Token Redemption Process

“Not every project needs a token” — borrowed from our good friends at Yield Yak.

Sherpa Cash is winding down operations and planning a token redemption process.

Origins

Sherpa’s mission was to bring a privacy solution to Avalanche, which we succeeded at during Fall 2021. It was an experience to work with zero knowledge proofs, and profit was never the motive. We launched the SHERPA token as an opportunity to further ZKP innovations within the AVAX ecosystem. It would allow us to attract researchers and talent to Avalanche that would further this exciting technology.

Current state

Due to numerous reasons, multiple team members moved onto different projects. We tried to see if the community would take ownership, sometimes a project needs a leader to steer it and Sherpa doesn’t have that. As such we are planning a buy back for the entire supply of SHERPA with the AVAX obtained as part of the sale of the genesis supply.

Important to note that the core team never took any team allocation for their work. In fact, the vast majority of us worked largely for free. We were incredibly fortunate to have been able to work with such a talented bunch that put building above profit.

Special mention to contributors goes to all of our support + moderation team. We also thank our partner projects for supporting us along the way.

Redemption Plan

The Sherpa Multisig Wallet has following balances:
8,225 AVAX
8,084,660 SHERPA

The total supply of SHERPA is 10M. If we buy back the outstanding supply of 1,915,340 SHERPA with 8,225 AVAX, then each SHERPA token can redeem ~0.0043 AVAX.

After enough time has passed, we will burn the SHERPA tokens collected to retire the token. Our engineers are currently preparing the smart contracts for redemption and we will post an update when they are ready.