Implement Triple Farming Incentives to the CHRY/ADA pool

Request Template: Using template proposed by @PurritoGeneral –
Triple Farm Request Template

1. Please describe your project. What is it doing to improve Cardano?

CherryLend is an open-source and non-custodial lending protocol built on the Cardano blockchain. CherryLend strives to become a leading DeFi platform by creating a superior user experience and offering the strongest incentives.

2. What does the Token do? How many holders does it currently have?

CHRY token (Policy ID: 75fcc276057db5fc48eae0e11453c773c8a54604c3086bf9d95ac1b7) 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:

  • Interest: a percentage of each loan paid by borrowers;
  • Liquidation fees: percentage of collateral liquidations;
  • 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.

HOLDERS

CHRY token has 1051 holders.

3. Why do you want a MIN Farm? How does the Minswap community benefit from offering a MIN Farm for your Token? Apart from the MIN Farm, will you add your own Token as incentives as well? If yes, how much?
Minswap is the #1 DEX on Cardano and we would like to increase liquidity by incentivizing our community and investors with triple farm feature.

4. How much circulating supply is there of your token? Please inform us briefly of your tokenomics, including the distribution and vesting schedule of the token (investors, team, yield farming, etc.)

CHRY is the platform token for the CherryLend protocol. There is a total of 88 million (88,000,000) CHRY tokens.

Tokenomics
Allocation for CHRY is detailed below from largest to smallest:

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

Emissions
CherryLend estimated emissions is scheduled to last 4 years starting from our token generation event (TGE). In the following days, the Team will release details on TGE.

Vesting
Below displays the CherryLend vesting schedule.

  1. Is your Project audited? By whom?
    Code audited by VacuumLabs.

-------------------- Thanks and please consider supporting us to have a Triple Farm soon! --------------------

  • Yes, in favor!
  • No, do not add this Farm.

0 voters

3 Likes

Havent we had enough farms for shitcoins already?

2 Likes

Thanks everybody!!!

Triple farm proposal was accepted and is scheduled to launch at next rebalance.

Have a great day!