Here’s my submission for the #SGCC in the Design category. 5 Topics - 5 Posters - check the thread!
@littleunusualHQ@solana
1. The Starting Line – Slow & Costly Transactions
🌸One Click to Magic 🌸
Spring is here — and everything’s about to bloom 🌼
For the @MagicEdenComm#MELogoBounty, I reimagined the ME logo with Emmy’s flower, playful colors, and the spirit of One Click.
Here’s my submission for the #SGCC in the Design category. 5 Topics - 5 Posters - check the thread!
@littleunusualHQ@solana
1. The Starting Line – Slow & Costly Transactions
How Does Convergent Work?
Convergent Protocol V1 brings decentralized finance to a new chapter by introducing $USV, a fully decentralized, LSD-backed stablecoin on Solana.
💠 How it works.
Converge: Mint USV
•Deposit $SOL → SOL is locked and staked on → converted into $JitoSOL.
•Over-collateralize JitoSOL (minimum 110%) to mint USV with 0% interest
•Use USV in Solana DeFi while maintaining long SOL exposure and earning staking rewards via Jito (we take 0 haircut)
Liquidation
If your collateral ratio falls below 110%, liquidations kick in to protect the protocol. USV debt is absorbed by the Nexus, with JitoSOL collateral redistributed to Nexus depositors.
The Nexus: Rewards for Stability
•Deposit USV into the Nexus to gain JitoSOL from liquidated loans.
•Receive emissions in FRAGMENTS or CVGT governance tokens, supporting system solvency.
Redemptions & Peg Stability
•When USV > $1.10, mint and sell USV to bring the price back down.
•When USV < $1.00, buy and redeem USV for JitoSOL to push the price up. USV maintains stability through proven mechanisms, inspired by FRAX, DAI, and Liquity but optimized for Solana.
💠 Why does Convergent matter?
The opportunity cost of Solana DeFi often means choosing between staking yield and active participation. Convergent eliminates this trade-off. With USV, you can:
1. Long SOL.
2. Earn staking rewards
3. Actively participate in Solana DeFi using a USD-denominated stablecoin.
This aligns with our vision of fully decentralized money legos, supporting Solana’s network security while empowering users.
💠 The road ahead. We are committed to building a protocol that prioritizes security, decentralization, and user experience. With USV and Convergent, Solana DeFi 2.0 is just getting started.