Chee Finance, a multi-chain lending and borrowing platform for the ERC20 protocol and non-fungible tokens (NFTs) will launch on Meter mainnet tomorrow.
Chee Finance has been running its testnet since January 19, 2022, with over 10,000 unique addresses interacting with the testnet.
During the testnet period, the Chee Finance team is constantly improving and developing the protocol, with the goal of providing users with a safer, permissionless, and easier to use money market. The Chee Finance testnet has achieved all the required functionality for its mainnet launch.
As the big winner of the Meter Ethereum Hackathon, Chee Finance will be the first lending and borrowing protocol on the Meter blockchain. Its mission is to improve the meter ecosystem by providing a key decentralized financial tool.
The official launch date of Chee Token will also be announced soon.
Chee Finance mainnet will go live tomorrow on Meter, Celo and BNB Smart Chain (BSC). To visit Chee Finance today.
The main network can be visited at app.chee.finance. The first three markets supported on Meter were Ethereum’s Wrapped Tether (USDT) and Wrapped USD Coin (USDC) (USDT.eth, USDC.eth) and BSC’s Wrapped Binance USD (BUSD) (BUSD.bsc).
Other marketplaces, including native Meter tokens such as Meter Governance (MTRG), will come online once oracles such as Band Protocol and Witnet are running on Meter in the coming weeks.
Chee Bridge, powered by Meter Passport
Chee Finance Bridge is one of the most powerful tools powered by Meter Passport. This tool allows users to transfer their Chee Tokens among supported blockchains, enjoying a smoother experience with a permissionless money market.
The bridge can be visited on the Chee Finance testnet at apptest.chee.finance and will be live on mainnets after the Chee token generation event.
veNFT support coming soon
Vote-escrow NFTs (veNFTs) are ERC-721 compliant tokens and represent the governance rights of decentralized financial protocols such as voting, boosting, and returning staking rewards. veNFTs represent a significant advancement for the industry. In most decentralized autonomous organizations, governance votes are represented by the number of tokens held in a wallet, but votes are represented by veNFTs in protocols that contain them.
Chee Finance will be the first protocol to accept veNFTs as collateral and lend Chee tokens in exchange. Each Chee token will be linked to the original governance token locked in veNFT at a one-to-one ratio. As a result, veNFT holders can get instant cash on Chee Finance.
What is the next?
The Chee Finance team will continue to improve and optimize the lending infrastructure. Many exciting features will be included in future releases.
Some upcoming plans include:
Chee Finance is working with VoltSwap to launch pools, with more exciting features announced in the coming weeks.
DeFi LP NFT support
It will accept other types of NFT as collateral. In addition to veNFTs, it is working on DeFi liquidity provider (LP) NFT support, such as Uniswap v3 LPs.
NFT ‘Chee’ Collection
The cute lychee-inspired mascot has been widely used in the Chee Finance community. An NFT collection based on the mascot will be released soon.
To create the best NFT collection with unique use cases, the Chee Finance team works on detail-oriented design, key opinion leader marketing, and integration with current protocol features.
Chee Finance is also working on advanced cross-chain integration with protocols like Cosmos, Polkadot, and bridges like stargate to achieve a seamless, permissionless lending and borrowing experience.
Meter.io is a highly decentralized Ethereum network scaling solution with an integrated meta-stable gas currency. It connects to Ethereum and other blockchains as a layer 2 protocol and allows smart contracts to scale and communicate seamlessly across heterogeneous blockchain networks.
Chee Finance Community
This is a paid press release. Cointelegraph does not endorse and is not responsible for the content, accuracy, quality, advertising, products or other elements of this page. Readers should do their own research before taking any action related to the company. Cointelegraph is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.