The community has frequently asked WEN Ref Liquidity, WEN Token Sale since we launched the “Free Community Farm” back in September. Since then we’ve continued to build, patiently waited for critical audits, and finally officially launched Cheddar!
One consistent message we “the team” have had is that we would like to build more utility before a token sale. We’ve continued to work behind the scenes, contacted many projects on NEAR, and have had great interactions. Overall there has been warm reception to integrating with Cheddar and now the first integration is officially underway Pulse!
The Pulse board has approved integrating Cheddar into the Pulse prediction markets! In turn, the Cheddar DAO has also approved a proposal to launch a Pulse pool on the Cheddar farm that is now live.
This is only the beginning and multiple other partnerships are in work:
Ref Finance - We will work closely with Ref to support the Ref community by launching new pools and features on Cheddar. In turn, the Ref Board will vote to include Cheddar in the Ref farm. This will create greater utility between both projects as Cheddar works to integrate more features with Ref over time.
OIN Finance - We are in early discussions with OIN about providing Cheddar as liquidity. As a step in the right direction, the Cheddar DAO board has approved a proposal to add an nUSDO pool to Cheddar.
CronCat - The CronCat treasury is under active development and once complete Cheddar will be accepted as a form of discount for CronCats tasks.
Paras - Paras is working on NEP141 token integration and is committing to enable NFT purchases with Cheddar! To grow the ecosystem we will create a Paras farm to reward users doing purchases with Cheddar.
Meta Pool - Liquid staking will always have a home in DeFi. We plan for a long-term strategic partnership with Meta for stNEAR and Meta HODLers.
NEARhub - NEARhub has created a virtual Cheddar Farm. We will partner with them to do scavenger hunts, games, NFT’s, and maybe a Cheddar faucet.
Moreover Pulse, Paras, and Meta are committing a basket of their tokens for the Cheddar users. This will be distributed through Cheddar farm.
With these and many other integrations in initial talks and the overwhelming request from the community to enter price discovery, we are posting this governance proposal for discussion by the Cheddar DAO board and the community for a potential Skyward token sale.
3YR Emissions Forecast
This is a forecast of Cheddar emissions. All newly minted Cheddar is approved by the Cheddar DAO. Dependent upon Cheddar adoption/integration with partners, emissions could be higher.
Maximum Supply: Unlimited
Emission controlled by Cheddar DAO
3YR Emissions Forecast (2021-2023): 21.5M Cheddar
Emissions may be higher depending upon adoption/integration.
Circulating Supply: 3.2M Cheddar
– 1.2M vested for the team
– 800K for Future Dev
– 1.2M in circulation with community (partial distribution)
- Free Community Farm
- Early Contributors
- V1 Partners Farms
Token Sale Allocation: 2M Cheddar
(Additional sales may take place dependent upon demand/need.)
Accepted Tokens: Only NEAR
Post Token Sale
Proceeds from the sale will go to the Cheddar DAO treasury on AstroDAO where governance will be used for the distribution of funds.
Once the token sale is completed and funds have been transferred to the Cheddar DAO, a governance post and proposal will be created to provide liquidity on Ref Finance to the Cheddar/NEAR Liquidity Pool (LP) created by the community.
Once the LP is in place, a proposal will be created for the Ref DAO to add the Cheddar → NEAR LP to the Ref Farm and provide $Ref rewards. The Cheddar DAO will also have a proposal to provide Cheddar rewards to the Ref Farm.
In summary, the decision to enter price discovery is not one that has been taken lightly. The team does not have the ability to launch a token sale; and the decision to move forward is solely based on community feedback. Now it is up to the community and the Cheddar DAO board to approve the proposal to move forward. Engaging in price discovery for Cheddar at this stage will likely help strengthen the community and allow for new partnerships to emerge.
We welcome the community and the board to discuss this proposal at length. The pros, cons, and reservations (the good, the bad, the ugly).