Welcome to Chimp Money , CHIMP is pegged to the price of 1 BANANA on bsc and polygon.
Chimp Money is an algorithmic stable coin protocol pegged 1:1 to BANANA on Bsc Chain. Much like grape finance our protocol uses three tokens (CHIMP, SMOOTHIE , APEBOND ) to incentivize a stable 1:1 peg to BANANA.
Chimp money Token ($CHIMP): The algorithmic token pegged 1:1 to BANANA
Chimp moneyShare Token BANANA SMOOTHIE ($SMOOTHIE): Claim CHIMP inflation when the network expands
Chimp moneyBond ($APEBOND): Purchase when the network is in contraction and can be redeemed for CHIMP when the network comes to its deflationary phase.
How does it work?
The Chimp Money protocol works through a synergistic design of unique tokens and mechanisms that create an automatic, self-reinforcing system to help maintain the peg. Each of these tokens and mechanisms will be explained in further detail within this documentation, but for now let's have a look at a brief overview of how it all works:
When CHIMP price is over the peg, new CHIMP are minted by the protocol to inflate the supply in an attempt to drive the price down towards the peg. These new CHIMP are allocated to SMOOTHIE holders in the Boardroom, as a reward for their investment and trust in the protocol. This in turn increases the demand for and the value of SMOOTHIE.
When CHIMP price is at the peg, no new CHIMP will be minted, keeping the supply fixed during this time. Since there will be no new supply coming in, the peg will be maintained indefinitely at this point unless there is a shift in demand. More buying pressure during this time will push the price back up above the CHIMP minting threshold. Conversely, more selling pressure will push the price below the peg.
When CHIMP price drops below the peg, the protocol will begin to mint APEBOND (up to a maximum debt limit). Experienced investors will have the ability to exchange their CHIMP for these APEBOND, which they can then redeem for CHIMP at a premium above peg in the future. This removes CHIMP from the total supply, applying upward pressure on the price towards the peg. Besides this, investors who believe in the protocol's ability to maintain peg can just buy CHIMP to essentially purchase Bitcoin at a discount to the market. Both of these incentives are intended to create upward pressure on CHIMP'S price when under the peg so that the peg can be regained over time. CHIMP staking (XCHIMP), and other features of the protocol that will be discussed later, also help limit CHIMP supply and apply upward pressure on the price during this time.
Disclaimer & Terms
Chimp Money is not an investment product, it is an experimental decentralized application. Do your own research before joining Chimp Money. Investing in defi protocols is risky and may result in monetary loss. By using Chimp Money, you agree that the Chimp Money team is not responsible for any financial losses from investing in Chimp Money nor do we promise any valuable returns now or in the future. You also accept and acknowledge that any application, smart contract or service available in the Chimp Money ecosystem and its terms, offering, rules or structure may change or end at any time for any reason. Chimp Money does not operate or control the contracts on the blockchain of this protocol, these are open and permissionless and we are unable to stop anyone from using the protocol directly from the blockchain. In using these contracts you acknowledge that you understand this and are complying with the laws of your local jurisdiction.