CheersLand Insurance Shield (CIS) — CheersLand Launchpad’s Improved Insurance Protocol
We are proud to announce that CheersLand Launchpad will enact a new, optional improved insurance protocol “CheersLand Insurance Shield”.
Additionally, CheersLand Launchpad’s General Refund Insurance will include some modifications which will be detailed down below.
As always, CheersLand strives to create the optimal grounds for all parties. CheersLand continues to adapt to minimize uncertainties, optimize exposure and diversify across multiple dimensions.
What is CheersLand Insurance Shield (CIS)?
CheersLand Insurance Protocol is an optional, improved insurance protocol that protects presale investors throughout the sale deal’s pre-determined vesting period.
CheersLand Insurance Protocol (CIS) is triggered when a CIS-protected IDO project tokens perform under the IDO price for 7 consecutive days, and all IDO participants are refunded the remainder of the vesting.
Exceptions to the Protocol
If the project achieves and sustains 100% ROI for the first 24 hours after the exchange listing(s), the CIS protocol is nullified (e.g. if a project with 20% vesting at TGE sustains 5 times IDO prices as the minimum price for 24 hours, they are no longer subject to the CIS protocol rules).
If a project has 100% TGE vesting, and agrees to CIS protocol, they only need to sustain IDO price for 24 hours, in accordance with the above exception.
If a project agrees to CIS protocol, they are exempt from any additional monetary penalties that may occur via the General Refund Insurance we execute by default in all IDOs.
If CheersLand detects intention to exploit the CIS rules (such as resetting the trigger countdown by making large null-trades) or similar ill-intent, the community will be informed and a DAO Vote among holders will take place regarding the course of action.
The Updated General Refund Insurance
As discussed above, we’ve upgraded our default insurance protocol that applies to all CheersLand Launchpad IDOs. General Refund Insurance triggers when there is a clear, unfair disadvantage for CheersLand Launchpad users spanning a variety of potential reasons.
Here is the updated protocol:
CheersLand Launchpad will hold onto 10% of the total fundraise until the very end of the vesting period, which will be used to operate DAO-governed monetary penalization for projects that;
a) Act against investment agreement elements such as the vesting schedule, submitted marketing and spending plans, etc.
b) Abandon promised development plans, milestone roadmap elements, and show a lack of enthusiasm for development, growth, or project sustenance.
10% reserve for monetary penalization will only apply for IDO agreements CheersLand Launchpad makes from now on.
Failure to ensure that all IDO-round participants receive their tokens timely, without unfair advantage, during distribution will trigger refund.
Failure in adding and locking the pre-agreed amount of liquidity upon 1 hour of listing, unless a delay is announced, will trigger refund.
Failure to adhere to the pre-agreed vesting schedule and initial market capitalization during TGE will trigger refund.
Lack of communication and information in the period until the listing, or the presence of significantly unprofessional actions and behavior by project teams towards CheersLand team, investors or any other Ecosystem stakeholders will trigger refund process.
About CheersLand
CheersLand is a scalable GameFi Metaverse Aggregator where anyone can monetize their gaming experiences and social networks. CheersLand runs the Game-as-a-Service model, dual-driven in Play to Earn and Build to Earn, with the product portfolio of Gamified Launchpad, Multi-game Universe, Multi-asset Staking Platform and NFT Market, and powered developing new users by the invitation mechanism, which builds a unique and diversified GameFi ecosystem.
Now CheersLand has launched the 3 classic games, Crypto Pirates, Click² and Matching. Click here and connect your BSC wallet to play and earn! Let’s go!
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