Chee Finance becomes the first-ever DeFi protocol to be launched on the meter.io mainnet. The protocol aims to improve Meter’s ecosystem by facilitating users with optimized decentralized financial tools through its lending-borrowing infrastructure.
Chee Finance is an advanced cross-chain lending and borrowing protocol that has been operating its testnet since January 19, 2022. The protocol proved to be a success as its testnet recorded over 10,000 unique addresses within the period. The team behind Chee Finance decided to officially airdrop the platform on Meter’s mainnet.
As a DeFi protocol, Chee Finance had three goals: a safe-use, permissionless, and easier-to-use money market to deliver users a premium money market with ERC20 and NFT liquidity. During testnet, the protocol achieved all its goals and finally went live on the blockchain.
Chee’s mainnet launch
After many test runs and reassurances, the Chee Finance team finally launched on the Meter blockchain. Widely famous for being the grand-prize winner of the Meter Ethereum Hackathon, Chee Finance lived up to its recognition by becoming the first multichain lending-borrowing protocol on the Meter network.
On May 21, 2022, the Chee Finance team released a Chee Finance Mainnet Tutorial to facilitate users with the new update.
Chee Finance’s mainnet went live on Celo, Meter, and BNB Smart Chain (BSC). Currently, the protocol supports three markets namely, Wrapped Binance USD (BUSD) from BSC (BUSD.bsc), Wrapped Tether (USDT) from Ethereum( (USDT.eth), and Wrapped USD Coin (USDC) from Ethereum (USDC.eth). Meter detailed that after the launch of Band Protocol and Witnet, it will also add its own native tokens such as Meter Governance Coin (MTRG), on the mainnet soon.
Chee Finance to support veNFTs as collateral
One of the biggest reasons why Meter added Chee Finance in its mainnet is due to its FT / NFT Liquidity. According to the team, Chee Finance aims to create a money market that supports fungible and non-fungible tokens as collateral.
The mainnet will soon support veNFTs as collateral.
Vote-escrow NFTs or veNFTs operate as ERC-721 protocol-compatible tokens with governance rights in a DeFi protocol which means users can borrow, lend, and trade to earn interest on their digital assets. In Decentralized Autonomous Organizations the governance votes are done based on how many tokens a user holds in their wallet; however, through Chee Finance, the veNFTs in protocols will become the governance votes.
The users will be able to borrow Chee tokens in exchange for veNFTs as collateral. Once an individual holds a Chee token, they can peg it to the original governance token locked in veNFT via a one-for-one ratio. In a way, Chee Finance will provide instant liquidity to the veNFT holders by exchanging them for Chee Tokens.
Currently, veNFT is only supported on the Ethereum and Polygon mainnet.
Upcoming Meter-powered Chee Bridge
Chee Finance Bridge is a Meter Passport-powered tool that enables users to transfer their Chee tokens between supported blockchains. The protocol is officially operative on Polygon, Celo, Meter, and BNB Chain, so users can transfer tokens between these blockchains.
Chee Bridge is a significant aspect of the DeFi protocol to promote a permissionless money market. The bridge is still in the Chee’s testnet and will go live on the mainnets after the Chee token generation event. Visit the Meter-powered Chee Bridge at apptest.chee.finance/.
Chee Finance’s future prospects
Chee Finance is working day and night to work on its lending-borrowing infrastructure. The team will continue to optimize its functions and introduce new features that are more user-friendly and safe to use. The protocol is thrilled to announce some of its future prospects in the upcoming version. These include:
DeFi LP NFT support
Other than veNFTs, Chee Finance also announced its plan to support other types of NFTs as collateral. According to the team, the protocol will soon launch support for DeFi liquidity provider NFTs such as Uniswap v3 LPs.
‘Chee’ NFT collection
The Chee Finance team is also ready to enter the NFT industry by dropping their very own lychee logo-inspired NFT collection. The lychee is basically a mascot for the Chee community, so the team is currently in talks for its design and marketing that can be integrated with the protocol’s features.
VoltSwap is a UniSwap V2 fork that went live on Meter’s mainnet last year. Chee Finance is working with VoltSwap to launch pools and other new features.
Chee Finance plans to integrate other protocols and bridges like Polkadot, Cosmos, and stargate to improve its infrastructure and give more options to users.
Meter.io is a DeFi Ethereum-based network-scaling solution platform that works as a side-chain to connect Ethereum and other blockchains. It is a blockchain infrastructure with built-in meta-stable gas currency, MTR, and permits smart contracts to scale and communicate permissionless through various networks.
Join the community
Follow the Chee Finance community for the latest updates:
- Website: chee.finance.
- Mainnet app: app.chee.finance
- Testnet app: apptest.chee.finance
- Telegram: t.me/CheeFinance
- Discord: discord.com/invite/rBBAv5jUDv
- Twitter: @CheeFinance
- Mirror: mirror.xyz/0xDE5710e2A9f657893a4cE47953dFdC846a1E9109
- GitBook: chee-finance.gitbook.io/chee-finance-docs/
- GitHub: github.com/chee-finance