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