Staked tokens play an essential role in the DeFi space. They are made possible by the proof-of-stake consensus mechanism, which is used by blockchains like Celo. Staking encourages users to lock their tokens, earn rewards, and participate in governance. When you stake a token, you lock it to support the process of confirming transactions on that blockchain. Investing in crypto without trading has become increasingly popular thanks to staking, and it's a good option for long-term investors who don't care about short-term fluctuations.
StakedCelo is a Celo-native liquid staking protocol that encourages active participation from users. After depositing CELO tokens into the protocol, users will receive stCELO tokens. There is a waiting period of 3 days before users can withdraw stCELO from the protocol and transfer it into unlocked CELO, so users must rely on secondary markets to obtain instant liquidity. Chee Finance is another option for users to access instant liquidity with their stCELOs. More information is available here.
With Chee Finance, staked tokens can now be used as collateral, and stCELO is the first staked token supported. The initial collateral factor of the stCELO market is 50%. The procedure for using staked tokens on Chee Finance is the same as for other ERC-20 tokens. You can find more information in the Chee Finance mainnet tutorial.
In the Buidl, not Bear market, the Chee Finance team is hard at work to bring new innovations to Web3.
We began using DeFi LPs as collateral after launching our Governance Finance product, then we started to support ERC-20 tokens as collateral, and Chee Finance now accepts veNFTs, and DeFi LPs.
Our team is currently working on enabling support for Uniswap v3 LP NFTs to increase the number of LP pairs that can be supported on Celo.
The LPs can be used as collateral in the same way as ERC-20 tokens. You can find more information in the Chee Finance mainnet tutorial. Keep in mind that LPs cannot be borrowed, they can only be used as collateral. Click here to access the app.
Being euphoric is the most commonly seen emotion in the crypto world. Little Lychees felt euphoric after making enormous fortunes in crypto & NFT investing.
People come into the crypto world and come out. Conferences and meetups happen every day during bull markets, whereas nobody cares about the shit anyone does in the bear market.
Some people got euphoric during bull markets, and some got euphoric during bear markets. Some got euphoric when they made an immense fortune, and some got euphoric when they witnessed others’ bankruptcy.
Some are sleeping 12 hours, and some are using drugs. Some are working day and night on the internet looking for 0day, and some are chasing fugitives worldwide. The world is massive; euphoric people sometimes simply need a rest.
Chee Finance is the first protocol to accept veNFT as collateral and lend cheeGT in exchange. Each cheeGT will be pegged to the GT (Governance Token) locked in veNFT in a 1:1 ratio. As a result, users can obtain short-term liquidity by using their governance tokens, such as veNFTs, through Chee Finance's governance finance feature.
This Vote-escrowed NFT (veNFT) complies with ERC721 and is intended to fully represent governance rights within DeFi protocols, such as voting, boosting, and returning staking rewards. veNFTs represent a significant advancement for the industry in terms of utilizing NFTs.
Whereas in most DAOs, governance votes are determined by the number of tokens held in a wallet, for protocols that use veNFTs, governance votes are determined by the number of veNFTs. In the future, veNFT will play a vital role in the governance ecosystem once on-chain governance becomes more popular.
To get veNFTs, you must stake a token for a certain period. It can be as short as 4 weeks or as long as 4 years. The longer you stake the token, the more veNFTs you'll get. Apart from writing our veNFT lending contract with mint redeem and liquidate functions, we also created test token contracts so that users could test the feature before the mainnet launch. We have provided a tutorial on how to use Chee Finance's governance finance.
Chee Finance testnet was launched on January 19, 2022. It has now been running smoothly for more than three months. During this time, Chee Finance has hosted a number of initiatives to encourage users to participate in testnets and share their valuable feedback with us. To be clear, we received over 10,000 unique addresses that tried our testnets. At the same time, our team has constantly been improving and developing Chee Finance, aiming to provide users with a safer, less permission-focused, and easy-to-use money market.
Thanks to our users’ opinions, Chee Finance testnet has achieved all the features required for the mainnet launch.
We are pleased to announce the launch date of our advanced multichain lending protocol after nearly 6 months of research, development, and hard work. Chee Finance's Mainnet will go live on the Celo, Meter, and BNB Chain networks on May 21st, 2022.
