Apr 26
Chai Money Market Launch
Dear Community,
As announced in our Hello World article, Chai Money Market is set for launch on April 28 at 1PM UTC on Aurora! In this article, we share more details about the launch plan and CHAI token.
Chai Money Market is a decentralized lending protocol where users can effortlessly lend, borrow and earn yield. By depositing assets, users transform their idle assets into yield-bearing assets and create on-demand liquidity which catalyzes the creation of new DeFi assets and applications on Aurora. Devs and partner projects will be able to use and create new financial products and deploy complex investment strategies by simply tapping into liquidity offered by Chai.
Before any asset is listed on our platform, it must be whitelisted. Chai offers users to lend or borrow the following assets:
The collateral factor is one of the key parameters. It shows what percentage of assets a user can borrow against deposited collateral.
For example, a deposit of 1000 USDC and a collateral factor of 85% means you can borrow up to $850 worth of assets. See our documentation to read more about the parameters and FAQs about Chai Money Market.
CHAI Token Launch
CHAI Allocation
The total supply of CHAI amounts to 1 billion tokens, allocated as follows:
- 42% Liquidity Incentive Programs
- 25% Team, Advisors (36 months vesting, 12-month cliff)
- 18% Seeding and Private Rounds (24 months vesting, 9-month cliff)
- 15% Treasury (36 months vesting)
CHAI Launchpads
We will announce the CHAI token public sale via Launchpads in May, one being our native Chai Launchpad. The investment terms will be equal on both Launchpads so users will be able to choose freely. Once both Launchpads are finalized, CHAI will start trading on MEXC and the Chai DEX.
CHAI Lockdrop
What is a Lockdrop?
Lockdrops can be viewed as a form of airdrop (lock+airdrop = lockdrop). It is a mechanism that allows users to lock capital into Chai Money Market and earn CHAI rewards at attractive APR. Instead of rewarding our users based on previous actions, they are rewarded based on their commitment to deposit assets to Chai Money Market for a fixed number of months.
How Does it Work?
For the curious ones, in a nutshell, users must lock their Chai Money Market interest-bearing tokens (chUSDC, chNEAR, chETH, etc.) for a period between 3 and 12 months. Once the lock period has elapsed, users can withdraw their CHAI rewards and 100% of their initial deposit along with any accrued interest. Longer lock durations result in a higher multiplier and receiving proportionally more CHAI rewards. We’ll cover all the details around the Lockdrop in a series of articles.
Don’t miss out and get your assets ready for Chai Money Market! Follow us and join our social channels to stay up to date.
