How and Where to Buy CHFRY Finance (CHEESE) – Detailed Guide
- What is CHEESE?
- Step 1: Register on Fiat-to-Crypto Exchange
- Step 2: Buy ETH with fiat money
- Step 3: Transfer ETH to an Altcoin Exchange
- Step 4: Deposit ETH to exchange
- Step 5: Trade CHEESE
- Last Step: Store CHEESE securely in hardware wallets
- Other useful tools for trading CHEESE
- Frequently Asked Questions
- Latest News for CHEESE
- CHEESE Price Prediction and Price Movement
What is CHEESE?
Introduction: Launching on August 12th, 2021, by an anonymous team, CHFRY is a new DeFi lending platform that powers the automated repayment of debt through diversified high yield strategies.
The protocol allows users to deposit stablecoins (DAI/USDC/USDT) as collateral to borrow against and deploys this collateral into DeFi yield aggregators and utilizes it for flash loans to generate yield that will automatically pay off the loan. As such, a user takes a loan in the form of fUSD (a synthetic derivative that is pegged at 1:1 to a basket of top stablecoin assets) that repays itself automatically, without risk of liquidation, and earns advances on the future yield through uncorrelated high yield strategies.
CHFRY enhances the lending model proposed by Alchemix and aims to solve the existing DeFi market challenges related to capital inefficiencies, correlated yield strategies, and underutilization of the flash loan services.
Product Specifications:
- Fryer: A vault that collects the user's base asset. Deposited assets are put to work earning yield: (1) 20% of deposited base assets is set aside as collateral for flash loans in Flash Fryer, and (2) the remaining 80% is deposited to YFI or Curve yield pools. After making a deposit, users can mint up to 50% of their deposited amount in the form of fUSD. The collateral types that the protocol will accept are USDT, DAI, and USDC.
- Oven: A debt converter where the interest produced by YFI is thrown into periodically. Additionally, Oven allows users to stake their synthetic assets (fUSD) and have them converted into their base assets over time at a fixed 1:1 ratio.
- Cheese Factory: A center of all incentive programs, where staking pools like farming and staking take place. In Cheese Factory, specific token holders can deposit their tokens to the farm pools and earn CHEESE governance tokens.
- Flash Flyer: Flash loan arm of CHFRY - a special rewards pool for flash loan users and a gateway to flash loan-powered applications. Flash Fryer users have their yields enhanced by CHEESE rewards. Additionally, flash loan users are liable to only a 0.06% flash loan service fee, which is 30% lower compared to other flash loan providing platforms.
CHEESE: CHEESE is a CHFRY governance token, the supply of which increases according to the preset emission schedule. The token is used for governance votes and gives the community control over the governance and protocol parameters.
Emission schedule: Total CHEESE token issuance will be under the following parameters: Fixed Max Supply = 9,313,200 tokens Emissions Schedule = 75,000 in week 1, 390 decrease per week. This will go on for 156 weeks. From week 157 onwards, rewards will cease indefinitely.
CHEESE token will be a fair launch token, there is no pre-sale or private placement planned.
The IDO is tentatively scheduled to take place at the beginning of September, following which the CHFRY mainnet will go live.
CHEESE Distribution: Tokens will be distributed as follows: 25% will be allocated for Internal ecosystem building, under security of multisig wallet. Remaining 75% will be allocated for participant rewards (farming rewards).
CHEESE was first tradable on 8th Oct, 2021. It has a total supply of unknown. As of right now CHEESE has a market capitalization of USD $46,674,677.32. The current price of CHEESE is $5.01 and is ranked 4101 on Coinmarketcap.
CHEESE has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Ethereum from any fiat-to-crypto exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy CHEESE.
Step 1: Register on Fiat-to-Crypto Exchange
You will have to first buy one of the major cryptocurrencies, in this case, Ethereum (ETH). In this article we will walk you through in details two of the most commonly-used fiat-to-crypto exchanges, Uphold.com and Coinbase. Both exchanges have their own fee policies and other features that we will go through in detail. It is recommended that you try both of them and figure out the one that suits you best.
Select Fiat-to-Crypto Exchange for details:
- UpHold
Being one of the most popular and convenient fiat-to-crypto exchanges, UpHold has the following advantages:
- Easy to buy and trade among multiple assets, more than 50 and still adding
- Currently more than 7M users worldwide
- You can apply for UpHold Debit card where you can spend the crypto assets on your account like a normal debit card! (US only but will be in the UK later)
- Easy to use mobile app where you can withdraw fund to a bank or any other altcoin exchanges easily
- No hidden fees and any other account fees
- There are limited buy/sell orders for more advanced users
- You can easily set up recurring deposits for Dollar Cost Averaging (DCA) if you intend to hold cryptos long term
- USDT, which is one of the most popular USD-backed stablecoins (basically a crypto that is backed by real fiat money so they are less volatile and can be treated almost as the fiat money it's pegged with) is available, this is more convenient if the altcoin you intend to buy has only USDT trading pairs on the altcoin exchange so you don't have to go through another currency conversion while you buy the altcoin.
