CherrySwap is a decentralized exchange based on the automated market maker mechanism (AMM), Officially launched on July 28, 2021, it is built on the OEC chain. CherrySwap currently offers nine categories of products: Exchange, liquidity, mining, IFO, NFT Market, Lottery, Holder, Cross-chain Bridge and Analytics. CHE is the native governance token for this protocol.
Cherryswap's exchange mainly adopts the classic automated market maker mechanism. Users can convert tokens through the Exchange function. For each transaction, the agreement will charge a 0.3 per cent fee, of which 0.25 per cent is allocated to the liquidity provider (LP) and the remaining 0.05 per cent is deposited in the agreement vault. The Liquidity function allows users to add Liquidity to the Liquidity pool supported by the Agreement in a specific proportion for trading pairs. Farming
Cherryswap mainly supports two forms of mining. Another is to pledge a single token in Pools products to earn another token. Currently, the agreement supports 45 LP token mining and 11 single token mining.
Mainly provide fundraising services for other project parties. Before initiating 1F0, project parties need to submit an application for review by the Cherryswap team (or community). In order to participate in 1FO, users first need to hold a CHE token and use CHE to purchase tokens issued by IFO. When the fundraising is over, Cherryswap will convert the raised funds into USDT and send it to the funded project side, and then burn CHE with a value of 50% of the raised amount.
Lottery is a game of Cherryswap. During the purchase period, users can use
ICHE purchase the price of each Lottery ticket, and the prizes are accumulated during this period. Each Lottery has four randomly generated numbers, and if the numbers in the Lottery match more than two winning numbers, the user can enjoy five prizes. The winning numbers are generated by front-end logic.
Holder is an asset storage tool managed by smart contract, similar to the traditional bank safe deposit box service. The protocol helps the user keep the asset and cannot be retrieved until it expires. After that, users can avoid selling assets that are promising in the long term and want to hold long-term returns in advance and not be affected by short-term fluctuations. In exchange, users pay two fees into the agreement, a one-time fee for admission and a service fee. The ticket fee is fixed at 2.1HDT, which is the token specially designed by the protocol for Holder business. The service fee is determined by the time the user uses the Holder and the amount deposited.
The agreement would use 50 percent of the proceeds to buy back HDT and airdrop the remaining 50 percent to HDT's pledger. Currently, Cherry SWP's Holder product is still in Beta and supports custodian services for 24 assets.
In addition to the above products, Cherryswap also provides users with cross-chain, NFT market, Analytics and other services. Currently, Cherryswap enables users to cross assets from OEC to HECO and BSC chains. In addition, there are a total of 302 KIP721-standard NFT in its NFT market, all priced by CHE. The agreement will charge a 10% commission for NFT transactions, which will be burned by the agreement.