Chedda Finance Launches Testnet on Base Sepolia

December 5, 2024 — Chedda Finance, the lending platform designed for AI, agents, memecoins, and emerging markets, has officially launched its testnet on Base Sepolia. This milestone marks a crucial step in the platform’s mission to simplify omnichain lending and borrowing while providing a seamless experience for users across various blockchain networks.

The launch of the Base Sepolia testnet allows users to engage with Chedda Finance’s core functionalities, including supplying assets, borrowing, and earning rewards. By bridging assets from multiple networks, Chedda offers a comprehensive cross-chain money market hub. This testnet provides an opportunity for the community to explore the platform’s features, identify potential improvements, and help fine-tune operations in preparation for the mainnet launch.

Chedda Finance’s testnet introduces the platform’s unique approach to lending, which incorporates isolated lending pools. Unlike traditional lending protocols that group all assets in a shared pool, Chedda isolates assets based on their risk profiles. This ensures that volatility in one asset does not impact the entire lending ecosystem. The isolated pools are particularly well-suited for supporting AI tokens, agents, memecoins, and other emerging assets, enabling more flexibility and security for liquidity providers, and opening up borrowing options for holders of tokens in these sectors.

Users participating in the testnet can supply assets to earn auto-compounding interest and borrow against their holdings to unlock liquidity. The testnet also supports direct liquidity options, where users can lock $CHEDDA tokens to secure lending pools and direct new token emissions. These features incentivize community participation and help maintain a balanced and efficient lending environment.

In addition to the core lending and borrowing features, Chedda Finance’s testnet introduces its cross-chain token bridge. This functionality allows tokens from any network to be bridged to the BASE chain, providing a unified lending experience without the fragmentation seen in earlier-generation protocols. By facilitating cross-chain interoperability, Chedda aims to enhance liquidity and accessibility for users, regardless of the blockchain they are operating on.

The launch on Base Sepolia has also been supported by strategic partnerships with leading Web3 providers. Collaborations with DIA ensure that Chedda’s lending pools benefit from reliable and secure price feeds, providing accurate asset valuation and enhancing platform security. Additionally, Chedda’s partnership with Thirdwave Labs offers advanced wallet analytics and user insights, further optimizing the platform’s functionality and user experience.

Community involvement is a central focus of Chedda Finance’s testnet phase. Users are encouraged to participate in the testnet contest by supplying and borrowing assets, staking testnet LP tokens, and locking $CHEDDA tokens. Participants can register their activities and track their progress on the leaderboard, with opportunities to earn rewards based on their engagement. This approach helps create a dynamic and participatory environment while ensuring that the platform is thoroughly tested before the mainnet launch.

The Base Sepolia testnet launch represents a significant advancement for Chedda Finance as it continues to build a comprehensive and innovative lending protocol. By focusing on omnichain capabilities, isolated lending pools, and robust reward mechanisms, Chedda is positioning itself as a versatile lending hub for the next generation of decentralized finance. The insights gained from the testnet phase will play a crucial role in refining the platform and delivering a seamless experience to users when the mainnet goes live.

About Chedda Finance

Chedda Finance is a cross-chain DeFi lending platform that enables users to collateralize any crypto asset on any network, unlocking new opportunities in untapped verticals like AI, GameFi, and Memecoins. The platform allows users to supply assets, earn interest, and borrow crypto in isolated lending pools and cross-chain token support. Chedda aims to create a comprehensive money market hub that supports assets on any network. Built on BASE, Chedda Finance offers features such as auto-compounding rewards, direct liquidity options, and a unique $CHEDDA emission mechanism controlled by token holders. 

For more information, visit chedda.finance.

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