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Deep Dive: How Cheddar Farm is Rewarding NEAR Users

Deep Dive into Cheddar Farm with new fundraising campaign on Meta Yield

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  • Meta Yield has partnered with Cheddar Farm for our next fundraising campaign
  • Cheddar is a loyalty protocol built on NEAR
  • A deep dive into their mechanisms that help make this possible
  • Give our users an idea of what Cheddar hopes to accomplish in the NEAR ecosystem

Meta Yield is Partnering with Cheddar Farm

We are leading up to the launch of our fundraising campaign with Cheddar Farm, and before we do, we want to give our users a bit of insight to their project. Cheddar is a loyalty protocol for the NEAR network that aims to incentivize and reward users to engage with various projects. We’ll break down how those incentives are structured, and explain their motivations and processes in this article. To find out more about their structure and goals, click here. 

Our team is firmly committed to bringing projects to Meta Yield that are both by and for the NEAR community, and we hope that reading this article will help you see the value in Cheddar that we do. 

Cheddar Farm Works for New and Existing Users

New Users on NEAR

A key part of Cheddar’s value comes from its education initiatives. All projects built on the NEAR ecosystem benefit from an increase in users, and Cheddar helps provide these incentives to join the NEAR network. 

They also offer a low risk method farming strategy by providing pools that are not subject to impermanent loss, providing new users a way to understand the benefits of DeFi without losing the house on their first try. You can check out their pools here

Current Users on NEAR

Cheddar also provides incentives for seasoned veterans of the NEAR network. Partnerships across platforms and their associated rewards are not just limited to new users. A number of their developing projects can be taken advantage of by users familiar with the NFT and DAO networks already established on NEAR. 

One such exciting feature Cheddar is developing is using $CHEDDAR and their future NFT projects to “power up” certain liquidity pools to increase yield even more. This creates an incentive for remaining engaged both on farms like Ref Finance, and with Cheddar itself. Many more of these types of rewards will be launching in the future, which is why it is key to get in now!

Use Cases

Cheddar tokens are already being traded around the NEAR ecosystem to provide both incentives for project use, and simply as an asset for farming. Cheddar maintains its own farm on their dApp, and has a number of pools on Ref Finance that are live right now. 

One of the unique parts about Cheddar is that their farms are insulated from impermanent loss. This means that even if one asset has a dramatic spike or decrease in value, the rewards will reflect that jump equitably. 

Cheddar inforgraphic for Meta Yield fundraising campaign

Holding $CHEDDAR is not only a useful asset for farming, but is being increasingly adopted as an incentive tool for projects. Examples include VIP access, whitelist for NFT drops, discounts, or purchasing NFTs that can be staked. The current token supply is unlimited with a transactional burn strategy, and governed by the Cheddar DAO which boasts a group of OG NEAR users and builders who are committed to creating and capturing value around the ecosystem. 

Cheddar Farm in the Long Run

This system of incentives is also designed to help create a beneficial culture in the NEAR ecosystem. Currently, users tend to “ape” into and then quickly out of projects attempting to earn the highest yield possible. Cheddar’s goal is to make projects built on NEAR “stickier.” This means providing rewards to keep users farming on their favorite sites, and help them see the value in decentralized finance beyond a simple get-rich-quick scheme. 

The fundraising campaign on MEta Yield will launch on July 27th, and conclude on August 25th. Cheddar hopes to raise around 150,000 stNEAR locked on Meta Yield, and will use the rewards generated to further increase incentives across their partner platforms. Roughly 3 million Cheddar will be minted and distributed if the goal is reached, which will further accelerate their success. 

Cheddar Roadmap for Cheddar farm fundraising campaign article

This roadmap helps explain the list of things cheddar is working on and plans to implement over the coming months. Any and all contributions on Meta Yield will be deployed to help achieve these goals. These include releasing NFT staking, NFT auctions, liquidity farming, DAO voting, and much more. 

We are committed to helping Cheddar succeed because they are committed to the success of the NEAR ecosystem. We will be releasing even more information about the project in the weeks to come, so make sure you keep an eye on our Twitter and Discord for updates. Let’s make this fundraiser successful and remember to keep on staking! 

About Meta Pool & stNEAR

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Users staking $NEAR and wNEAR with Meta Pool receive in exchange stNEAR (staked NEAR) tokens.

stNEAR simultaneously accrues staking rewards and unlocks users’ liquidity enabling them to participate in DeFi activities (e.g. lending, farming, borrowing) on NEAR and Aurora.

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