Type your email and click 'Next'. Make sure you provide your real name as UpHold will need it for account and identity verification. Choose a strong password so that your account isn't vulnerable to hackers.
You will receive a confirmation email. Open it and click on the link within. You will then be required to provide a valid mobile number to set up two-factor authentication (2FA), it is an extra layer to the security of your account and it is highly recommended that you keep this feature turned on.
Follow the next step to finish your identity verification. These steps are a bit daunting especially when you are waiting to buy an asset but just like any other financial institutions, UpHold is regulated in most countries such as the US, the UK and the EU. You can take this as a trade-off to using a trusted platform to make your first crypto purchase. Good news is that the whole so-called Know-Your-Customers (KYC) process is now fully automated and it shouldn't take more than 15 minutes to finish.
Step 2: Buy ETH with fiat money
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer. You may be charged higher fees depending on your credit card company and the volatile prices when using cards but you will also make an instant purchase. While a bank transfer will be cheaper but slower, depending on the country of your residence, some countries will offer instant cash deposit with low fees.
Now you are all set, on the 'Transact' screen under the 'From' field, select your fiat currency, and then on the 'To' field choose Ethereum, click preview to review your transaction and the click confirm if everything looks good... and congrats! You've just made your first crypto purchase.
Step 3: Transfer ETH to an Altcoin Exchange
But we are not done yet, since CHEESE is an altcoin we need to transfer our ETH to an exchange that CHEESE can be traded. Below is a list of exchanges that offers to trade CHEESE in various market pairs, head to their websites and register for an account.
Once finished you will then need to deposit ETH to the exchange from UpHold. After the deposit is confirmed you may then purchase CHEESE from the exchange view.
Last Step: Store CHEESE securely in hardware wallets
Ledger Nano S
- Easy to set up and friendly interface
- Can be used on desktops and laptops
- Lightweight and Portable
- Support most blockchains and wide range of (ERC-20/BEP-20) tokens
- Multiple languages available
- Built by a well-established company found in 2014 with great chip security
- Affordable price
Ledger Nano X
- More powerful secure element chip (ST33) than Ledger Nano S
- Can be used on desktop or laptop, or even smartphone and tablet through Bluetooth integration
- Lightweight and Portable with built-in rechargeable battery
- Larger screen
- More storage space than Ledger Nano S
- Support most blockchains and wide range of (ERC-20/BEP-20) tokens
- Multiple languages available
- Built by a well-established company found in 2014 with great chip security
- Affordable price
If you are planning to keep("hodl" as some may say, basically misspelt "hold" which get popularised over time) your CHEESE for a considerable long time, you may want to explore ways of keeping it safe, although Binance is one of the safest cryptocurrency exchange there had been hacking incidents and funds were lost. Because of the very nature of the wallets in exchanges, they will be always online("Hot Wallets" as we call them), therefore exposing certain aspects of vulnerabilities. The safest way of storing your coins to date is always putting them into a type of "Cold Wallets", where the wallet will only have access to the blockchain(or simply "go online") when you send out funds, reducing the chances of hacking incidents. A paper wallet is a type of free cold wallet, it's basically an offline-generated pair of public and private address and you will have it written somewhere, and keep it safe. However, it is not durable and is susceptible to various hazards.
Hardware wallet here is definitely a better option of cold wallets. They are usually USB-enabled devices that store the key information of your wallet in a more durable way. They are built with military-level security and their firmware are constantly maintained by their manufacturers and thus extremely safe. Ledger Nano S and Ledger Nano X and are the most popular options in this category, these wallets cost around $50 to $100 depending on the features they are offering. If you are holding your assets these wallets are a good investment in our opinion.
Frequently Asked Questions
Can I buy CHEESE with cash?
There is no direct way to buy CHEESE with cash. However, you can use marketplaces such as LocalBitcoins to first purchase ETH, and finish the rest of the steps by transferring your ETH to respective AltCoin exchanges.
LocalBitcoins is a peer-to-peer Bitcoin exchange. It is a marketplace where users can buy and sell Bitcoins to and from each other. Users, called traders, create advertisements with the price and the payment method they want to offer. You can choose to buy from sellers from a certain nearby region on the platform. is after all a good place to go to buy Bitcoins when you can't find your desired payment methods anywhere else. But prices are usually higher on this platform and you have to do your due diligence to avoid getting scammed.
Are there any quick ways to buy CHEESE in Europe?
Yes, in fact, Europe is one of the easiest places to buy cryptos in general. There are even online banks which you can simply open an account and transfer money to exchanges such as Coinbase and Uphold.
Are there any alternative platforms to buy CHEESE or Bitcoin with credit cards?
Yes. is also a very easy to use platform for buying Bitcoin with credit cards. It is an instant cryptocurrency exchange that allows you to exchange crypto fast and buy it with a bank card. Its user interface is very easy to use and the buying steps are pretty self-explanatory.
Read more on CHFRY Finance's fundamentals and current price here.
Latest News for CHEESE
