CHERRIO by CHERRIO Team - Proof of Charity DAO Protocol - online trusted standard for charity using integrated web3 protocols

Project Name: CHERRIO
Project Track: DeFi
Team Name: CHERRIO Team
Team Member(s): 3
DevPost URL: CHERR.IO - Proof of Charity DAO Protocol | Devpost

Project Goal:

CHERR.IO is setting an online trusted standard for charity. By using this standard anyone will be able to post a charity project on any platform, and thus benefit from CHERR.IO’s features and functionalities.

CHERR.IO platform V1 features Proof of Charity integrating Web2 projects, however, our newly developed V2 introduces Proof of Charity DAO protocol integrating Web3 projects.

We envision CHERR.IO as a DAO – community-run and owned, with complete user data ownership, where individuals are empowered and incentivized to maintain the system, and help through direct ownership, and are rewarded for participation. Protocol enables secure, immutable, censorship resistant, scalable & accessible on-chain donations, and presents governance by using the consensus mechanism.

Project Info: CHERR.IO Protocol Pitch Deck

Project Website: https://cherrio.vercel.app/

Contract Address:
Project contract:

Activator contract:

Project Test Instructions:

For entire testing experience you need:

  • 1 wallet for creating new project (project owner wallet; steps 1-4, 7).
  • 2 wallets for activating project (activating wallet; step 5).
  • at least 1 donor wallet (donation wallet; steps 6, 8).

:one: Login with TronLink Wallet
:two: First, click “DASHBOARD” in the menu and then “Click to create new project”
:three: Add Title, Excerpt, Description, Goal, Duration and Project type. You can also add some images or document in the “Files” section. When you’re finished, click “CREATE”
:four: Go to “HOME” to see your project
:five: Unlock project - stake TRX tokens to show trust and support for the project, which enables the activation of the project
:six: Donate in TRX tokens
:seven: Claim funds - post a proposal, where you define the claiming reason, amount and wallet address
:eight: Vote - donors have the power to vote and approve proposals in order to the funds to be released

Project Details:

CHERR.IO Vision

  • Integrated DeFi protocols – using the “money legos” phenomenon (token staking, lending, yield farming, liquidity providing, etc.) enable users to earn APY rewards, while indirectly donating to charity projects by performing DeFi activities
  • SDK for easy integration as an added value service of Web3 projects
  • Proof of Charity – a rewarding gamification system, where community members act as governors – Cherrions, and receive tokens as rewards for online volunteering – any activity with regard to governance, or promotion (sharing projects on social networks has a large community effect and it enables organic marketing)
  • Charity Market Analytics – an analysis module, with a database of registered charities and their projects’ history and statistics (e.g. “CoinMarketCap”), and an algorithm sorting of organisations determining a trust score (based on transparency and performance), acting as a source of trusted information (e.g. “TripAdvisor”)
  • NFTs launchpad – selling NFTs and giving a share of profit to charity projects
  • SBD – a soul bound token (Cherrions who will show effort to spread the good word around will receive SBDs that will enable them more voting power for activating projects and greater CHERR.IO benefits)
  • GameFi – play-to-(l)earn games
  • Metaverse (for use case showing, fundraising events, promotion, dCommerce - D2A model)

CHERR.IO Top Features

  • Launch or choose a project - anyone can list a cause as an inactive project that needs Cherrions to activate it and thus receive rewards for their action.

  • Unlock the project - to make the project active, we need people, so called Cherrions, who show support for the project and back it up with native tokens. When this goal is reached, the project becomes ready for donations.

  • Donation process - donors can donate in TRX. To mark the project as successful only 10 % of approximate project value needs to be collected. Project is finished when the duration time expires. If we collect more than 60 % of approximate project value we also reward the activators for their support.Donors can vote for credibility of spent funds. Smart Contract releases collecting amount to the end party through milestones every time when conditions are met. Each milestone is completed when the organisation submits any proof of progress.

  • Integrated DeFi Lending Protocol - CHERR.IO leverages the power of DeFi to fund charity causes. Using an innovative funding mechanism to allow users to contribute to public good while preserving their initial deposit. Contributors deposit tokens into JustLend DAO lending protocol. The interest earned is donated to the cause associated with the pools. Pools generate interest through an integration with the JustLend DAO lending protocol. Users deposit tokens they want to lend out, which are amassed into a large lending pool. Borrowers may then draw from these pools by taking out collateralized loans. In exchange for providing liquidity to the market lenders earn a passive rate of interest on their deposits - part of that goes to the charity pools.This way CHERR.IO enables users to earn APY rewards, while indirectly filling charity pools and donating to charity projects by performing peer-to-peer transactions.

