Chedda is a DeFi 2.0 lending protocol which brings together the best elements from AAVE, Curve, and Compound with a unique spin.
What it does
Chedda is a lending protocol with isolated lending pools, VE token mechanics and support for NFT collateralized loans. Users can deposit collateral to take out loans of asset tokens. Our isolated model means that we can have different pools with varying risk profiles, which which allows users to deposit high grade assets such as ETH, WBTC, USDC in "safer" pools, while more risky assets can be used as collateral in riskier pools. This design ensures that having one "bad" asset in one pool does not put the entire protocol at risk, as has been the case with many DeFi hacks. This design also allows us to offer pools where blue chip ERC-721 tokens can be used as collateral.
Isolated lending pools -
This is a less risky design as many hacks have been due to one risky asset being added to a lending pool and draining the entire protocol. With our design, riskier assets are isolated from less risky ones. Our lending pool vault is represented by an ERC-4626 token (standardized token vault) which makes it easily composable with other protocols.
Stake CHEDDA to earn rewards
- xCHEDDA is also an ERC4626 token - APR depending on staking rate. 10% if 100% of tokens are staked, 20% if 50% staking rate. - High APR without being hyper-inflationary. - Stake -> Pie grows over time -> Withdraw -> Lock for longer
Governance through VE Token model
- Vote on protocol token emission - Other governance votes will happen. We have voting on chain and on-site, not using 3rd party service. - Locking xCHEDDA for periods reduces any sell pressure on the underlying CHEDDA tokens.
How we built it
Blood, sweat and hard work!
Challenges we ran into
Creating a DeFi protocol from scratch is a complex endeavour. Finding product-market fit was always a challenge and we had to pivot a couple times to arrive at the product we have now.
Accomplishments that we're proud of
We implemented an original lending protocol from scratch which brings together the best elements from other protocols
What we learned
How to build a DeFi protocol that is in many ways superior to some of the leading protocols.
What's next for Chedda Protocol
- Continued development
- Cross chain support
- Main net launch