Chee Finance is the first protocol to accept veNFT as collateral and lend cheeGT in exchange. Each cheeGT will be pegged to the GT (Governance Token) locked in veNFT in a 1:1 ratio. As a result, users can obtain short-term liquidity by using their governance tokens, such as veNFTs, through Chee Finance's governance finance feature.

This Vote-escrowed NFT (veNFT) complies with ERC721 and is intended to fully represent governance rights within DeFi protocols, such as voting, boosting, and returning staking rewards. veNFTs represent a significant advancement for the industry in terms of utilizing NFTs.

Whereas in most DAOs, governance votes are determined by the number of tokens held in a wallet, for protocols that use veNFTs, governance votes are determined by the number of veNFTs. In the future, veNFT will play a vital role in the governance ecosystem once on-chain governance becomes more popular.

To get veNFTs, you must stake a token for a certain period. It can be as short as 4 weeks or as long as 4 years. The longer you stake the token, the more veNFTs you'll get. Apart from writing our veNFT lending contract with mint redeem and liquidate functions, we also created test token contracts so that users could test the feature before the mainnet launch. We have provided a tutorial on how to use Chee Finance's governance finance.

Click on the “Test token faucet” button and follow these steps:

Step 1: Claim Test and confirm it on your wallet

Step 2: Approve Test and confirm it on your wallet

Step 3: Claim VeTest tokens, and you are ready to go (Multiple VeTest tokens can be claimed)

Note: To pay the fees, you need the test token of the chain you have selected (e.g., $CELO on celo alfajores testnet)

2 – Mint VeTest token

Step 1: Go to the VeNFT tab on the left side of the app

Step 2: Click on your VeTest in the asset section

Step 3: Enable the mint card by clicking on the “Enable” button

Step 4: Enter how much you want to borrow

Step 5: Choose the number of days you need for redemption (up to 90 days)

Step 6: Press the “Mint'' button and confirm it on your wallet.

Note: There should be a supplied tag on the top left of the VeTest after minting and a CHEETEST-TEST Pool on the right panel

Note: The pool will be deployed on stable exchanges (e.g., Curve, Mobius, Jioswap) after the mainnet officially launches.

Step 1: Click on the supplied veNFT to activate the redeem card

Step 2: Click on both “Enable cheeTest” and “Enable Test” to see the redeem button

Step 3: Click the “Redeem” button to redeem

Note 1: Test pays fees + interests, and cheeTest is the principal borrowed asset
Note 2: Once the lending period is over, you have 48 hours to redeem before getting liquidated.