How we built it

  • Login with TronLink Wallet.
  • Project creation - a new smart contract is deployed (the project creator is the project contract owner), which triggers the activation contract that defines the token amount and user number needed for unlocking the project.
  • Unlocking project - upon creation, the project is inactive, and unlocking process is enabled; any user/Cherrion can stake TRX tokens to show trust and support for the project, which enables the activation of the project when all conditions are met.
  • Donating - donations are in TRX tokens; in the future, the project owner will be able to choose the donating currency.
  • Reward distribution - when the project is finished, Cherrions receive back their staked TRX tokens and CHR tokens reward.
  • Claiming funds - the raised funds are stored on the project smart contract, and can be claimed by the use of governance; the project creator can post several proposals (during or at the end of the project), where he states the claiming reason, amount and wallet address.
  • Voting - donors have the power to vote and approve proposals in order to the funds to be released.
  • DeFi Lending protocol - users can show their support for the project also by supplying TRX tokens to the lending protocol; TRX total supply on JustLend DAO protocol is currently 417M, TRX TVL on JustLend DAO protocol is $23M; TRX supply APY is currently approx. 3,5 % ($805K); 10 % of the yield go to projects (stats: 10/11/2022).

CHERR.IO & TRON

  • CHERR.IO smart contracts are deployed on TRON Protocol
  • Staking TRX token for unlocking projects
  • Collecting donations in TRX token
  • Fees paid in TRX token

CHERR.IO Token

  • Unlock projects (token holders will be able to choose and stake a project – become ambassadors)
  • Governance
  • Vote if funds from organizations were spent correctly
  • Rate organizations after each fund-raising campaign is completed
  • Decide where funds from the emergency pool should be spent
  • Promote a project for higher rewards
  • Exchange PoCh points for CHR token

Business model simulation

1 % fee of every integrated DeFi protocol transaction
If just 1 % of JustLend DAO TVL (approx. 4B) is redirected to CHERR.IO, then 40M will be locked on our platform. If we take 1 % fee of every locking, this amounts to 400K.

1 % fee of every donation
After DeFi activities on the platform grow, this fee will be eliminated.

Accomplishments that we’re proud of

Project Milestones:

:cherries: - CHERR.IO Platform MVP V2 - :white_check_mark:
:test_tube: - Testnet - :white_check_mark:
:gear: - Integrating other protocols - :hourglass_flowing_sand:
:astronaut: - Tron Mainnet - :hourglass_flowing_sand:

What’s Next:

Collaborating with all major DeFi DApps on TRON Blockchain (SUN Network, etc.).

Roadmap:

Q4 2022 MVP V2 & Deployment on Tron (done)
Q1 2023 SDK, PoCh & Partner adoption
Q2 2023 Integrating other DeFi protocols & SBD
Q3 2023 GameFi & NFTs Launchpad
Q4 2023 Charity Market Analytics

Don’t hesitate to ask us anything, we’ll be happy to reply :cherries:

21 Likes

Really interesting project you are working on guys!
I’ll follow up closely, i have on my to do list a charity/donation project and there might be a great synergy.

5 Likes

@Claw thanks man. We will do our best to keep this project interested and innovative. Thanks for following and we wish you all the best with your project. Feel free to contact us about collaboration ideas.

2 Likes

This is a great project. Would like to test it out soon

2 Likes

@Horlarmmy thank you, we appreciate it. Keep following us, we will update the project with testing link and instructions soon.

4 Likes

@CherrioPlatform great

2 Likes

What a project you have going there

2 Likes

We are trying our best to build online trusted standard for charity and take advantage of web3.

1 Like

This is an amazing project, I would love to test it out when you are through

2 Likes

Very fantastic project, can’t wait for it to start…

2 Likes

This is a great project. Can’t wait to test it

1 Like

Hey CHERRIO team!

Thanks for the outline of the protocol. Web3 is a great way to crowdfund worldwide for specific causes. I’m sympathetic to the problem you guys are solving.

I’m curious to understand if the target raise amount with TRX has an unexpected price fall, like the last few days. I understand that you have the roadmap to allow

Currently, the TRX has to be converted to fiat. If the TRX price were to fall in the midst of the Activators’ pursuit towards their goals, would they have to raise another campaign? How will this tie into the previous campaign?

Thank you so much, welcome to test it when we finish and we would love your feedback.

Thanks, much appreciated, we’re excited as well.

Thank you, we can’t wait as well :slightly_smiling_face:

It’s really a nice project you guys working. I believe that the community will support the project anywhere necessary. Nice idea thumbs up for you guys

1 Like

Hi @ovon! Thanks for your interest and great insight, that’s a really good and important question.

We have taken the TRX price fall into consideration, and we are aware of this issue. We have discussed this several times and decided to follow “the decentralized principle”, since we are building a DAO. This way, the project owner will be able to decide on his own in what currency he will be raising funds, and will accept the risk of how his decision will affect the decision of donors or the community. So he will not need to raise another campaign (1 TRX == 1 TRX).

That’s really nice to hear, thank you. We will definitely appreciate your support and feedback.

Greetings! Your project seems to be missing details on the following. Please add them to your project. Thank you!

Please Include:
Contract Address

Hello, we have added Contracts Addresses to our project above.