This tutorial will guide you on using Chee Finance on the supported networks. The tutorial will begin with a general overview of how to supply tokens, enable tokens as collateral, borrow tokens, and repay borrowed tokens. You can also check the Mobile-Friendly Money Market to learn how to use Chee Finance on your smartphones.
Currently supported markets:
ERC-20: CELO / cBTC / WBTC / WETH / cUSD / WETH / USDC / USDC
LPs: cUSD-USDC (Gamma) / CELO-WETH (Ubeswap)
Chee Finance’s major objective is to offer an easy-to-use loan protocol. Furthermore, as Celo is on a mission to make DeFi available to all smartphone users worldwide, the Chee Finance team opted to incorporate the new mobile UI design into the production, in order to fulfill such important goals. Thanks to Chee Finance, users can lend or borrow more easily and quickly, no matter where they are.
Here is a straightforward tutorial to tell you how to try Chee Finance on your smartphone.
With an inbuilt metastable gas currency, Meter.io is a highly decentralized Ethereum scaling solution. As a layer-two protocol, it connects to Ethereum and other blockchains, besides enabling smart contracts to scale and communicate seamlessly through the heterogeneous blockchain networks.
Intended to onboard new quality projects (DApps, DeFi, DAOs, DEXs, and others) into the Meter Ecosystem, the Meter Ethereum Hackathon was conducted.
We’re excited to announce that Chee Finance—an advanced cross-chain lending and borrowing protocol with both fungible token (FT) and NFT liquidity—has integrated Chainlink Price Feeds on BNB Chain and Polygon mainnets. By integrating the industry-leading decentralized oracle network, Chee Finance now has access to high-quality, tamper-proof price feeds needed to help facilitate supplying and borrowing events with the correct safety buffer on the protocol. This will provide our users with stronger assurances that the protocol is running under protection from data manipulation and single point of failure in price feeds.
Our initial integration involves the use of the following Chainlink Price Feeds: Matic/USD, BTC/USD, and ETH/USD on Polygon, and BTC/USD, ETH/USD, and BUSD/USD on the BNB chain. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
Currently, there are constraints for supplying and borrowing on the same chain and limited use cases for existing money markets.
On the Testnet interface of Chee Bridge, CHEEtest tokens can be transferred between the BNB chain testnet and Meter testnet. Chee Test Bridge is only deployed on the BNB chain Testnet and Meter Testnet. All other chains will be supported by the Mainnet version.
This article will guide you through the process of using Chee Bridge on the Testnet.
We are pleased to announce that we have had 17,000 borrow events as a result of the efforts of the entire Chee Finance family. We appreciate everyone who took part in our Testnet and helped us out. Thank you all for entrusting us.
You can quickly review our subgraph to get all the number of participants in TransferEvent, MintEvent, RedeemEvent, LiquidationEvent, BorrowEvent, RepayEvent, etc.
Chee Finance is an advanced cross-chain, non-custodial FT & NFT liquidity, decentralized money market, built on the Celo, Polygon, Meter.io, and BNB Chain networks.
The innovative Chee Finance protocol empowers users to effortlessly lend, borrow, and earn interest with their digital assets. When depositing assets, lenders can choose to ensure liquidity to the protocol while earning passive income. Borrowers can use over-collateralization in the lending process.
With Chee Finance, you can borrow cryptocurrencies and stablecoins with no credit check and fast origination directly on Celo Chain. Additionally, you can supply cryptocurrencies, stablecoins and NFTs and earn a variable APY for providing liquidity to the protocol that is secured by Chee Oracle Guard and managed by Chee bots.
On the testnet interface of Chee Finance, you can supply tokens, enable tokens as collateral, and borrow tokens. Additionally, on the testnet, you can also withdraw supplies and repay borrow.
This article will guide you on how to use Chee Finance on the testnet.
After been born for a couple months, Chee Finance wants to say a late hello to the entire crypto world.
“The drive to invest in tokens will only accelerate. Ironically, that impulse will connect us to primitive instincts, and do its part to keep us human.” -- Frederick Kaufman, author of “The Money Plot: A History of Currency’s Power to Enchant, Control, and Manipulate”