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.

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About Celo:

Celo is a carbon-negative, L1 protocol with a rich ecosystem of global partners building Web3, mobile-first applications to create a more accessible and inclusive global financial system. Visit celo.org to learn more about the Celo community, contributors, and technology.

About StakedCelo:

StakedCelo is a Celo-native open-source liquid staking protocol developed by cLabs to encourage the active participation of users in the protocol. It allows anyone to stake CELO to support the network and receive the Epoch Rewards associated with staking, and at the same time to keep these assets liquid so that they can be used in other applications across the ecosystem. The StakedCelo protocol can be directly accessed through the smart contracts deployed on-chain or through a WebApp developed by cLabs. Users can also obtain stCELO on decentralized exchanges or engage in the protocol through other third parties that have chosen to integrate StakedCelo. Find out more about StakedCelo here.

About Chee Finance:

Chee Finance is a multi-chain web3 money market whose liquidity is made up of crypto and real-world assets, such as ERC20 tokens, DeFi LPs, governance tokens, Staked tokens, and loan tokens. Chee Finance’s mainnets are live on Celo, Meter.io, BNB Chain, and Ethereum.