🐋 TELEGRAM AMA: Im Community & CHFRY Finance 🐋
⏰ AMA Timing : 24 August 2021 l 12:00 PM UTC l 19:00 GMT +7
Venue For AMA : https://t.me/imcommunityitw

🎁 Reward Pool 100 USDT
Bà Tân | :
Welcome @zeroxbilly from CHFRY Finance.

Bà Tân | : Welcome everyone. Today Im Community will host AMA with CHFRY Finance.

Bà Tân | : Today our guest is: @zeroxbilly from CHFRY Finance.

0xbilly : Hello everyone! Thank you so much for having us. We are really excited about today’s AMA. I am 0xBilly — project lead at CHFRY Finance, and I will be answering your questions about CHFRY protocol.

Bà Tân | : Today’s AMA will have 3 sessions

Sessions 1: The chat will be muted & the team will introduce themselves then we will ask some introduction questions to the team CHFRY Finance

Sessions 2: We will pick 5 Best Question from our members on Our Tweet (https://twitter.com/IM_Communityitw/status/1429714020026576901).

Sessions 3: The conversation will open to the community questions and the 5 best questions will be selected.

Bà Tân | : Requirements:

🗣Im Community (https://t.me/imcommunityitw)

🗣Chfry Finance (https://t.me/ChfryFinance)

🗣Discord (http://discord.gg/Xx2KfBU98q)

👉More information about CHFRY Finance :

🗣Website (https://chfry.finance/%23/)

Bà Tân | : Start session 1 AMA @zeroxbilly

0xbilly : sure

Bà Tân | : Question1. Could you please give us a simple introduction of CHFRY Finance? What’s the motivation for starting build CHFRY Finance?

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.

Our motivation for launching the CHFRY Finance project is 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.

It is our goal to build a robust and accessible DeFi infrastructure in a secure and transparent way, to support multi-chain interoperability and spur value accretion toward the broader DeFi ecosystem.

DONE

Bà Tân | : Question2. What are the products that CHFRY Finance provides to users? How to join?

0xbilly : 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 special reward pool for flash loans 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. We launched our Testnet last week. The details on how to set up and run it are outlined in our Gitbook docs : https://chfry-finance.gitbook.io/doc/test-network/faucet

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

DONE

Bà Tân | : Question3. Does CHFRY Finance have its own token? And how can I buy it?

0xbilly : Yes, CHFRY has its own governance token $CHEESE, the 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).

There will be a 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.

DONE

Bà Tân | : Question4. About security How secure is CHFRY Finance when users use your platform?

0xbilly : security is #1 priority for the CHFRY team. We already have a smart contract security audit completed, which was conducted by PeckShield.

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.

You can now access our audit on Github: https://github.com/chfry-finance/chfry-protocol/blob/master/docs/PeckShield-Audit-Report-Chfry-v1.0.pdf

DONE

Bà Tân | : Question5. Can you briefly describe the most important milestone that CHFRY Finance has achieved to date?

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 have 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)

DONE

Bà Tân | : End of session 1

Bà Tân | : We will move on to session 2

Bà Tân | : Sessions 2: We will pick 5 Best Question from our members on Our Tweet (https://twitter.com/IM_Communityitw/status/1429714020026576901).

Bà Tân | : Question1. Do you have a Global ambassadorial Program or Referral Reward System? Do I get any benefit from holding $CHFRYin long-term?

0xbilly : Great question! We are working on launching the Referral Reward System on Discord. Make sure you stay tuned, we will be announcing the details in the upcoming week. It is our goal to award early supporters of the CHFRY and have special rewards system for them that will give them additional benefits in the long term.

DONE

Bà Tân | : Question2.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 ?

0xbilly : Yes absolutely ! I would say Flash Loan mining program is one of the killer features of CHFRY finance. This 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 bc 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.

DONE

Bà Tân | : Question3. If the value of stablecoins is really the same, why create so many pairs of different stablecoins on CHFRY Finance? Is it that your platform provides any benefit when operating with stablecoins other than conventional ones such as USDT and USDC

0xbilly : The collateral types that the protocol will accept are USDT, DAI, and USDC. Supporting 3 different types of stablecoins as collateral makes our protocol more convinient for users. Additionally, as mentioned previously fUSD is a synthetic derivative that is pegged to a basket of top stablecoin assets at 1:1. Supporting 3 stablecoins enables more stable fUSD peg convergence to its underlying basket of stablecoins.

