🏆Chedda XP

Chedda Reward System

Chedda Finance is introducing a program to incentivize engagement on the platform and attract new users. This is the XP program and is intended to reward users participating in value creating actions on the platform.

Prior to mainnet launch, Chedda XP can be accrued on testnet. This helps our users get familiar with our products prior to mainnet launch, while providing valuable feedback to the Chedda team help improve the product continuously.

How to Earn Chedda XP

Users can earn XP through any of the following ways:

Supply Loan Assets

Users can supply loan assets to a lending pool to earn Chedda XP. A user earns 2 Chedda XP for each $1 in value supplied to a pool over a 24 hour period.

For example, assuming a user supply 1000 USDC in a lending pool, they would earn 2,000 Chedda XP every 24 hours while the asset is supplied.

Borrow Loan Assets

Users accrue Chedda XP when they borrow assets from a pool. A user earns 3 Chedda XP for each $1 in value they have borrowed from a pool over a 24 hour period.

For example, assuming a user borrows 1000 USDC from a lending pool, they would earn 3,000 Chedda XP every 24 hours while the asset is borrowed.

Note: Collateral deposited to a pool that is not supplied to accrue interest does not earn Chedda XP.

Testnet Chedda XP

Chedda XP can be earned on testnet by engaging in the above mentioned activities on the Chedda testnet app. Points earned on testnet must be bridged to mainnet to be activate the account on mainet. To do so, an account active on testnet must earn at least 200 points on mainnet.

What do I use Chedda XP for?

Users can redeem the Chedda XP earned for $CHEDDA Token after TGE.

Chedda XP on testnet must first be activated on mainnet by supplying or borrowing assets to earn mainnet Chedda XP. Once mainnet XP is activated, they can be converted to $CHEDDA token at an exchange rate to be determined by the token allocation for airdrop and XP distribution.