The Stablecoin For DeFi
A fully-collateralized, decentralized stablecoin built around the needs of the decentralized finance ecosystem. Providing access to a scalable solution for a decentralized stablecoin.
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A digital dollar without sacrificing decentralization
Essence Finance is unlocking a new paradigm for decentralized finance, providing a stable and decentralized way to store and transfer value, without sacrificing the core principles of decentralization and security.
Explore CHIOur Stablecoin is and always will be >100% collateralized. This means users of CHI can always redeem CHI for $1 of collateral.
The key to allow CHI to scale effectively while staying decentralized is CHI can always be purchased for $1 and sold for $1, meaning it can scale to arbitrary supply and meet the demands of a growing DeFi ecosystem.
Transparent on-chain redemptions offer a key value boost over centralized alternatives such as USDC or USDT.
CHI can also be minted or redeemed for $1 via the Peg Stability Module. This mechanism ensures that CHI's price stays close to its target of $1, and any deviation from this price creates an opportunity for arbitrage.
How to get started with CHI
Integrate CHI into an app
Integrate CHI into existing apps or use it to build new innovative services. Give your users access to the stability of the dollar while maintaining decentralization.
FAQ
Yes, CHI can always be redeemed for $1 of collateral through the dApp. Essence Finance will always maintain a minimum collateral ratio of 100%, meaning CHI will always be redeemable for the underlying collateral.
Users can issue new CHI into circulation by depositing $1 of collateral (+ a small fee), this process is referred to as minting. Similarly, when a user wants to redeem CHI in exchange underlying collateral, it removes CHI from circulation, this is referred to as burning.
ZEN is the governance token of Essence Finance. Essence is a community-driven protocol, and ZEN holders are the collective stewards of the PCV (Protocol Owned Value) and the Essence ecosystem.
A core principle of Essence is its fully decentralized design and minimal dependence on any centralized assets or protocols. It is controlled by the ZEN token holders. The Essence DAO is responsible for utilizing all of the flexible and power features of Essence to continually enhance the protocol in an ever-changing DeFi space.