Cheddar is a Loyalty Token that powers the Loyalty Network and Yield Farm (Cheddar Farm) on NEAR Protocol. Cheddar will help develop and foster dApps on NEAR while rewarding users for their use and loyalty to the NEAR ecosystem.
What’s a Loyalty Network?
Loyalty networks are designed to reward users and partners by providing value through incentives and discounts. The Cheddar Farm is the first protocol that bootstraps a NEAR token ecosystem. Cheddar token rewards loyal users by providing discounts, power-ups, and exclusive access through Cheddar partners.
How is Cheddar going to Launch
We looked at many recent launches along with what worked well and not so well. We tossed around a lot of ideas but came back to our original vision:
Reward the active users of the NEAR ecosystem.
So we decided to open the Cheddar Farm to the entire NEARVerse for FREE Community Farming:
- 20 Days of FREE farming for anyone who stakes NEAR
- 1 Staked NEAR will farm 1 Cheddar after 20 days of staking.
- Your NEAR is not locked, leveraged, or spent — unstake anytime!
- Harvest (claim) Cheddar anytime to your NEAR wallet
- NO CAP. Total community staked NEAR = Total minted Cheddar
Be sure to stake early and often! You may receive less Cheddar depending on when you stake and how long you stay on the Cheddar Farm.
Once the 20 days of Free Community Farming ends the team will work to launch new partnerships for ways to use, farm, and stack Cheddar!
A few notes:
- Be sure to unstake your NEAR from your validator 2–3 days, prior to launch.
- Lockup contracts and staked NEAR are not supported.
- You may receive less than 1 Cheddar per 1 NEAR staked depending on when you stake in the Cheddar Farm.
Genesis Minting
The community board has approved a 20M Cheddar Genesis to bootstrap the Cheddar Loyalty Network. The FREE Community Farming will mint unlimited Cheddar for 20 days. 2.3M tokens will be minted for the team and community contributors. Cheddar for partnerships or growth will be proposed on the NEAR governance forum and voted on in the CheddarDAO by the community board before additional Cheddar minting occurs.
Founder Rewards
Launching the FREE Community Farming is only the beginning of the Cheddar Farm. We believe that incentivizing the team is critical to maintaining the commitment level needed to do everything possible to ensure Cheddar's long-term success. With this in mind, we decided to have 10% (2M Cheddar) of the genesis minting (20M Cheddar) to be allocated for founder rewards.
The Founder tokens will be placed in a lockup contract with the following vesting schedule:
- 3-Month Cliff
- 6 months Linear Vesting (tokens unlock linearly after 3 months)
- Tokens in the vesting contract are not transferable
- Tokens can be used for Cheddar DAO governance voting
Partnerships & CheddarDAO
The remainder of the 18M tokens (90%) will be allocated to partnerships, contributors, and growth. Tokens will be minted once approved by the community board via the CheddarDAO. Here is a breakdown of the potential use of the remaining genesis tokens:
Partnerships: 8M (40%) — NEAR dApp integration.
Cheddar DAO governance will be used to approve and mint tokens as needed. Both the community board and council will have the ability to vote and approve a proposal after a governance post has been submitted and discussed.
Early Supporters: 300K (1.5%) — NEAR dApp integration.
Cheddar will be minted to a contributor wallet and issued by the team to auditors, community board members, and testers.
DAO Treasury 9.7M (48.5%) — Future use governed by DAO.
Cheddar DAO governance will also be used for the treasury fund to approve and mint tokens on an as-needed basis. Both the community board and council will have the ability to vote and approve a proposal after a governance post has been submitted and discussed.
SputnikDAOV2 will be used for the CheddarDAO, key contributors and users from the NEAR community known as the “community board “will use the DAO to vote for proposals and Cheddar minting.
Cheddar Farm Go-Live
The FREE Community Farm goes live very soon!
Starts: September 23, 2021 0:00:00 UTC
Ends: October 12, 2021 23:59:00 UTC
Website: https://Cheddar.farm
(a link to the farm will be posted once ready)
In the meantime, join the conversation, provide any feedback and come say hello.