DONE

Bà Tân | : Question4. 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?

0xbilly : 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 tomorrow so make sure you join it right now: https://discord.gg/qeqejskR

DONE

Bà Tân | : Question5. On Chfry users experience zero liquidation risk, their deposited collaterals can’t be liquidated no matter how the market fluctuates. How can be ensured the redemption of every collateral even if the market isn’t favorable to it, how is it financially sustainable?

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 (USDC/USDT/DAI). Hence, the deposited collateral can never be liquidated.

DONE

Bà Tân | : End of session 2

Bà Tân | : We’ll move on to session 3

Bà Tân | : Sessions 3: The conversation will open to the community questions and the best questions will be selected.

Bà Tân | : Requirements:

🗣Im Community (https://t.me/imcommunityitw)

🗣Chfry Finance (https://t.me/ChfryFinance)

🗣Discord (http://discord.gg/Xx2KfBU98q)

👉More information about CHFRY Finance :

🗣Website (https://chfry.finance/%23/)

Bà Tân | : Don’t forget to join the group https://t.me/ChfryFinance

Bà Tân | : Thanks for the questions from the community.

Bà Tân | : @zeroxbilly Pick the 5 best questions and answer it for session 3.

0xbilly : Sure

Q1. While you build your project, do you take into account community feedbacks and demands?

0xbilly : Yes, absolutely! The feedback on from our community is always welcome, so we always encourage members of our community to share their thoughts and ideas. As I mentioned earlier, currently we are even having the $CHEESE giveaway that aims to award 5 community members that provide our team with meaningful feedback. So join our Discord now: discord.gg/Xx2KfBU98q

Q2. Do the token holders have right to the participate in the governance of the project? On what kind of decisions can they vote on about the project?

0xbilly : Yes, $CHEESE is our CHFRY governance token, which is used for governance votes. $CHEESE gives the community control over the governance and protocol parameters. You can learn more about current and future CHFRY governance on our Gitbook: https://chfry-finance.gitbook.io/doc/dao/governance

Q3. I’m a developer, and I’m interested in contributing to your project alongsides earning, Do you have any Bug Bounty to check for vulnerabilities?

0xbilly : Yes we do have Bug Bounty programs. As outlined in the CHFRY whitepaper, 4% of our total supply is allocated for Bug Bounties.

Q4. Who is your typical partner? What is the benefit of cooperation for both?

0xbilly : We do not have any partners or backers. We are purely community driven. As a matter of fact we have discussed the CHFRY protocol with 3 reputable VC firms and have received extremely positive feedback. However, as our goal is to be a community driven fair launch project we have decided to move forward with the IDO instead of the CHEESE token pre-sale.

Q5. Can you give me a list 1–3 of the deadly features of your Project that make it stand out from its competitors? What competitive advantage does your platform have that make you feel the most confident in yourself?.?

0xbilly : I would say the flash loan mining program is one of our top killer features in the CHFRY protocol. 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 flashloan mining incentive program on the CHFRY protocol will definitely super boost the usage of flashloans, which will benefit not only the CHFRY but also wider DeFi ecosystem.

Bà Tân | : Thanks for the useful information from @zeroxbilly

Bà Tân | : End of session 3

Bà Tân | : For questions that have not been answered today, you can send them to @ChfryFinance for answers.

Bà Tân | : IM Community, if you would like to know more about CHFRY Finance ! here are some useful links for you:

Official Website (https://chfry.finance/%23/) Twitter (https://twitter.com/ChfryFinance) Telegram (https://t.me/ChfryFinance) Dircord (https://discord.com/invite/E2N7XRVxqx)

Bà Tân | : Allright, I declare the Im Community AMA with CHFRY Finance has ended.

Thanks to @zeroxbilly | CHFRY Finance joined us and provided us with CHFRY Finance information, we hope that this knowledge makes us understand more about https://chfry.finance/#/ (https://chfry.finance/%23/)

To the members, thank you for following this event to the end. winners will be announced soon.

Bà Tân | : Today’s AMA winners please PM @quocnguyen1234 to provide reward information. Thanks everyone .

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IM is a PR group — Marketing support for Airdrop, advertising, AMA, Services … in Vietnam Flag of Vietnam. — — — — — — — - TG: https://t.me/imcommunityitw