Announcing Chi Protocol V1.5
To our Chi Community
Two weeks into our journey with Chi Protocol, and what a ride it has been! We’re excited to kick off our Update Series to keep you all in the loop about everything happening within Chi. From improvements to partnerships and rewards, we’ve got you covered. Make sure to have joined our Telegram/Discord, and to follow us on Twitter for real-time updates!
Weekly Recap
In just two weeks, Chi Protocol has nearly hit $1 million in stETH TVL. We’re extremely happy to see Chi growing organically! Early adopters have already received stCHI rewards across various channels, including USC stakers, CHI Lockers, and LP stakers. Currently, we’re in Phase 1 of the liquidity mining program, with 425k stCHI per week allocated to different pools.
CHI/ETH LP Pool: 40%
USC/ETH LP Pool: 25%
CHI Locking: 30%
USC Staking: 5%
We will release further information and details on the future emissions breakdown for the following period, prior to Phase 1 ending.
Chi Protocol V1.5
As we celebrate our two-week anniversary, it’s been quite the journey with its share of highs and lows. We’ve faced challenges with USC’s stability, but the protocol proved its resilience by maintaining stability and solvency under distressed market conditions . We’re grateful for the positive response from our community to our fast solutions. Now, we’re excited to announce Chi Protocol V1.5!
This new version is all about optimising our system across three key areas: improving the stability mechanism, enabling direct ETH redemptions, and enhancing stETH yield for LPs and CHI Lockers.
Optimised Stability Mechanism
We’ve spent the past week refining USC’s stability mechanism to make it more robust. Stay tuned for an upcoming article detailing these optimizations!
Direct ETH Redemptions
We’ve introduced a mechanism allowing any user to redeem USC directly for ETH from our reserves. This aims to encourage new and larger USC minters, reducing reliance on USC/ETH liquidity during exits. Look out for updates in our documentation soon!
Enhanced stETH Yield
You may have noticed that the current yield for stCHI is low, which is expected as per the current design. To address this, we’re implementing a process where the protocol can directly incentivise stETH yield from stablecoin reserves across three pools: USC/ETH LP, CHI/ETH LP, and CHI Lockers. Stay tuned for more details on this yield design.
UI and Visual Improvements
Ensuring Chi Protocol remains user-friendly and visually appealing is crucial. We’re committed to making various updates and improvements to the UI and visuals of the protocol.
While we can’t provide hard dates for these updates, we wanted to share our progress to reassure you that we’re hard at work. There’s plenty happening behind the scenes, and we can’t wait to share it with you! Our mission remains unchanged: to make USC the world’s first scalable and most successful decentralized stablecoin.
Thank you for your continued support!
