CryptoFury Community x Chfry Finance
⏰ Time: Aug 23th , 7:30 AM UTC
💰 Giveway : 100$
💎 Place : @CryptoFuryCMs
Serve up the Future of FinanceThe ultimate DeFi protocol-equivalent of fast food
that powers decadent yields and satisfies cravings
for multiple use cases.
Question for Part 1- Project overview :
Question 1: Can you briefly introduce yourself and your team?
0xbilly :Of course, as I mentioned I am 0xBilly — project lead at CHFRY Finance. To clarify the team behind CHFRY is anonymous. Nevertheless, I will shortly tell you about our experiences: with a background in finance, economics, marketing, product development, and programming, the CHFRY team has been active in crypto since 2017. Our team members have extensive knowledge of the crypto ecosystem and have previously worked on a couple of successful projects in the blockchain sector
Question 2: Please introduce CHFRY Finance to our community?
0xbilly :Absolutely! So, CHFRY is a new Defi lending protocol that powers the automated repayment of debt through diversified high yield strategies. The protocol 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 that repays itself automatically, without risk of liquidation, and earns advances on the future yield through uncorrelated high yield strategies. fUSD is a synthetic derivative that is pegged to a basket of top stablecoin assets at 1:1.
All in all, CHFRY enhances the lending model proposed by Alchemix and aims to solve the existing DeFi market challenges related to capital inefficiencies, correlated yield strategies, and underutilization of the flash loan services.
Question 3: Can you tell us more about the CHFRY products and how the Protocol works?
0xbilly :Sure, CHFRY has four main products: Fryer, Oven, Cheese Factory and Flash Fryer. I will briefly explain all of them to you guys:
1. Fryer: This is like a vault that collects the user’s base assets. When users make a deposit, in the fryer they can mint up to 50% of their deposited amount in the form of fUSD, while their deposited assets (DAI/USDC/USDT) are put to work to earn yield and pay off the loan. In order to diversify the sources of yield (a) 20% of the base asset is set aside as collateral for flash loans, and (b) the remaining 80% is deposited to YFI or Curve yield pools to gain reward. (This weight (%) is adjustable and can be modified by CHFRY DAO’s proposal in the future). Vault depositors earn fees on flash loans, which go toward the maturing of debt positions, along with the harvested yields. Flash Fryer fees provide a natural hedge against scenarios whereby DeFi aggregator yields come down — while maintaining the integrity of vault deposits. Consequently, CHFRY creates uncorrelated high yield strategies for its users, which means that the debt repayments can’t be interrupted by market fluctuations.
2. Oven: This is like a debt converter where the interest produced by YFI is thrown into periodically. Additionally, Oven allows users to stake their synthetic assets (fUSD) and have them converted into their base assets over time at a fixed 1:1 ratio.
3. Cheese Factory: This is 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.We will have 5 different pools available: fUSD3CRV Pool, fUSD Pool, CHEESE/ETH LP Pool, CHEESE Pool and alUSD Pool.
4. Flash Flyer: This is a 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 — this incentive program is designed to boost the flash loan volume and in return increase the flash loan service fee income, which, as mentioned above, is directed toward maturing of the debt positions. Additionally, what is really great about CHFRY flash loans is that users are liable to only a 0.06% flash loan service fee, which is 30% lower compared to most other flash loan providing platforms.
So that’s pretty much it about our products. I am just going to add that if you guys have not heard about it yet, we launched our Testnet last week. The details on how to set up and run it are outlined in our Gitbook docs. Additionally, we’re currently holding the $CHEESE GIVEAWAY campaign — give us feedback about the CHFRY protocol on our Discord channel for the chance to win some $CHEESE
Make sure you join the contest, we will be announcing the winners on Wednesday 6PM UTC. For more details: https://medium.com/@chfry_finance/cheese-giveaway-dd83be2f2fa4"
Question 4: Can you share with more detailed information about the $CHEESE token and its usecases?
