- Convergence claims to be the first interchangeable asset protocol.
- The convergence protocol network is conducting an airdrop worth $12,000 of CNV coin.
- The platform will distribute the airdrop rewards fairly and proportionately among 1,000 lucky winners.
What is the Convergence protocol?
Convergence claims to be the decentralized interchangeable asset protocol. Its motto is similar to its name, ‘Converge the world.’ Interchangeable asset protocol allows a program to integrate two assets to inflate its value and enhance its performance. In this case, Convergence integrates Wrapped Security Tokens (WSTs) with other utility tokens on a single algorithm. This integration makes the produced asset simpler than other DeFi assets in terms of its use, understandability and operation.
In addition to the integration of dual assets, the blockchain also undertakes tokenization operations. Tokenization is the process by which real world assets are represented in the form of digital tokens. The platform believes that by leveraging blockchain networks, it will be able to revolutionize the capital market formation.
What do you need to know about this airdrop?
The Convergence protocol has decided to conduct an airdrop in partnership with CoinMarketCap. The network thought it best to publicize its operation and utility token via airdrops.
Airdrops have indeed become a popular method to advertise with low costs and high effectiveness. The platform has decided to airdrop 470,000 CNV coins to 1,000 lucky winners.
In accordance with the current market price of the coin, the prize pool will be worth approximately $12,000. The value of the prize pool may change with fluctuations in its price. The current market price of CNV stands at $0.025901. The coin is down by 4.28% in the last 24 hours.
However, when the airdrop was announced, the prize pool was worth $10,000. Since then, there has been a 20% increase in the value of the coin resulting in the increase in the prize pool to $12,000.
Although the number of winners is fixed at 1,000, the number of participants is as high as 120,720. Thus, this clearly depicts the demand for the coin and the operations conducted by this protocol.
According to calculations, each participant can win up to 470 CNV coins. Thus, they have the chance to earn $12 by sitting at home. Although it is less, it is a form of passive income.
After all entries have been registered, the results will be declared on the protocol’s official twitter account. The Convergence network will be solely responsible for distributing the airdrop tokens to the corresponding winners. The coins will be distributed a week after the declaration of winners.
How to participate in this airdrop?
To be eligible for this event, the users must follow these tasks:
- Visit the CoinMarketCap website and browse the CNV coin.
- Follow and promote the Convergence protocol’s twitter account.
- Follow the Convergence website on medium.com.
- Join the Convergence protocol’s telegram community.
- Tweet and refer three other people to the airdrop.
What are the drawbacks of participating in this airdrop?
Firstly, the market price of the coin is very low. Even if a participant wins, he or she will only be entitled to $12 worth of CNV coin as per the current market price. Moreover, if the price of the coin falls further, the prize will depreciate along with it.
The network has also mentioned a provision. This provision states that the network may at any time cancel the event and refuse to distribute the airdrop tokens in case of an unforeseen event which is detrimental to the coin’s future.
The coin has been in a steady downtrend since April. CNV coin has lost approximately 90% of its value since its inception.
The volumes are consistently decreasing implying lack of participation from sellers let alone buyers. Traders are switching to better coins.
What are the benefits of this airdrop?
The users can get the chance to become a part of the Convergence community.
The platform is the first decentralized interchangeable asset protocol. It is yet to develop and reach milestones. Thus, current token holders will reap the fruits in the future when the platform reaches unprecedented heights with its technology.
Right now, the CNV coin is selling at a discount of 90% from its all-time high. The token holders can witness a 1000% gain on their investment if it does reach its all-time high again. Chances are, the coin will reclaim that level in the next decade.
Thus, this airdrop has both benefits and drawbacks. You must weigh the pros and cons and make an informed decision.