The DeFi expension have been very fast since 2019 and have brought us many innovative ideas. Among these ideas we find what is called decentralized money markets such as Aave, Compound currently the most populars we know which are developped on Ethereum or EVM-compatible ethereum sidechain like Polygon and bsc.
ChumHum will become without a doubt the biggest algorithmic money market protocol on Polygon.
Ok now that the stage is set, let's make money!
What is ChumHum Protocol?
ChumHum Protocol is an algorithmic-based money market system designed with an intent of enabling a complete decentralized finance-based lending and credit system.ChumHum helps users make efficient use of their cryptocurrencies by supplying collateral to the network which can be borrowed by pledging over-collateralized cryptocurrencies.
Please check this Intro.
In simpler terms, ChumHum allows holders to provide liquidity and earn APY on deposited assets. On the other hand, they can use their assets provided as collateral to borrow another asset of their choice.
Currently, on ChumHum protocol you can earn up to 123,94% by borrowing Ethereum to the protocol.
What make ChumHum unique?
ChumHum is build on top of the Layer-2 scaling solution for Ethereum platform, Polygon, that make transactions faster and cheaper than the one on competitors like venus.
Final thought: ChumHum is a fork of venus but in a more improved version on the MATIC mainnet. The protocol is open to the general public looking for a higher APY on a secured platform.