$CHEST v2 — Introducing: Pirate NFTs, Treasure DAO, IDO, Airdrop, Leveraged Yields
Introducing Pirate NFTs, Treasure DAO & Tokenomics, IDO, Retroactive Airdrop, Leveraged Yield Chests, and more
Warning: The following article contains a lot of alpha. If you have any questions, please join the conversation on discord.
SOLANA, JAN 10, 2022—Over the last month, $CHEST launched the first ever structured product and yield generating chest on Solana, attracted over $10m+ TVL, generated over 50%+ APY across Chests… and did all of this without a single dollar from VCs.
In line with the protocol’s decision to raise $0 from VCs, $CHEST is now entering the next chapter of it’s mission towards community ownership, community rewards, and community empowerment: Introducing the Pirate utility NFT, the Treasure DAO and $CHEST Token, retroactive airdrops, and all new leveraged yield chests (50–200% APY).
1. Pirate NFTs Utility & Drop
Following into the footsteps of GenesysGo’s Shadowy Super Coder NFTs and DAO, Lifinity’s Flares NFTs, $CHEST is announcing its own Pirate NFTs.
Pirate NFTs will play 2 fundamental roles in the $CHEST protocol, and will earn superpowers in the Treasure DAO:
I) Receiving 12% $CHEST tokens at the Chest IDO.
This is the most important utility to us. The protocol strongly believes that the biggest winners in DeFi should be the community, so to level the playing field with larger VC entities who monopolize access to early seed rounds, NFT holders will receive direct allocation in the $CHEST network. There are no hidden features here. Every NFT will be entitled to a proportional share of 12% $CHEST tokens at the Chest IDO, regardless of whether the entire NFT collection sells out or not. The distribution will be linearly vested over 1 year, with a bonus reserved for those who hold for the entire year.
II) Up to 120% Compounded Governance Voting Power
This is the one we are most excited about. Holders of the Pirate NFT will receive compounded governance votes. This means that for every N number of $CHEST tokens, the holder can have up to 1.2 * N voting power (essentially an additional 20% of virtual voting $CHEST tokens!), depending on the number of NFTs owned.
Ex: Alice holds Pirate NFTs and 64,000 $CHEST tokens. When voting at the Treasure DAO, she now has 64,000 x 1.2 = 76,800 tokens to vote with.
This creates 2 really important dynamics for the token and NFTs. The most loyal users will benefit the most as they will be NFT holders, active DAO participants, and large token stakers, allowing them to amplify their voices across DAO decisions, as they should, since they have the most at stake. This also generates very strong utility and value for the NFT as the value can theoretically be pegged to the value derived from the largest token holder, so if a whale holds 1M $CHEST tokens, and he can derive 200,000 voting powers from the NFT, that should theoretically be the value of the NFT.
The voting power also compounds in an increasing manner. For every additional NFT, the vote multiplier is multiplier by 2, for a maximum of 1.2. So for the first NFT, the voter will receive 1.00625x extra votes. For the second NFT, the voter will receive 1.0125x, then 1.025x, then 1.05, then 1.1, and finally 1.2.
The voting multiplier per NFT will be restricted to a max number of tokens that can be multiplied. Implementation will be detailed in a separate follow up article.
Minting and Drop details
So how do you get in on this?
The NFT mint date is scheduled for January 19th, 2022, powered by the Metaplex candy machine. Only 10,000 will be available. Save the date!
The exact minting price, time, and site, will be announced in a follow up article and announcement.
Follow updates here:
- Discord: discord.gg/chest
- Twitter: https://twitter.com/chestfinance
2. Treasure DAO, $CHEST Tokenomics, IDO
Powering the future of Chest protocol, structured products, and yield generating defi on Solana will be the Treasure DAO, and $CHEST tokens.
The DAO will play the pivotal role of determining protocol parameters, chest token rewards, and more. The $CHEST token will be the voting token in the network.
Most importantly, the DAO will enable a vote locking mechanism, whereby stakers will be able to boost locked staking rewards, determine rewards and reward distribution on Chests, similar to Curve’s model.
- Total supply: 100bn
- The treasury is used for Chest emissions to stakers, makers, and ecosystem expansion plans, as voted by the DAO. 0.5% is currently earmarked for maker emissions up until the IDO, at which point the DAO will vote on future maker emissions.
You will notice the “subject to DAO vote” options. One of the first action items after the IDO will be to hold a vote on what the DAO thinks the Treasury allocation should be, which would affect the rest of the token distribution. The DAO can choose to keep the starting nomics, or one of the 3 other options. If the vote results in a change of nomics distribution, more tokens will be minted to rebalance to the desired distribution.
Details of the upcoming IDO sale will be announced soon in a separate announcement.
Follow updates here:
- Discord discord.gg/chest
- Twitter https://twitter.com/chestfinance
3. Early Staker Retroactive Airdrop
A protocol is nothing without its earliest supporters. For that reason, we want to thank and reward our early and on-going supporters and stakers.
Everyone who has staked so far, up to a determined snapshot, will receive a proportional share of 12% of the token network.
More details around the airdrop will be announced in Discord.
4. Leveraged Yields
Finally, as the first to launch structured products on Solana, Chest is excited to announce that it will be the first protocol to launch leveraged yield chests.
Leveraged yield chests will allow you to stake into leveraged chests, that are higher risk, but also much higher reward. This means that the potential APY is boosted by many factors, but losses can also be amplified.
Leveraged chests will not be for everyone, but will allow users to take on higher risk yield, something that does not exist currently on Solana.
TLDR
We know this was a lot of information to digest, so here is the recap:
- The pirate NFT mint is on January 19th, 2022 and will allow holders to receive 12% of network tokens, and up to 120% multiplier on voting abilities.
- Treasure DAO and $CHEST token will enable direct ownership of the protocol for its users. The IDO will be announced in a follow up announcement.
- Early stakers will be rewarded 12% of token supply.
- New Leveraged Yield Chests will enable exposure to high risk, high APY chests.
Follow updates here:
- Discord: discord.gg/chest
- Twitter: https://twitter.com/chestfinance
