What Is CherryPick (CHERRY)?
CherryPick Connect is a new DeFi(Decentralized Finance) service created by Team MEVerse with years of experience in the field. It is willing to offer significant benefits to your users with its own buyback mechanism and aims to give more rewards to DeFi users. MEVerse Connect is developed by CherryPick, an optimum Blockchain Metaverse Platform. MEVerse successfully launched its own mainnet with PoF(Proof-of-Formulation) consensus in 2019 and its cross-chain solution called Gateway enables smooth transactions between different chains (MEVerse, BSC, Klaytn, ETH, Tomochain, Polygon, and more to come).
CherryPick Storage Key Points
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MEVerse Connect’s protocol has been developed by team MEVerse. In the initial stage of the platform’s roadmap, MEVerse plays as Autonomous Team handling operation and development. The ultimate goal of MEVerse Connect is to become a Multi-chain DAO Defi Platform. They will be continued from Phase 1 as the holders can participate in MEVerse Connect governance. MEVerse Connect will be governed by CherryPick holders community. The group of Cherry token holders consist of autonomous individuals will take decision-making and community leadership.
MEVerse Connect as a DAO(Decentralized Autonomous Organization) will run fully and autonomously in accordance with rules encoded via smart contract. MEVerse Connect isn’t just a yield farming Defi but is to become AMM DEX with unique features on MEVerse mainnet. The Team puts a lot of effort to make the protocol, but the protocol can’t be run by itself. They want to include all of the contributors from the community into the protocol governance.
Cherry Inflation Distribution
Inflation will be distributed to our pools and LP stakers. Cherry will be distributed to all types of pools, token-based or LP-based. CherryPick is also a governance token (will be adjusted later) so holders may change this distribution ratio through governance consensus. When delegate farming, 80% of farmed tokens will be added to delegate farming fund and used to buyback and burn Cherry tokens. 20% of farmed tokens will be added in Dev allocation.
Buyback & Burn Mechanism
CherryPick Connect has a buyback and burn mechanism to keep the tokenomics better all the time. It is important to know that buyback numbers are burned and not collected so that the Cherry token inflation is controlled and its tokenomics keeps sustainable and better. MEVerse Connect also offers auto-compounding Vault service. Users can stake their single asset or LP token in the vault to auto-compound the rewards every day.
CherryPick Connect will delegate your LPs and earn their tokens by farming on others such as PancakeSwap. This is to generate extra values to make sustainable tokenomics.
- 80% of farmed tokens will be added to delegate farming fund. This fund will also be used to buyback and burn Cherry tokens and other activities to strengthen Cherry token’s value.
- 20% of farmed tokens will be added in Dev allocation.
CherryPick global blockchain project that brings user-friendly blockchain experience to millions developed by Ground X. It was designed to specifically integrate business infrastructures with blockchain solutions. Klaytn can accommodate all types of users with the combined features of public and private specs it possesses.
Binance Smart Chain
BSC is a blockchain that boasts smart contract functionality, cost-efficiency, and compatibility with the Ethereum Virtual Machine (EVM). Binance Smart Chain greatly extends the functionality of the original Binance Chain and joins a range of cutting-edge protocols designed to bridge the gap between various blockchains.
CherryPick is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Aggregating scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem. It combines the best of Ethereum and sovereign blockchains into a full-fledged multi-chain system.
By connecting to Polygon chain, users would be able to provide liquidity to Quick Swap and get LP from there. Then, the users will be able to stake their LP earned from Quick Swap to your CherryPick. There will be more pairs related to Polygon Chain so users have more options to choose which pairs they want to deposit.