CHFRY Finance x Im Community AMA Recap

TELEGRAM AMA: Im Community & CHFRY Finance 🐋
⏰ AMA Timing : 24 September 2021 l 13:00 PM UTC l 20:00 GMT +7
Venue For AMA : https://t.me/imcommunityitw

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

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

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

Bà Tân | : Hello everyone! Before we start the AMA make sure you join our pre-IDO giveaway on Twitter: https://twitter.com/ChfryFinance/status/1441357776169570313

Bà Tân | : Can you introduce yourself to our Im Community?

Kiki : Hello everyone! Thank you so much for having me. Really excited about today’s AMA. I am Kiki — marketing lead at CHFRY Finance, and I will be answering your questions about CHFRY protocol today. 🧀🍟

Bà Tân | : Thanks for the introduction.

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/1440970155291414529).

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 Group (https://t.me/ChfryFinance)

🗣 (https://twitter.com/ChfryFinance)CHFRY Finance Twitter (https://twitter.com/ChfryFinance)

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

👉More information about CHFRY Finance :

🗣Website (https://chfry.finance/%23/)

Bà Tân | : Start session 1 AMA @kiki_chfry

Kiki : Absolutely!

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

Kiki : Absolutely! So, CHFRY is a new Defi lending protocol that powers the 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.

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.

Ahrix : @kiki_chfry Please say “Done” when you have finished the question, thank you.

Kiki : Done.

Bà Tân | : Question2. What are the products that CHFRY Finance provide to users? Fryer, Oven, Cheese Factory, and Flash Fryer — can you tell us exactly how they work?

Kiki : Sure

CHFRY has 4 main products: Fryer, Oven, Cheese Factory, and Flash Fryer. I will briefly explain all of them to you guys:

1️⃣ The 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.

2️⃣ The oven is like a debt converter where the interest produced is thrown into periodically. The oven also allows users to stake fUSD and have it converted into their base assets over time at a fixed 1:1 ratio.

3️⃣ 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 have 5 different pools available:

- fUSD3CRV Pool,

- fUSD Pool,

- CHEESE/ETH LP Pool,

- CHEESE Pool,

- and alUSD Pool.

4️⃣ Flash Fryer: 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 through flash loan mining — everyone who gets a flash loan will receive CEESE rewards. 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.

Done.

Bà Tân | : Question3. What role does the $CHEESE token play in your ecosystem? Can you share more about CHFYR tokenomics?

Kiki : $CHEESE is CHFRY’s governance token, which gives the community control over the governance and protocol parameters (e.g. CHEESE holders can vote to change the % of capital set aside for the usage of the flash loans).

There will be 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 decreases 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 has taken place. The TGE will take place through the IDO taking place on Sept 28 at 13:00 UTC on Balancer’s Liquidity Bootstrapping pool.

DONE

Bà Tân | : Question4. What is the CHFRY Finance team’s $CHEESE token sale plan? how can i buy it? I know the IDO is happening on Sept 28 1PM UTC — Can you please share how we can participate?

Kiki : CHFRY Finance will kickstart the CHEESE IDO on Balancer LBP, Sept. 28, 2021, at 1PM UTC. A total of 93,132 CHEESE tokens (1% of total supply) will be available. The LBP will last for three (3) days and end on Sept. 30, 2021, at 12:59PM UTC.

The weights of the LBP will gradually change from CHEESE:ETH = 95:5 to CHEESE:ETH = 30:70 during that period, creating downward pressure on the price.

We decided to hold the CHEESE IDO on Balancer’s LBP because LBPs are a special type of weight-changing pools that allow for better price discovery, meaningful liquidity, and fair distribution at launch. LPB shifts its weight over time and creates constant downward pressure on the price, preventing front-running and price speculation.

If I am allowed to share, here is the table that summarizes all the key parameters of the LBP.

We will be posting the step-by-step IDO participation guide very soon. Additionally, we will be holding the community call on Monday and share with our community members tutorials on how to participate in the CHEESE IDO.

Also, it’s important to mention that in order to celebrate the CHFRY IDO, we will mint special-edition, exclusive NFTs representing CHFRY products. There will be in total 20 NFTs minted airdropped to 20 participants of the IDO:

👉 The 15 participants that will contribute the largest amount during the IDO will automatically become the CHFRY NFT recipients.

👉 The remaining five (5) NFTs will be airdropped to five (5) participants, who will be chosen at random.

And lastly, we are currently holding the Pre-IDO giveaway with a 250 CHEESE prize pool, make sure you participate.

https://twitter.com/ChfryFinance/status/1441357776169570313

✅ Done

Bà Tân | : Question5. Can you briefly describe the most important milestone that CHFRY Finance has achieved to date and also share CHFRY roadmap and future plans with our community?

Kiki : Yes absolutely. Here is everything you need to know about our roadmap.

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 added NFTs to the CHFRY ecosystem, and most importantly we are holding the IDO on Sept 28, 2021. Following the IDO 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 the 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/1440970155291414529).

Kiki : Sure!

Bà Tân | : Question1. @Aman_8487

It’s wonderful to hear that the Cheese will be used for decentralized governance. Although we all know DEFI is a fantastic addition, its previous security incident has caused some concern. Given your integration with DEFI, how do you plan to improve security and transparency?

Kiki : Security is the #1 priority for the CHFRY team.

We already have a smart contract security audit, which was conducted by PeckShield. PeckShield is quite a reputable audit firm in the smart contract security space. The audit analyzed 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: https://github.com/chfry-finance/chfry-protocol/blob/master/docs/PeckShield-Audit-Report-Chfry-v1.0.pdf

DONE

Bà Tân | : Question2. @Alicewonder1202

Would you explain what are the uncorrelated high yield strategies used by Chfry, and how it translates in that debt repayments aren’t interrupted by market fluctuations? What determines if the repayment is more or less than the amount deposited?

