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cheesefry

cheesefry

Cheapest on-chain #Leverage trading tool powered by #FlashLoans Self-repaying loans with 0 interest rate and 0 liquidation risk In Flash Loan we trust

CHFRY Finance is a new DeFi lending platform with flash loans, self-repaying loans, zero liquidation risk, and future-yield-backed assets.

The protocol powers the automated repayment of debt through diversified high yield strategies. It allows users to deposit stablecoins (DAI, USDC, or USDT) as collateral to borrow against, and deploys this collateral into DeFi yield aggregators and utilizes it for flash loans to generate yield that will automatically pay off the loan. As such, a user takes a loan in the form of fUSD (a synthetic derivative that is pegged to a basket of top stablecoin assets at 1:1) that repays itself automatically, without risk of liquidation, and earns advances on the future yield through uncorrelated high yield strategies.

CHFRY unlocks capital efficiency by combining yield aggregators with the yield-based debt model and diversifies the yield source by tapping into the potential of the flash loan applications.

CheeseFry ($CHEESE) is a CHFRY governance token, the supply of which increases according to the preset emission schedule. The token is used for governance votes and gives the community control over the governance and protocol parameters. More on Tokenomics: https://chfry-finance.gitbook.io/doc/token-distribution/cheese-emissions-schedule

Timeline

February 10, 2022
Deposit, Collect Yield & Receive Rewards - CHFRY Finance - Medium

Rolling Out That First-Time Depositor Reward Campaign with 10,000 $CHEESE in rewards

Dear CHFRiends, we are extremely happy to see our Feedback Campaign taking off so well! More and more users are joining us on CHFRY’s Kovan Testnet to try out the CHEAPEST on-chain leverage trading tool, claim rewards from the pool of 2,000 $CHEESE and arm themselves for the mainnet launch.

While our smart contracts are busy being reviewed by the industry experts, we are happy to announce another exciting campaign for our community members to engage in. Well, without further ado, we give you the First-time Depositor Rewards Program:

Deposit USDC on Fryer and get 5% of your deposited amount back in $CHEESE.

TL;DR

The First-time Depositor Rewards Program will be launched at 1:00 PM UTC, Feb 11th. In total 10,000 $CHEESE will be allocated in rewards and the campaign will last for two (2) months.

Make your first deposit in USDC, collect yield, and earn extra rewards!

Participation Guide

1. A user has to be a first-time depositor on Fryer

2. The deposit must be made in USDC and the minimum amount must be greater than or equal to ≥ 500

3. The deposit must be staked for at least 2 weeks

For those of you who are not yet aware, after making a deposit on Fryer you have an option to release 50% of your liquidity by minting $fUSD — a synthetic stablecoin that tokenizes your future yield. If you decide to follow this option, you can borrow up to 50% of your deposited collateral that will repay itself automatically with 0 interest rate and 0 liquidation risk.

What can you do with fUSD? Well, you have a couple of options:

1. Convert it back to stablecoins (DAI, USDC, or USDT) at a 1:1 ratio via the Oven

2. Trade it on the decentralized markets

3. Stake it in the fUSD3CRV pool to generate additional yield

The rewards will be claimable once the vesting period is over.

Mia’s Story

Let’s run through a quick example. Let’s say Mia has never deposited on Fryer before, and now decides to participate in the First-time Depositor Reward Program. She deposits 5,800 USDC on Fryer.

Now she has 2 options available:

OR

Either way, both options are quite appealing.

If Mia wants to have some of her assets readily available, she will go for the second option and take out self-repaying loans. If not, she will simply have her deposited funds staked and wait for it to generate yield.

At the end of the campaign, Mia will be eligible to claim 5% cashback in rewards, worth 290 $USDC in $CHEESE.

The 10,000 $CHEESE Platter

The 5% bonus for participation is claimed from the pool of 10,000 $CHEESE. Please note, that the prize pool is fixed at 10,000 $CHEESE and the rewards are allocated on a first come first serve basis.

Let’s hit it!

Now that you have all the information, do make your way to CHFRY’s Fryer, put down that initial deposit, and claim your 5% cashback https://chfry.finance/#/fryer.

Hurry and stake now, to ensure that you get that yummy chunk of CHEESE first.

Borrow up to 50% of the deposited amount in the form of $fUSD (≤ 2,900 fUSD in total) with 0 interest rate and 0 liquidation risk. CHFRY will deploy your collateral (deposited USDC) in the yield aggregator — YFI vaults and flash loan pool on CHFRY. Streamed interest/yield will be used to automatically pay down your debt. As mentioned above, with the borrowed amount Mia can do whatever she wants: either stake, trade, or convert it back to stablecoins at a 1:1 ratio.

Keep the USDC staked and collect additional yield as her deposited amount is put to work in the yield aggregator (YFI vaults) and flash loan pool on CHFRY.

The allocated bonus will be locked up for four (4) weeks, until April 8.

On March 11, four (4) weeks after the campaign commences, participants receive 5% of their initial deposit in $CHEESE. Please be aware, that if the deposited amount exceeds 10,000 USDC, the claimable amount will be fixed at 500 USDC worth of $CHEESE.

Fryer Tutorial https://cutt.ly/Fryer-tutorial

Brief FRYER Crash Course for Newbies:

Requirements:

Make your very first deposit on Fryer (https://chfry.finance/#/fryer) in USDC between Feb. 11, 13:00 UTC and Feb. 25, 12:59 UTC.

Rules are as simple as they get. Let’s dive in

Patents

Further Resources

Title
Author
Link
Type
Date

CHFRY - Whitepaper.pdf

Web

References

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