Overview of Chiss Protocol

       

Chiss Protocol is an innovative decentralized finance (DeFi) platform that allows users to leverage their crypto assets in new and dynamic ways. At its core, Chiss Protocol acts as an on-chain foreign exchange mixer, enabling users to use USD-backed stablecoins as collateral to borrow localized stablecoins that are pegged to inflationary fiat currencies, such as Nigerian Naira (NGN) and Turkish Lira (TLY). By doing this, users can hedge against local currency inflation and access liquidity for real-world transactions.

The protocol also features an integrated flashloan mechanism that facilitates cross-pool swaps. This enables users to efficiently exchange different local stablecoins in a single transaction, for instance, converting NGN stablecoins to TLY stablecoins with minimal fees and without requiring multiple steps. The stabilization algorithm ensures that the pools are balanced and maintains optimal liquidity throughout the system, promoting the overall stability of the platform.

Chiss Protocol is designed to bridge the gap between crypto assets and real-world value by collaborating with partners, known as facilitators, who help users redeem their stablecoins for actual fiat currencies. The protocol's primary focus is to create a financial solution for emerging market economies, providing an efficient and transparent alternative to traditional banking and foreign exchange services.