This section details the mechanisms of the Cheez token. Cheez is an ERC-20 token that exists on the Harmony blockchain.
Users can mint Cheez at a discount or premium to market price by providing CHEEZ/DAI LP tokens, DAI, or USDC. CHEEZ that is purchased via bonding will vest linearly over a 5 day period.
CHEEZ can be staked for a variable APY in the form of rebasing. Users exchange CHEEZ for sCHEEZ, which rebases every 8 hours, providing an option to earn yield that automatically compounds at no extra gas cost.
In order to prevent malicious users from gaming the rebase, we have imposed a two rebase warmup period, wherein your cheez is staked and locked, still earning yield. After this period is over, you can add your warmup to your staked balance.
A user can forfeit their rewards to exit the warmup period early, but they will only receive their initial deposit of cheez back.
CHEEZ can be bought on either the open market through the CHEEZ/DAI liquidity pool on SushiSwap, or by buying CHEEZ directly from the protocol through bonding.