About CherryLend:

 

 

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Cherry Lending 

 

CherryLend, is a lending protocol built on the Cardano blockchain. CherryLend aims to be a leading participant in the Cardano lending landscape by providing a secure and user-friendly environment for lenders and borrowers. The protocol is open-source and focuses on security, censorship resistance, and a strong user experience.

CherryLend will be launched in two versions. The first version (V1) will be a peer-to-peer lending protocol scheduled to launch in May 2023. It will utilize open-sourced and audited smart contracts. The second version (V2) will be a pooled lending platform similar to Aave, allowing users to utilize assets from liquidity pools. It is scheduled to launch in September 2023 and will feature a customized batching solution for processing pooled lending requests.

The CherryLend protocol will provide attractive rewards to incentivize long-term use. Yield farming will be available from the first day of launch, and a detailed explanation of the CHRY tokenomics (the platform token) will be released in the future. The CHRY token will have utility in fee generation and governance. Revenue sources for the protocol include interest, liquidation fees, and portal fees. CHRY token holders will have a governance stake in deciding matters such as fees, supported tokens, and utilization of treasury proceeds.

The CherryLend team consists of experienced Haskell and Plutus developers who believe in the security and decentralization of the Cardano blockchain. The roadmap focuses on delivering a secure and user-friendly platform with well-crafted incentives.

The text concludes with a call to join CherryLend in their mission to build efficient and robust financial tools on Cardano and contribute to the development of the Cardano DeFi industry as a viable alternative to the existing global monetary system.

 

Tokenomics

CherryLend is an open-source and non-custodial lending protocol on Cardano, and we strive to be a leading platform with a simple strategy: secure code, superior user experience, and the strongest incentives.

We recently released our official litepaper and our first development update.

As we prepare for our mainnet launch, today we give an inside look at our tokenomics.

 

CHRY Utility

CHRY token utility is designed to provide value to supporters of the protocol. This will be done through these two primary methods: Fee Generation and Governance.

 

Fee Generation

The CherryLend protocol is designed to earn revenue in multiple ways, including:

1. Interest: a percentage of each loan paid by borrowers;
2. Liquidation fees: percentage of collateral liquidations;
3. Portal fees: fees incurred when using integrated dApps via the CherryLend interface.

Earned interest payments will be the most prominent source of revenue for the CherryLend protocol.

Interest earned by the CherryLend protocol will be utilized to provide
maximum benefit to CHRY holders.

Interest earned by the protocol will be handled in the following manner: Each time 100 ADA’s worth of revenue is generated by the protocol, 50% or 50 ADA will be converted in the open market CHRY and used to deepen liquidity of both the ADA lending liquidity pool and the CHRY lending liquidity pool.

 

Governance

CherryLend is structured as a decentralized autonomous organization (DAO) where holders of CHRY decide the future direction of the CherryLend protocol.

Matters of importance that will be determined by CHRY holders include: fees charged, supported tokens on the platform and utilization of treasury proceeds (primarily interest and fees earned).

CHRY tokens represent a 100% governance stake of the CherryLend protocol.

 

Tokenomics

CHRY is the platform token for the CherryLend protocol.

There is a total of 88 million (88,000,000) CHRY tokens.

Allocation for CHRY is detailed below from largest to smallest:

1. Incentives: 75% (66,000,000 tokens)
2. Team and Advisors: 10% (8,800,000 tokens)
3. Pre-sale: 5% (4,400,000 tokens)
4. Developer Fund: 5% (4,400,000 tokens)
5. DAO: 2.5% (2,200,000 tokens)
6. Liquidity: 2% (1,760,000 tokens)
7. Marketing and Airdrops: 0.5% (440,000 tokens)

Token Distribution

 

Emissions

Below displays the estimated CherryLend emissions, which is scheduled to last 4 years starting from our token generation event (TGE). CherryLend Emissions Schedule...

 

Vesting

Below displays the CherryLend vesting schedule.

 

Airdrops will be vested, not issued 100% immediately. Airdrop details will be released after the completion of presale. This update was made May 16th, 2023 at 3:07 PM UTC.

As the Cardano DeFi industry develops, CherryLend is committed to play a key role in building crucial infrastructure that will be instrumental in Cardano becoming, at least in part, a viable alternative to the existing global monetary system.

 

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