CHEERS is the native utility token of CheersLand GameFi Universe.
CHEERS is the glue that binds all ecosystem and community members of CheersLand together, which acts as the incentive and ticket for supporting the ecosystem. CHEERS holders will be able to claim rewards if they stake their tokens, play the game, build the game, and participate in Initial Gaming Offering (IGO) and key governance votes.
The use cases of CHEERS are as follows:
CHEERS stakers, as an identity in the CheersLand ecosystem, will earn CHEERS rewards and farm multi-assets on CheersLand.
By governance voting, CHEERS holders will have an influence on the crucial aspects of CheersLand development such as staking yield, projects listing on IGO, games onboard, buyback & burn percentage etc..
CHEERS will act as the main incentive for gamers participating in Weekly Tournaments and Ranking List, as well as builders participating in the development of games based on CheersLand.
CHEERS will be used to determine eligibility for participation in Initial Gaming Offering (IGO) or certain sales/auctions conducted by the CheerLand team.
CHEERS will be accepted as universal currency within CheerLand NFT Market. Commodities in the ecosystem will be priced and traded with CHEERS as the unit.
CHEERS is designed to align the incentives between the gamers and the builders in positive ways. There are three main goals of the mechanism:
To reward gamers for interacting with CheersLand while incentivizing them to hold CHEERS tokens so they can claim additional rewards.
To connect to the ecological revenue and allow gamers and builders to benefit from it.
To decentralize the ownership and governance of CheersLand.
In late 2021, the Community Vault will be established and begin to receive revenues generated by CheersLand, which will be governed by CHEERS holders eventually, once the network has become sufficiently decentralized. It is worth mentioning that CHEERS holders will enjoy a decreasing inflation model additionally boosted by buyback & burning mechanisms fueled by the ecological revenue.
The Community Vault receives inflows from:
Portion of revenues from Initial Gaming Offering (IGO)
Portion of revenues from Multi-asset Staking Platform
Portion of all NFT Market service fees
Portion of marketing and advertising revenue
CHEERS holders will decide and modify the proportion of inflows through governance voting. More streams will be added in the future from NFT sales, gaming licensing fees, and more as new opportunities present themselves.