞ • powered by @jito_sol
Solana
Joined December 2023
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Pinned Tweet
Convergent Testnet is Live.
Interact with the first LST-backed stablecoin powered by
@jito_sol
on Solana.
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｢ A G E N T S ｣ WL Spots
You asked for more, we listened.
💠 Follow
💠 Like + RT
💠 Drop your wallet
Awaken.
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Introducing ｢ A G E N T S ｣ Genesis NFT Collection
Celestial keys unlock the enigma,
Revealing the ███████ within.
Hold on tight, don't let it fade.
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02.04
T-7 days ⏳
｢ A G E N T S ｣ are minting on April 2nd via
@MagicEden
Launchpad.
Engage with this tweet for your last chance of getting a WL.
Mint structure
April 2nd
💠 WL Phase 1: 12:00 UTC
💠 WL Phase 2: 13:00 UTC
💠 Public Mint: 14:00 UTC
Learn more:
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Introducing Fragments (💠)
To reward early users and community members, your engagement within the Convergent ecosystem is measured through the accumulation of Fragments.
1️⃣ Fragment(N)
Holders of our genesis NFT collection can stake their ｢ A G E N T S ｣ to earn 💠(N) over
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｢ A G E N T S ｣ Staking is Live
Earn Fragments(N)
Golden Path: ██▒▒▒▒▒▒▒▒ 20%
Stake now:
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1/ LST-backed stablecoins should be collateralized by the best-in-class LST.
Why did we choose
@jito_sol
and a single collateral model ↓
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Why use Convergent?
long $SOL exposure + staking yield via
@jito_sol
+ USD-denominated asset for max DeFi composability.
All at once, 100% decentralized.
Try it out on testnet.
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How Convergent Enables a New Way to Engage with
@solana
DeFi
As more and more users bring SOL on-chain, a clear dilemma is emerging: staking versus participating in DeFi.
Solana DeFi 1.0
SOL holders have two main options for participating in DeFi:
A: Use $SOL to directly
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💠 Winners.
@CaoMinh_6666
|
@westfucking9
|
@veneth321
|
@gekyume1021
|
@MangoMatcha08
@Benny52056
|
@amoursora
|
@mollycup999
|
@heydabu_d
|
@PRUFBOOGIE
@yoganoviansyah
|
@0xSinten
|
@noegoflow
|
@koscapcrypto
|
@whyteelovesnfts
@hiz_hoeliness
|
@DrKingShultz1
|
@Zoweil_NFT
|
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Convergent Protocol v1 — Deep Dive
Unleashing the
@solana
LSD market with USV.
Read full article:
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Congratulations to all the whitelist winners! All spots are guaranteed an ｢ A G E N T ｣.
More info will be announced in the coming weeks. Stay tuned for more details.
@Chad__Pod
@Luqqy786
@Taylor_NFT
@AnotherCryptoM1
@diamondARS_
@tgotto95
@zeanacademy
@meta_cp
@tonysolano777
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Thanks for testing the Convergent Testnet!
We are here to announce that the testnet is now closed. We are grateful to have 208 participants take part with valuable feedback and positive results for our mainnet launch in the near future!
A brief to our testnet performance↓
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PSA any tweet/replies that looks like ours or from Pyth are spam/phishing links. Stay safe 💠
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(USV, JitoSOL)
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💠
1. Announcing Jito Restaking: A Next-Gen Infrastructure Platform
The Jito Foundation is excited to release the code for Jito Restaking, a hybrid staking, restaking, and LRT module. 🤝
Wtf is that? Lets dive in. ↓
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User Guide:
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7/
Our team believe that choosing
@jitoSOL
coupled with a single collateral model represents the only clear path forward for developing a fully decentralized, censorship resistant and secure stablecoin on Solana.
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3) Overall Testing is Positive and Stay Tuned!
Lastly, after internal & external testing, we confirmed that our protocol operates smoothly without major issues.
Thanks to all of our testers again and stay tuned for the first LST-backed stablecoin on mainnet!
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3/ Why single collateral > multi-collateral?
As more and more low liquidity LSTs emerge on Solana, using a combination to back stablecoins creates multiple failure points:
• Liquidity
• Oracle (as N number of price feeds need to be monitored)
• Centralization (more below)
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6/ cont. [JIP-3]
With Stakenet enabled, it further enhances the decentralization security, and transparency of Jito’s stake pool management.
This further ensures USV can scale without censorship risks and free of centralized points of failure.
Looks like the phased transition plan to StakeNet is going to pass.
The $JTO community showed up and made their voices heard.
This is what defi should look like. You guys are the best!
link:
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2) Protocol is Healthy and Runs Efficiently
The overall collateral ratio is a positive number of 168%.
Our protocol remained resilient without any bad debt and was able to liquidate efficiently during the recent SOL volatility.
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5/ Stakenet Integration makes Jito the most decentralized LST.
Most LSTs are partially centralized under the hood, relying on a centralized keypair and server for management operations. This goes against the principles of true DeFi that we adhere to.
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4/ cont.
If just one illiquid LST depegs, it can cascade, compromising the entire stablecoin's backing and stability.
A multiple-collateral model also complicates redemption mechanics (found in many stablecoins such as ours).
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1) Minor Issues
We encountered some front-end issues in the beginning when our frontend did not have all the proper validation to stop users from invalid actions, resulting in some failed transactions. Adjustments were fixed right away and there were no major issues.
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