Cheddar - Genesis Minting

ChefCheddy · August 27, 2021, 1:03pm

Over the past two months, a small group of NEARVerse contributors (community board) has helped us test and refine Cheddar, and we’ve arrived at our first stop on the road to MainNet!

We also tested and integrated SputnikDAOv2 in this same period, and based on our new knowledge, we propose a slight change to the 20M genesis minting, from what was described in the whitepaper (Genesis Minting). Upon acceptance of this proposal by the community, the whitepaper will be retroactively updated.

Proposed Plan

Community Board

The community board will approve a proposal to mint the Cheddar genesis. The proposal will notate the community’s approval to mint the genesis. However, only a single Cheddar token will be minted and transferred to the Cheddar DAO (The Genesis Token).

Council

Upon approval of the genesis proposal, the council will create and approve proposals to create the appropriate vested/non-vested tokens as described below.

Genesis Minting BreakDown

1. Team Minting - 2M Cheddar

A proposal to mint Cheddar for each team member and a dev wallet (future development/team).

Goudam - 400K Cheddar (Locked/Vested)
Chee - 400K Cheddar (Locked/Vested)
Blaze - 400K Cheddar (Locked/Vested)
Dev Fund - 800K Cheddar (Non-Locked/Minted)

The tokens dev wallet tokens (unlocked) will be administered by a multi-sig wallet or another SputnikV2DAO for future development and team expansion. The tokens for the existing team will be 6 months lockups, with a 3-month cliff.

2. Community Farm - NO CAP (1 NEAR = 1 Cheddar after 20 Days.)

A proposal to add the Community Farm Contract (P1) as a minter in the Cheddar contract. This is needed for the farm to mint Cheddar each time an end-user “Harvests.”

3. Early Supporters - 300K (Non-Locked/Minted)

A proposal to mint Cheddar for auditors, testers, and supporters. This Cheddar will be minted to a contributor wallet and will be issued by the team to auditors, community board members, and testers.

4. Partnership - 8M (Non-Locked/Non-Minted)

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.

5. Treasury - 10M (Non-Locked/Non-Minted)

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.

Total Genesis: 20M

Although we initially communicated a 20M genesis, most of the tokens will not be minted. The Cheddar DAO will approve minting based on a governance post, proposal, and approval.

Actual Tokens Minted

Team - 2M

Early Supporters - 300K

Free Community Farm - 100K to 2M (estimated, but NO CAP)

Total Actual Minted: 2.4M - 4.4M Cheddar

The remainder of the genesis tokens will be governed and minted by the Cheddar DAO after a governance post, proposal, and approval.

chronear · August 27, 2021, 1:17pm

Really excited to see Cheddar coming to life, taking significant steps towards mainnet!

ToddTA · August 27, 2021, 1:26pm

To the moon, Cheddar!

DDeAlmeida · August 27, 2021, 1:27pm

Can’t wait !
Thank Blaze for this new project !

Dav

Ratatoeskr · August 27, 2021, 2:13pm

I really can’t wait for cheddar farming! This is exactly what the NEARverse needs right now, more farming/yield opportunities for people!

SanketN81 · August 27, 2021, 2:20pm

so basically change you are proposing is

to mint 2.4 to 4.4M tokens at Farm
rather than previously planned 20m tokens right?

it looks great for tokenomics of Cheddar… Waiting for Mainnet…You Guys are doing Amazing Work…Keep it up…Best wishes with you

ChefCheddy · August 27, 2021, 2:47pm

Yes, that is correct. With the power of SputnikV2, there is no need to pre-mint tokens. We can use the Cheddar DAO to mint additional tokens once discussed, proposed, and approved.

This means that the 8M (Partnerships) and 10M (Treasury) that were originally proposed do not be minted since the DAO can be used for approval and issuance.

minhthai · August 27, 2021, 3:56pm

Hi Chedder,
Love to this project, i have one question that do you have any plan to list the Banana/Near to farm and get the Chedder token ? Thank you

ChefCheddy · August 27, 2021, 5:01pm

Yes, we will be supporting bananas and several other early ecosystem dApps in the Cheddar Farm (after the 20 days of free community farming once live). You can find more detail about the RoadMap and initial supported pools here: Roadmap - Cheddar

SanketN81 · August 27, 2021, 5:45pm

Great… Looking forward to it

p0k · August 30, 2021, 6:43am

Been testing Cheddar for a long time. It’s great to see how the project is moving confidently towards the mainnet. I’m looking forward to!

hodlr · September 2, 2021, 10:17pm

lets GOOOOOOOO MAINNET

JThompson123 · September 10, 2021, 10:44am

Wow, I’m ready to start farming!

luffy · September 22, 2021, 6:09am

Good job! Just want to know if the Smart contract has been audited by 3rd party?

SanketN81 · September 23, 2021, 6:15am

An audit was conducted by Evgeny (formally NEAR Core Team) now with Proximity Labs. Additional small changes have been made since that time that has not been audited.

github.com/alpha-fi/cheddar

Eugene audit 2021 06 25

alpha-fi:master ← evgenykuzyakov:eugene-audit-2021-06-25

opened 10:15PM - 25 Jun 21 UTC

evgenykuzyakov

+18 -1

A good principle for working with async operations are atomic increments instead… of atomic replacements. When closing/withdrawing cheddar the contract has to do the following: - Transfer staked balance. - Transfer rewards (cheddar). We assume the staked balance can't fail (which is mostly true), so we assume it always succeed as long as we are able to save the state. Let's keep it this way. The only remaining issue is to transfer rewards which may fail for some reason (e.g. if the cheddar would implement storage management, then the transfer may fail because the receiver is not registered for storage). In case of reward transfer failure we have to handle the rollback. The problem with current implementation is that the rollback is atomic replacement, instead of atomic increment. If the affected vault has changed while the transfer was in progress the atomic replacement will overwrite the value, instead of updating it. There are 2 suggestions: 1. Introduce methods `save_vault` and `get_vault_or_default`. - `save_vault(account_id, vault)` should check if the vault is empty or not. In case the vault is empty, it should remove it, if it's not empty, it should save it using insert. - `get_vault_or_default(account_id)` should read a vault for a given account or create an empty one. It should also ping this vault (for existing one). - Now you don't have to manually decide whether to remove or insert a vault, and can't accidentally delete a non empty vault. 2. Cheddar transfer with 1 callback. - You don't need 2 callbacks just to communicate the result of the transfer. You may use the returned value from the callback to do this. E.g. `mint_callback(...) -> bool`. `true` can be success, `false` is a failure. - You don't need to pass `close: bool` since you use `save_vault` in the both `withdraw_crop` and `close`. So the vault will be autoclosed. - You only need to handle if the transfer has failed and revert the reward, e.g. using the following code: ```rust #[private] pub fn mint_callback(&mut self, user: AccountId, amount: U128) -> bool { let transfer_success = near_sdk::is_promise_success(); if transfer_success { env_log!("cheddar rewards withdrew {}", amount.0); self.total_rewards += amount.0; } else { env_log!("FAILED to withdrew {}", amount.0); let mut vault = self.get_vault_or_default(&user); vault.rewards += amount.0; self.save_vault(&user, &vault); } transfer_success } ```

wizkh · September 26, 2021, 9:08am

When will the price of the token be known?

SanketN81 · October 1, 2021, 4:47pm

As token isn’t listed anywhere so no one knows the price of token yet…

until it lists somewhere with enough liquidity then we can expect a price…