What is CherrySwap?
CherrySwap (CHE) is an automatic market-making protocol that operates on the OKExChain (OEC) blockchain. The OEC blockchain is a public permissionless blockchain that is decentralized and not fully controlled by anyone. CherrySwap adopts the mechanism of automatic market maker (AMM) to achieve self-driven liquidity creation. Its platform is designed with diversified functions like liquidity mining, initial farm offering (IFO), NFT (non-fungible tokens), lottery, and DAO (Decentralized Autonomous Organization) to provide participants with bonuses.
Liquidity mining is the process where cryptocurrency holders lend assets to a decentralized exchange (DEX) to gain rewards. Initial farm offering (IFO) is used by DeFi (decentralized finance) projects to raise funds via the farming feature provided by decentralized exchanges. The platform aims to be a fully autonomous community project where users can participate and benefit from its functions.
The CherrySwap (CHE) token is issued by the platform and is the governance token for its Game-Finance (GameFi) CyberCat. CyberCat is a blockchain-based game where users can command their CyberCat to go on adventures or fight other players. By staking LP (liquidity provider) tokens, users can earn CHE rewards. LP tokens are tokens issued to liquidity providers on a decentralized exchange (DEX) running on an automated market maker (AMM) protocol. Additionally, CHE tokens are used in various scenarios like Arena, Breeding, Repurchase, and Others.
In the Arena, the top players on the leaderboard can earn CHE rewards every season. In Breeding, players can spend CHE tokens to produce new Cybercat offspring and get more CyberCats. 30% of CyberCat revenue may be used to repurchase and destroy CherrySwap tokens. The platform also seeks to announce various CyberCat activities and future products.
When users make a token swap (trade) on the exchange, a transaction fee is imposed, out of which a certain amount gets allocated to the liquidity pool in the form of providing liquidity rewards. The remaining amount goes to the public fund's collection (treasury). The CHE token is an essential component of the CherrySwap ecosystem and holds value due to its use in governance, gaming, and various other scenarios.
In conclusion, CherrySwap is an innovative decentralized exchange that seeks to provide an autonomous community project on the OKExChain (OEC) blockchain. Its diverse functions like liquidity mining, initial farm offering (IFO), NFT, lottery, and DAO, provide a range of benefits for participants. The CHE token is a vital part of the CherrySwap ecosystem and provides value through its use in governance, gaming, and other scenarios. With its unique features, CherrySwap is set to become a leading decentralized exchange on the OKExChain (OEC) blockchain.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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