0xbilly :For sure. So let’s start from the brief overview of the CHEESE token. CHEESE is a CHFRY governance token, circulating 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 (e.g. the % of capital set aside for the usage of flash loan).
We will have a fixed max supply of 9,313,200 tokens and the total CHEESE token issuance will be under the following parameters: 75,000 in week 1, followed by 390 token decrease per week. This will go on for 156 weeks. At week 157 onwards, rewards will cease indefinitely.
Question 5: So all in all what would you say is the purpose of CHFRY Finance? What strengths does CHFRY Finance have to compete with competitors?
0xbilly :Absolutely. Our mission is to improve capital efficiency in the Defi ecosystem, and provide attractive, diversified yields for both less-sophisticated participants with limited crypto knowledge and more experienced members with higher risk appetite. Our long-term goal is to build a robust and accessible DeFi infrastructure securely and transparently, to support multi-chain interoperability, and spur value accretion toward the broader DeFi ecosystem.
As for the strength, I would say the flash loan mining program is one of our killer features. We believe Flash loans offer unique investment/trading opportunities — an instantaneous and unsecured DeFi lending solution where a loan is borrowed and paid back all in one transaction. Providing a flash loan mining incentive program on the CHFRY protocol will definitely super-boost the usage of flash loans, which will benefit not only the CHFRY but also the wider DeFi ecosystem.
Question 6: What are your significant achievements till now and what are your other plans for this year?
0xbilly :Great question! So in the 1st and 2nd quarters of 2021 the CHFRY team successfully completed market research, idea and concept development, project planning, and team formation. Additionally,we completed the beta stage development and the security audit of the protocol.
In the 3rd quarter of 2021, we’ve started community building, released the CHFRY whitepaper and launched the testnet. Furthermore, in the same quarter, we intend to hold an IDO, following which the mainnet (V1) will be launched.
In addition to this, the plans for the 4th quarter of 2021 and the 1st quarter of 2022 include:
○ DAO Building
○ Flash loan-powered application building
○ Organizing hackathons (which will encourage crypto community to build flash-loan powered applications or other products on top of CHFRY)
○ Developing a cross-layer fUSD
○ Introducing a full on-chain governance system
○ Supporting multi-chain Interoperability
○ Adding more collateral types
○ Introducing CHFRY Vault (for yield diversification)
Question 7: Did you raise funds so far?
0xbilly :No we have not raised any funds so far. We are a community-led project and no pre-sale or private placement is planned. The CHEESE token will be a fair launch token, and the TGE will take place through the IDO. The IDO is tentatively scheduled to take place in the beginning of September. Following the IDO, CHFRY mainnet will go live. Also, it is important to mention that the IDO will take a form of the dutch auction and anyone who is interested in the project will have an opportunity to participate.
As a matter of fact, I think it is worth mentioning that we have actually discussed the CHFRY protocol with 3 reputable VC firms and have received extremely positive feedback. However, as our goal was to be a community driven fair launch project we have decided to move forward with the IDO instead of the CHEESE token pre-sale.
I also want to share with you guys that our team is planning to mint special edition NFTs for the CHFRY IDO and airdrop them to 20–30 contributors. We cannot disclose much about this at this point but please make sure you are part of our Discord and Telegram communities as we will be sharing the detailed information about the NFTs in those channels. Additionally, we are planning to generously award early comers and supporters, so don’t miss out, join the communities now.
Question for Part 2: Pre-selected questions from our community :
Question 1: Is the tokenomics and distribution model already out ? Where can I get them ? Can you share the details with us here?
0xbilly :Yes, you could read about CHFRY tokenomics both in the whitepaper and our Gitbook docs. Just like I mentioned earlier, $CHEESE is a CHFRY governance token, which gives the community control over the governance and protocol parameters. We will have a fixed supply of 9,313,200 tokens, and the total CHEESE token issuance will be under the following parameters: 75,000 in week 1, followed by 390 token-decrease per week. This will go on for 156 weeks. From week 157 onwards, rewards will cease indefinitely.
Question 2: What does the CHFRY name stand for?
