AMA Recap Crypto Library with CHFRY

                                        

On 27th August 2021, CHFRY conducted an AMA in the Crypto Library Community. Our guest is Kiki. Lots of questions as usual from the Community about CHFRY progress. The CHFRY team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into CHFRY.

Let’s take a look at the most interesting points of our conversation. 

INTRODUCTION
Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

Kiki (CHFRY) : I am Kiki - marketing lead at CHFRY Finance, and I will be answering your questions about CHFRY protocol today.
FIRST SEGMENT (HOST)
Crypto Library Team : What is CHFRY? and How does it work?

Kiki (CHFRY) : Automated repayment of debt through diversified high yield strategies. To give you a short overview, 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 - a synthetic derivative, that repays itself automatically, without risk of liquidation, and earns advances on the future yield through uncorrelated high yield strategies. CHFRY has four main products: Fryer, Oven, Cheese Factory, and Flash Fryer. I will briefly explain all of them to you guys:

1. Fryer 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 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. 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 is like a debt converter where the interest produced is thrown into periodically, and it also allows users to stake fUSD and have it 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 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.

Crypto Library Team : Why should we choose CHFRY? and how to set up the CHFRY TestNet?

Kiki (CHFRY) : So, our motivation for launching CHFRY was to solve the existing DeFi market challenges related to capital inefficiencies, correlated yield strategies, and underutilization of the flash loan services. Also, to provide attractive, diversified yields for both less-sophisticated participants with limited crypto knowledge and more-experienced members with higher risk appetite. CHFRY is for: Passive Investors with an appetite for decadent yields on their stablecoin holdings; DeFi Scientists looking to capitalize on market opportunities with cheaper Flash Loans and Common Connie from the DeFi community who really wants nothing more than to borrow and farm assets. So if you vibe with one of those guys, CHFRY is for you. 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. All you have to do is give us some 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

Crypto Library Team : Please tell us about $CHEESE token! What are the token use-case, distribution, and where we can buy it?

Kiki (CHFRY) : Sure! CHFRY’s governance token is $CHEESE, which 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). There will be a mixed 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. From week 157 onwards, rewards will cease indefinitely. In terms of token distribution, as CHFRY is a community-led project it is our intention for the $CHEESE token to be a fair launch token. As such no pre-sale or private placement will take place. The TGE will take place through the IDO, which 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 the form of the dutch auction and anyone interested in the project will have an opportunity to participate. Additionally, we are really excited to tell you guys that our team is planning to mint special edition NFTs for the CHFRY IDO and airdrop them to the top 20 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, we are planning to generously award early comers and supporters, so don't miss out, join the communities now.

Crypto Library Team : Could you give us some information about your roadmap, your milestones, and also your future plans?

Kiki (CHFRY) : Sure! 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, here are some of our plans for the 4th quarter of 2021 and the 1st quarter of 2022:
  • 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)
SECOND SEGMENT (TWITTER)
Crypto Library Team : One of the most important elements of Chfry is the Flashloans mining program, it is the first time that I heard something like that, can you explain us what is this exactly?

Kiki (CHFRY) : Yes, I would say Flash Loan mining program is one of the killer features of CHFRY Finance. The mining program awards everyone who utilizes the flash loan powered applications on the CHFRY protocol in the form of $CHEESE tokens. This incentive program is absolutely amazing because it boosts the flash loan volume on the platform and in return increases the flash loan service fee income, which, as mentioned above, is directed toward maturing of the debt positions.

Crypto Library Team : Many DeFi projects ensure the quality and security of their products by independent third parties, which makes investors more confident. Will an audit contract be signed with a third party in the future? Will CHFRIE Finance ensure the security and privacy of user data?

Kiki (CHFRY) : Security is #1 priority for the CHFRY team. We already have a smart contract security audit, conducted by PeckShield. PeckShield is quite reputable in the smart contract security space. The audit analized the design and implementation of the CHFRY protocol, according to which our current code base is clearly organized. You can now access the audit on CHFRY Github →  Smart Contract Audit Report: 
THIRD SEGMENT (LIVE QUESTIONS) 
Crypto Library Team : Why did you chose do an IDO event instead the a typical presale?

Kiki (CHFRY) : Because CHFRY is a community-led project. As such, we plan the $CHEESE token to be a fair launch token - no pre-sale or private placement will take place. The TGE will take place through the IDO, which is tentatively scheduled to take place in the beginning of September. IDO will take a form of the dutch auction and anyone who is interested in the project will have an opportunity to participate.

Crypto Library Team : Chfry Finance is doing Testnet event if I participate in Chfry Finance Testnet event is there any Reward for me can You Explain about it?

Kiki (CHFRY) : Yes we are currently running the Testnet Feedback Campaign. All you have to do is go to the feedback channel on Discord and write down feedback on the CHFRY protocol. Award Pool is 5 $CHEESE, as for the winners:
  • 3 participants - selected by the team based on the quality of feedback
  • 2 participants - selected by the community upvotes
  • 1 participant - randomly picked
The giveaway ends on AUG 31 so make sure you join it right now: https://discord.gg/qeqejskR

Crypto Library Team : CHFRY stand for? what does it mean and what is the meaning behind it?

Kiki (CHFRY) : Also, just to clarify: CHFRY Finance (aka CheeseFry) is the name of our protocol and $CHEESE is the CHFRY governance token that gives the community control over the governance and protocol parameters. $CHEESE is the ticker.

Crypto Library Team : CHFRY is a new Defi lending protocol that powers automated debt repayment through diversified, high-yield strategies. What are the high yield diversified strategies that CHFRY offers?

Kiki (CHFRY) : In order to diversify the sources of yield (a) 20% of the base asset (deposited assets (DAI/USDC/USDT)) is set aside as collateral for flash loans, and (b) the remaining 80% is deposited to YFI or Curve yield pools to gain reward. 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.

Crypto Library Team : Do you have any plans to add Nft's to your ecosystem as this is the hottest topic in the crypto space?

Kiki (CHFRY) : 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.

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