🏆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 by suppllying loan assets, borrowing and referring friends to the platform

Supply Loan Assets

Users can supply loan assets to a lending pool to earn Chedda XP. A user earns 10 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.

For example:

Supply 1,000 USDC for 7 days = 1,000 × 10 × 7 = 70,000 points.

Borrow Loan Assets

Users accrue Chedda XP when they borrow assets from a pool. A user earns 15 Chedda XP for each $1 in value they have borrowed from a pool over a 24 hour period.

For example:

Borrow 500 USDC for 7 days = 500 × 15 × 7 = 52,500 points.

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

Referrals

Users get a unique referral URL by connecting their wallet on the Chedda app.

Share this referal link with your friends and family to get further points for supplies and borrows of your referees.

Points: 3 Chedda XP for each $1 in value supplied by referees over a 24 hour period.

Points: 5 Chedda XP for each $1 in value borrowed by referees over a 24 hour period.

What do I use Chedda XP for?

Chedda XP is redeemable for CHEDDA tokens after the TGE event.