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Cheelee

Cheelee is a GameFi short video platform where users can watch videos and earn money. It was founded by , , and [1]

Overview

Cheelee is an application that allows users to earn tokens by watching videos of their choice. These tokens can be exchanged for currency directly within the app. In order to get rewarded, users need to own a pair of NFT glasses called Digital Glasses. [2]

Cheelee is based on the concept of “Attention Economy” by the winner of the Nobel Prize Herbert Simon. He developed an approach to information management by regarding human attention as a limited resource. [2]

Digital Glasses

Users need to have digital glasses in order to receive rewards within Cheelee. After registering their wallet in the application, they will receive a case containing Starting Glasses. Using them when watching the feed grants Starting Boxes, which contain LEE coins inside. To increase their collection, users have the option to upgrade their Starting NFT Glasses or purchase new, including Rare, NFT glasses. [2][3]

There are eight types of virtual Digital Glasses: seven with distinct designs and rarity levels divided into “starting”, “smart”, “simple”, “rare”, “unique”, “epic”, and “legendary”, and the eighth is a Customized Digital Glasses developed in collaboration with bloggers and brands. The digital glasses' rarity affects earning coins for watching the feed, the number of coins in the boxes, the amount of Attention on the account, and the frequency of box drops.  [2]

Leveling up digital glasses is possible both manually and automatically, and in order to do so, the user has to have CHEEL and LEE tokens on their account and spend at least 50% of the maximum amount of Attention on the account. 
Digital glasses consist of two modules, namely Radar and Lenses, influencing earnings. As users progress through levels, points are assigned to the Digital Glasses automatically, based on the chosen strategy. [2]

Cases

Cases can be acquired using USDT tokens or fiat currency within the internal marketplace. Each case includes Digital Glasses. Users have the option to sell their Digital Glasses at their discretion by setting the price on the internal marketplace. The ability to sell Starting Digital Glasses begins at level 10. [2]

Boxes

Boxes containing LEE coins are obtained while watching the feed. The likelihood of box drops is determined by the value of the Radar module and the rarity of the Digital Glasses. The quantity of coins obtained from the box depends on the rarity of the box (Starting, Smart, Simple, Rare, Unique, Epic, Legendary). Starting Digital Glasses allow the acquisition of LEE coins exclusively from the box, which may drop during daily feed watching within a 5-minute interval. [3]

Attention

With Starting Digital Glasses, users receive 1 “Attention”. If they possess Digital Glasses of Smart rarity or above, coins and boxes can be obtained within a 5-minute timeframe while viewing the feed. The boxes yield LEE coins. There is an Attention cap that restricts the maximum amount of Attention that is recovered for one day. The initial Attention cap is set at 1, with a maximum limit of 20. To attain the maximum amount of Attention, users must purchase additional pairs of Digital Glasses, especially those of higher rarity. [2]

Tokenomics

The platform features two tokens, CHEEL and LEE. The CHEEL token provides voting power for project decisions, while the LEE token allows users to earn tokens by watching the feed, with mining difficulty adjusting automatically. The mining process becomes more challenging as more tokens are mined, incentivizing early adopters and promoting long-term growth. [4]

CHEEL

CHEEL is the of Cheelee, which has a total supply of 1,000,000,000. It facilitates the leveling up of Digital Glasses, which will be necessary for voting on future app features. [5]

The token sale encompassed two strategic rounds and one private round, with the emission of 4 million CHEEL. The remaining are set to be distributed in community drop, team, liquidity, marketing, Cheelee rewards, a reserve fund, and advisors. [5]

LEE

Lee is the of Cheelee with a total supply of 7,000,000,000. All transactions within the app are conducted using this internal token. LEE is automatically credited to the internal wallet when the user views the feed. The algorithmic speed of accrual depends on the number of earned tokens: the more tokens earned, the more challenging it becomes to acquire new LEE tokens. [5]

Funding

According to its whitepaper, a total of $3.75 million was raised during the Seed round. In 2022, the project raised $22.45 million, and in 2023 another $10 million was raised from VC SILA by SAFT. [5][6][7]

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Cheelee

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Edited On

February 5, 2024

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