We’re Oven V2 Ready: Faster Debt Repayment Guaranteed
Loans. From making that big purchase to committing oneself to both short and long-term investments, having to take out a loan becomes inevitable at some point in our lives. And loans can certainly be a nuisance for some as calculations of payments and interest rates over a prolonged period of time come into play.
But you already know that with CHFRY, this whole debt repayment process becomes hassle-free, as the protocol offers you a self-repaying loan — with neither interest being charged on it, nor the risk of liquidation giving you a headache.
A loan that automatically repays itself; the idea not as far-fetched as it once seemed. All you need to do is wait for your loan to repay itself automatically, as the provided collateral is put to work to generate yield. That’s how we have made it possible to provide you with the magical automatic debt repayment mechanism.
But, wait a minute. Loans being automatically repaid are pretty amazing, but you know what is better? Loans that automatically repay themselves — FASTER. As if self-repaying loans were not enough, we are rolling out Oven V2 to boost your debt repayment process.
The Lowdown on CHFRY’s Oven
Let’s rewind a little bit and remind ourselves what Oven is there for.
Think of the Oven as a debt converter where harvested yield from Yearn Finance and the flash loan service fees collected via our Flash Fryer are thrown into periodically in order to ensure debt conversion and automate the $fUSD loan repayment.
Additionally, as you already know, the Oven allows users to conveniently stake their synthetic assets (fUSD) and have them converted back into stablecoins overtime at a fixed 1:1 ratio. But as with all new products we bring to you, the CHFRY team is constantly seeking feedback as we make improvements to our equipment. And so…
We’ve Upgraded to Oven V2
Well, we heard you! Who does not want their debt to be repaid relatively faster?
Introducing Oven V2. The upgraded version of our Oven now allows the faster repayment of debt via the investment of idle funds from the Oven to Harvest Finance. In summary, Oven V2 will deploy its capital into the Harvest Finance protocol, and 100% of the harvested capital will be directed towards maturing the debt positions. This mechanism will effectively compound yield in the system and ensure that CHFRY helps repay your loan at the fastest speeds available at present. Here’s how it works in greater detail:
There is a stablecoin target balance set for each Oven (DAI, USDC, and USDT). The protocol will perform a weekly rebalance to match the existing balance with the set target balance.
- If the existing balance is within the accepted margins of a set target balance, there is no need to rebalance.
- If it is more than the margins stated, the protocol will rebalance the funds in the Oven and transfer excess funds to Harvest Finance.
- If it is less than the margin, the protocol will fetch the funds back from Harvest Finance in order to match the balance of each Oven with the target balance.
If the accumulated yield is above the set target, the portion of the yield will be allocated for buying back the CHEESE tokens.
Harvest Finance is an automated yield farming protocol with high yield-generating farming investment prospects. It automatically farms the highest yields utilizing the latest farming techniques across 100 different farms. Smart contracts on the protocol have been designed with security in mind, and have been audited by Least Authority, Haechi, Peckshield, and CertiK. Learn more about Harvest: https://harvest-finance.gitbook.io/harvest-finance/
We have decided to work with Harvest as the protocol is trustworthy and generates one of the highest yields in the entire DeFi ecosystem. More importantly, this allows us to open the gateways to a speedier debt repayment mechanism as a result of Harvest’s high yield strategy.
Take out a self-repaying loan on CHFRY now with 0 interest rate and 0 liquidation risk — https://chfry.finance/#/fryer.
We will have your debt repaid at a warp speed.