Cheddar Skyward Token Sale

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.

image

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).

25 Likes

There will be several questions need to be answered before going for a token sale.
-What will be the price per token?
-Is there any lockup period for these tokens?

4 Likes

Skyward token sales do not have a fixed price, but use “streaming time-based auctions”. This type of auction allows for true price discovery and avoids common pitfalls as “front-running bots, sybil attacks, multi-account registration.”

There will be no lockup on the tokens.

7 Likes

Hey Cheddy
can’t wait for the Token Sale :sunglasses:
Are there any plans/forecasts for Inflation after all Tokens are distributed?

1 Like

The Cheddar token supply is unlimited. We created an emissions schedule to give the community an sense of how Cheddar will “potentially” inflate for the next 2 years.

Since all emissions have to be approved by the Cheddar DAO, this could happen at a slower or faster pace depending on how fast the different use cases evolve.

That is a long way of saying the Cheddar DAO and community will over time determine the emissions schedule for the both the forecasted 21.5M and beyond. At some point down the road all Cheddar HODLers will be able to vote for proposals/emissions.

3 Likes

I think this is a necessary step forward. Not enough liquidity currently. Proceeds for the Cheddar DAO is extremely beneficial too. I see no issue with this proposal. :+1:

1 Like

Great work, @ChefCheddy, and the entire Cheddar team.

I have been following the project from its inception and even though the journey to this point hasn’t been exactly smooth, the cheddar team has always done their best to ensure that the project continues.

Congratulations to everyone for making it this far. I would be looking forward to joining other community members to participate in the sale. anticipating!

Oh My God Omg GIF by Gotham

Thanks.
My proposal will be; make some basic adv. of the token before going for a token sale to increase its visibility a little bit.
-Spreading the news through near ecosystem tools and partner projects etc…
-Requesting coingecko / cmc for listings.

In terms of the time of things:

  • 72 hours for community and Cheddar DAO discussion
  • Create an official proposal on the Cheddar DAO
  • The Cheddar DAO votes to move forward or not with the token sale
  • If the vote is to move forward we will reach out to Skyward
  • Upon an accepted whitelisted token sale
  • An official community announcements will be made by Cheddar, Skyward and Partners
  • Once listed on Skyward there is a seven day deposit period
3 Likes