Cheddar Loyalty Token
Cheddar is building a loyalty network for the NEAR ecosystem of dApps by establishing strategic partnerships that promote the use of NEAR while rewarding users.
Loyalty networks and status have been successful in motivating customers and users to perform more of the actions that are valuable to a business.
Cheddar provides a way to bootstrap community tokens, allowing apps to increase user loyalty, financially align with users and add a new revenue stream using farming mechanisms.
Unlike most yield farms, Cheddar takes farming to a new level by providing long-term benefits to its HODLers through PowerUps (Discounts, Boosts and VIP access) while promoting cross-application use throughout the NEARVerse. Users can farm Cheddar via Yield Farming, Liquidity Pools (LP’s), or utilizing dApps in the NEAR ecosystem.
Cheddar helps NEAR dApps avoid common pitfalls seen with other blockchains that center around three key areas:
- 1.Long-term User Engagement - DeFi moves lightning fast. Unfortunately, so does onboarding and off-boarding of users. After a dApp’s initial “honeymoon” phase, the lights usually go dim. Recruiting and retaining users is the lifeblood of every dApp. Cheddar aims to help this common issue by creating loyalty and incentives.
- 2.dApp Connectivity - Users tend to “ape” in and out of the dApp of the moment. Cheddar creates an ecosystem of loyalty for NEAR dApps by creating a common link between apps beyond individual tokens. Cheddar improves loyalty through dApp PowerUps.
- 3.Cross-Chain Hopping - Keeping users active on NEAR is how Total Value Locked (TVL) is built and preserved. Cheddar aims to create dApp interconnectivity and a fun way to stay engaged in the NEAR ecosystem.