Kiki : Sure

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 from yield aggregators.

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.

DONE

Bà Tân | : Question3. @FelipeA72667284

Staking is one of the most attractive way that exist through the DeFi system where users generate passive income. With that, can you tell us more about #ChfryFinance staking program and various ways through which users can participate in your staking program?

Kiki : Yes, definitely. As mentioned one of the CHFRY products — CHEESE factory is a place 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 have 5 different pools available: fUSD3CRV Pool, fUSD Pool, CHEESE/ETH LP Pool, CHEESE Pool, and alUSD Pool. After the IDO once the mainnet goes live users can start participating in the staking programs.

DONE

Bà Tân | : Question4. @tuan_iker

Currently, market is becoming very bullish on NFT trend. Can you share your opinion on NFT as a player in the NFT market? And does CHFRY have any plan with NFT?

Kiki : Sure. Our team believes that NFTs have a bright future. As such, we aim to incorporate them as much as possible in the protocol in order to enhance the CHFRY ecosystem and make it more attractive for the wider DeFi community.

As mentioned, to celebrate the CHFRY IDO, we will mint special-edition, exclusive NFTs representing CHFRY products. There will be in total 20 NFTs minted, which will be airdropped to 20 participants of the IDO :

The 15 participants that will contribute the largest amount during the IDO will automatically become the CHFRY NFT recipients. The remaining five (5) NFTs will be airdropped to five (5) participants, who will be chosen at random.

DONE

Bà Tân | : Question5. @TrnTrun19211761

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 : So, flash loan mining is a very unique feature of CHFRY Finance.

One of the core differentiators of CHFRY Finance is that we provide flash loan powered applications, and aim to democratize flash loans by making them more accessible to general users.

During flash loan mining users receive CHEESE rewards for getting flash loans on CHFRY. Normally, mining in DeFi requires you to lock up some funds. Here on CHFRY you don’t need to lock up any funds. Get a flash loan, pay the 0.06% service fee and get the reward in return.

Done.

Bà Tân | : Congratulations to the winners of session 2.

@Aman_8487

@Alicewonder1202

@FelipeA72667284

@tuan_iker

@TrnTrun19211761

Bà Tân | : Alright, Session 2 has finished perfectly. Appreciate your detailed responses @kiki_chfry 😃

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.

Kiki : Sure, let’s do it.

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

🍀Jőhn L🍀 : go go

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

Bà Tân | : Now let’s give our dear guest @kiki_chfry some time to go through them.

🍀Jőhn L🍀 : wow

Kiki : Sure! I will take a look at the questions now and pick some.

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

Q1. What is the role of token in the ecosystem? Where can people currently buy it?what would be its used?.?

Kiki : $CHEESE is CHFRY’s governance token, which gives the community control over the governance and protocol parameters.

We are conducting the CHEESE IDO on Balancer LBP on Sept. 28, 2021, at 1PM UTC.

The LBP will last for three (3) days and end on Sept. 30, 2021, at 12:59PM UTC.

A total of 93,132 CHEESE tokens will be available.

The Balancer LBP is public for all, no whitelisting is needed — anyone can participate in the token sale. The participating token in the IDO will be WETH.

You can learn more about the IDO here: https://medium.com/@chfry_finance/cheese-ido-on-balancer-launching-sept-28-2021-3639476c2c1f

Q2. What are the types of users in your project? How do you keep all users long-term with your project?

Kiki : It is our goal to provide attractive, diversified yields for both less-sophisticated participants with limited crypto knowledge and more experienced members with higher risk appetite. As such, CHFRY is for everyone: 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.

Q3. Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Can you tell us about CHFRY Finance current partners, plans for partnerships and what everybody stands to gain from these partnerships?

Kiki : We do not have any investors/partners/backers. We are a purely community-driven project. As such, no private placement or token pre-sale has taken place. As a matter of fact, we have discussed the CHFRY protocol with 3 reputable VC firms and have received 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.

IDO will take place on Sept 28 at 1PM UTC. Mark your calendars⏰

Q4. Are you an well experienced team and devs? Can you tell us more about team background and are they anonymous?

Kiki : So, 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. This has definitely provided us with the skills, competence, and expertise that are extremely important in successfully developing a brand new project.

Q5. Can you explain to us how does your “Zero Liqduidation Risk” works? What mechanism and model does CHFRY uses to its platform that user’s collateral will never ever be liquidated?

Kiki : In CHFRY, zero liquidation risk means that your collateral can never be liquidated. This is possible and sustainable because the loan (fUSD) value always reflects the collateral value (USDC/USDT/DAI). Hence, the deposited collateral can never be liquidated.

Also, here is the sneak peak to CHFRY’s special edition IDO NFTs:

make sure you participate in the IDO for the chance of winning this amazing limited editions NFTs.

only 20 will be minted🤩🎉

You can learn more about the IDO in this article: https://medium.com/@chfry_finance/cheese-ido-on-balancer-launching-sept-28-2021-3639476c2c1f

As mentioned, we wil be publishing another step by step participation guide for you guys very soon.

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

Bà Tân | : End of session 3

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

Kiki : Thank you so much for the great session

🍀Jőhn L🍀 : wow so fast

🍀Jőhn L🍀 : thank for your time

Kiki : I will see you all at the IDO 😝

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/#/

Twitter: https://twitter.com/ChfryFinance

Telegram: https://t.me/ChfryFinance

Discord: https://discord.com/invite/E2N7XRVxqx

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

Thanks to @kiki_chfry | 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 | : Thanks @kiki_chfry for joining the AMA today. Have a good day.