0xbilly :【C】rypto 【H】ost 【F】iducia【RY】
CHFRY Finance (aka CheeseFry) is the name of our protocol.
$CHEESE is the CHFRY governance token that gives the community control over the governance and protocol parameters. $CHEESE is the ticker.
Question 3: Many people still don’t have much idea about how NFT works and how to get it, is # CHFRY beginner friendly in the NFT world? Or only those with experience can use #Realm?
0xbilly :Just to clarify our protocol is a DeFi Lending platform that powers the automated repayment of debt through diversified high yield strategies.
Nevertheless, our team believes that NFTs have a bright future. As such, we aim to incorporate them as much as possible in the project in order to enhance the CHFRY ecosystem and make it more attractive for the wider DeFi community.
For example as mentioned earlier, our team plans to mint special edition NFTs for the CHFRY IDO and airdrop them to 20 top contributors. We cannot disclose much about this at this point, but please make sure you are part of our Discord and Telegram communities, as we will be sharing detailed information about the NFTs in those channels. Additionally, it is in our plans to award our early supporters, so don’t miss out, join our communities now
Question 4: please can you explain the rationale behind this affirmative statement “zero liquidation risk” as used on your website.
0xbilly :Sure, zero liquidation risk means that your collateral on CHFRY can never be liquidated. We have a zero liquidation provision in place because the loan (fUSD) value always reflects the collateral value (USDT/USDC/DAI). Hence, the deposited collateral can never be liquidated.
Question 5: How does CHFRY respond to the security problem in the DeFi ecosystem? Do you have any audits regarding?
0xbilly :Great question. Security is #1 priority for the CHFRY team. We already have a smart contract security audit, which was conducted by PeckShield, which is reputable in the smart contract security space. The audit analyzed the design and implementation of the Chfry protocol. According to which our current code base was clearly organized, there were a couple of issues identified, but they were promptly fixed from our end.
Question for Part 3: Guests will choose 5 live questions from members and answer directly in CryptoFury Community
Question 1: Every project has its own advantages , can the Chfry Finance project list the advantages that differentiate it from other projects ?
0xbilly :We are very product-oriented, with our team’s deep focus on optimizing user experience. For Defi, to go to the massive markets and for the mass adoption to take place, we believe it is an absolute must to have this type of focus on user experience. Currently, The DeFi market has high barriers to entry, as it is challenging for newcomers to easily enter and navigate through the DeFi ecosystem. Lowering barriers to entry and democratizing DeFi by developing a low-fee, intuitive platform that can be customized to an investor’s risk appetite is among our top priorities.
Question 2: Do you have AUDIT credentials or are you working to AUDIT your project,” to make it more secure and reliable?
0xbilly :Just like we mentioned, we take security very seriously. It is one of our top priorities. As such, we made sure our smart contracts would have been audited before the launch. CHFRY smart contract is audited by PeckShield, which is reputable in the smart contract security space.
Question 3: Chfry Finance benefits all the markets, but arent those markets really covered by reliable stable coins? If so, then why develop yet another stablecoin? just to create competition? or will this coin have more scope than the rest?
0xbilly :We are not making a new stable coin in fact, we are just use stable coin as a instrument that allows user to enjoy their future income
Question 4: What is the role of a token in the ecosystem? And what would be its use?
0xbilly :$CHEESE is the CHFRY token that gives holders governance rights over the direction of the protocol and use of the treasury.
Question 5: Can Chfry Finance Project explain the plan in building dapps and wallet on phone as well as computer? Will you add Chfry Finance Project token mining part?
0xbilly :yeah, right now, we only support website application, but we have plans to add mobile support in q4 this year. $CHEESE itself is the governance token in the system, and it’s used as the rewards for liquidity mining in our CHEESE FACTORY. To read more on how this works, pls refer https://chfry-finance.gitbook.io/doc/farm/staking-pools
For all of the questions that have not been answered yet, guys feel free to search for more information or ask directly to them on the links provided below:
CHFRY Finance - Medium
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