🪙Tokens

$CHEDDA

$CHEDDA is the native utility token on the platform.

$CHEDDA is locked to create vCHEDDA, which represents voting power on the protocol.

Token Utility

$CHEDDA token holders have the following benefits:

1. Lock tokens to direct $CHEDDA token emissions to the various lending pools.

2. Lock $CHEDDA to receive $CHEDDA token emission rewards.

3. Governance decisions on the protocol will be controlled by

At launch, protocol decisions will be made by the team until $CHEDDA token has sufficient distribution to ensure governance can not be easily captured by large token holders.

vCHEDDA

The vCHEDDA or voting escrowed $CHEDDA token is the measure of an accounts voting power on the platform. vCHEDDA is created when users lock their $CHEDDA for a fixed period of time between 30 days and 360 days in a liquidity pools' gauge. Voting power increases linearly based on the locked amount and the lock time.

vCHEDDA is automatically attached to the pool in which it is locked. The amount of vCHEDDA attached to a pool determines the $CHEDDA token emissions that pool receives.

Once a lock is created locked tokens can not be withdrawn until the lock expires. Lock times can be extended but can not be reduced.

vCHEDDA is non-transferrable.

LP Tokens (chTokens)

chTokens or Chedda LP tokens are tokens that keep track of the amount of liquidity provided in a lending pool. When a user provides liquidity, new chTokens are minted to the users account, proportional to the amount of liquidity provided. chTokens are an interest bearing token that implement the ERC-4626 token standard. As interest accrues in the lending pool, the amount of underlying asset that can be redeemed by each chToken increases.

When users withdraw liquidity, they redeem and burn chTokens and receive the pools' underlying asset.

chTokens are transferrable.

Debt Tokens (cdTokens)

cdTokens or Chedda debt tokens are tokens that keep track of debt held by an account in a lending pool. When a user borrows, new cdTokens are minted to the user's account proportional to the amount borrowed. cdTokens are burned when a debt is repaid.

cdTokens are non-transferrable.