Champion Finance

Champion Finance

Introduction

Welcome to Champion Finance, the first cross-chain elastic-algorithmic token pegged to $USDC with rebase mechanism, first launch on the Avalanche network.

$VIC token is pegged to $USDC to protect users' portfolios from the volatility of the cryptocurrency market. The protocol's underlying mechanisms dynamically adjust(s) the $VIC supply, keeping its price stable relative to the price of $USDC.

Champion Finance is a multi-token protocol which consists of the following tokens: -Victory ($VIC) -Champion ($CHAM)

What makes $VIC different from other algorithmic tokens?

Unlike other algorithmic tokens, $VIC is not pegged to a Layer 1 native token - it is instead pegged to $USDC

Why stablecoin?

In recent days, Cryptocurrency market is big downtrend, big volatility. Only stablecoins are the exceptions.

Stablecoins are the bridge between Decentralized finance (Defi) and Centralized finance (Cefi). The demand of stablecoins is increasing day by day with the development of not only Defi market but also the whole cryptocurrency market.

Why $USDC?

$USDC is a stablecoin backed by US dollar - a fiat currency with 1:1 ratio. Each USDC is redeemable for one US dollar and is backed by one dollar or a dollar-denominated asset with the equivalent value held in accounts at regulated U.S financial institutions. Those accounts are audited by U.S. accounting firm Grant Thornton LLP, which issues monthly attestations on the reserves backing USDC.

$USDC is the most popular, stable, and widely accepted stablecoin on almost recent blockchains. Champion Finance is going to build an ecosystem on multi-chains, thats why $USDC is the most suitable choice.

Why cross-chain?

Champion Finance will be built on multi-chains with $CHAM which can be used cross-chains. Users can use $CHAM to earn rewards among #AVAX #FTM #BSC, #POLYGON blockchains. $CHAM will have more use cases in long term.

Tokens

$VIC - VICTORY Token

On our cross-chain ecosystem, the first letter of each chain will be added as our VIC token prefix

• $AVIC Token address on Avax: 0x59B18817CA9f4ad2dEE6FBf30132dF6AEb9D763d

Link: https://snowtrace.io/address/0x59B18817CA9f4ad2dEE6FBf30132dF6AEb9D763d

Renounced ownership transaction: https://snowtrace.io/tx/0x400e367f5f83e79417850e934b52516009334eb0692bb1e303a6d0389078b073

Renounced ownership transaction:

$AVIC token, the 1st main token of this protocol, is designed to be pegged to 1 $USDC and $EVIC token, 2nd main token of this protocol, is designed to be pegged to 1 $ETH.

Its price decides the expansion or contraction of boardroom and triggers rebase mechanism.

Farm and Node are current use cases for $VIC. On the Project roadmap, the team is going to build further incentive use cases for $VIC such as Raffle, Launchpad, Lending & Borrowing ... with $VIC buy back & burn mech.

The protocol's algorithm aims to maintain $AVIC price stable to 1 $USDC and $EVIC price stable to 1 $ETH in the long run.

No maximum total supply for $VIC token.

SELLING TAX on EVIC token:

In order to build a strong peg token with deep liquidity that will bring a sustainable and healthy protocol and benefit investors in the long term, we add selling tax on EVIC for the first 4 weeks after Genesis Launch. After 4 weeks, all the taxes will be removed.

Selling tax is based on EVIC price as follows (all taxes will go to the Protocol Owned Liquidity fund)

• EVIC price between 0.9-1: 5% tax

• EVIC price between 0.8-0.9: 10% tax

• EVIC price below 0.8: 20% tax

• Within 24 hrs after rebase: 30% tax

$CHAM - CHAMPION Token

Token address on Avax: 0xc65bC1E906771e105fBAcBD8dfE3862Ee7BE378E

Link: https://snowtrace.io/address/0xc65bC1E906771e105fBAcBD8dfE3862Ee7BE378E

Renounced ownership transaction: https://snowtrace.io/tx/0xd48fb4ed442235e632fb74b0fa9d9bcf5707eb6303b824e45f4731416d6c39e0

$CHAM is one of the ways to measure the value of the Protocol and shareholder trust in its ability to maintain $VIC close to peg.

During epoch expansions the protocol mints $VIC and distributes it proportionally to all $CHAM holders who have staked their tokens in the Boardroom.

$CHAM holders have voting rights (governance) on proposals to improve the protocol and future use cases within the Champion finance ecosystem.

Farm; AVIC Boardroom & EVIC Boardroom are current use case for $CHAM. On the Project roadmap, the team is going to build further incentive use cases for $CHAM such as Raffle, Launchpad, Lending & Borrowing ...

$CHAM on #AVAX has a maximum total supply of 72,001 tokens distributed as follows:

1. Pre-mint for initial liquidity: 1 $CHAM

2. Farm & Node Rewards: 61,200 $CHAM vested linearly for 12 months

3. DAO Allocation: 5,400 $CHAM vested linearly for 12 months

4. Team Allocation: 5,400 $CHAM vested linearly for 12 months

TimeLock & Upgradable Proxy Contracts

Transparency is the cornerstone for us and we appreciate how so many people have contributed and helped to audit our codes so far!

What is an upgradable contract?

Upgradable contracts make it easy for contract authors to add features and fix bugs in smart contracts. Instead of deploying an actual code, you deploy a pointer to an address where actual code is located. Developers have the ability to change where the pointer points to so that the actual execution will come from a new “upgraded” code.

What are the pros/cons for upgradable contracts?

• Pros: It allows contracts to be changed if bugs or vulnerabilities are found so that the protocol can continue to function safely.

• Cons: Bad actors can maliciously switch contracts and implement new functions/behavior that users do not expect — e.g., steal users’ fund.

So why did Champion Finance use upgradable contracts?

Lessons learned from the first launch fail despite the fact that we had been testing our codes rigidly and fully had our contracts externally audited. We can never be sure if there are bugs, we have decided to use upgradable contracts to allow flexibility.

How do we know you are not going to rug?

After the Boardroom, Node, Treasury contracts launched and operated stably around 1-2 days, we will conduct timelock for these contracts.

We are going to transfer the ownership of all the upgradable contracts into the 12 months Timelock Contract.

After 12 months of timelock, the community will decide whether to continue with this Timelock mechanism.