CHFRY Overview
Last updated
Last updated
CHFRY is the DeFi protocol equivalent of fast food — its ecosystem powers tasty yields and satisfies cravings for multiple use cases. This is achieved by locking collateral within CHFRY, which supports the creation of synthetic yield-backed stablecoins, flash loans, and so on.
Fryer: A vault that collects the user's base asset and deposits it in yield pools to generate yield advances (this procedure is similar to what lending platforms such as AAVE offer). After making a deposit, a user can borrow a synthetic asset - fUSD, minted by the fryer while meeting the debt ratio requirement. The collateral types that the protocol will accept are USDT, DAI, and USDC.
Oven: A debt converter that allows users to stake their synthetic assets (fUSD) and have them converted into their base assets over time at a fixed 1:1 ratio.
Cheese Factory: A center of all incentive programs, where staking pools like farming and staking take place. In Cheese Factory, specific token holders can deposit their tokens to the farm pools and earn CHEESE governance tokens.
Flash Flyer: Flash loan arm of CHFRY - a special rewards pool for flash loan users and a gateway to flash loan-powered applications. Flash Fryer users have their yields enhanced by CHEESE rewards. Additionally, flash loan users are liable to only a 0.06% flash loan service fee, which is 30% lower compared to other flash loan providing platforms.
Token Distribution: CHEESE is the CHFRY governance token, supply of which will increase according to the preset emission schedule. CHEESE token will be distributed and split among the internal team (developers), the DAO, and the community, with the vast majority allocated to the community.
CHFRY DAO: The governance of CHFRY Finance will be managed by the CHFRY DAO with a liquid governance token CHEESE.