[FARM] Neko - NEKO <> USDC

Project Description

NEKO was born in early 2022 as the first community meme coin on NEAR Protocol, filling a key role in the ecosystem. Meme coins are extremely effective at onboarding new users into crypto and this momentum will help bring mass adoption to NEAR Protocol. NEKO unites the NEAR ecosystem under a meme-powered force that the entire community can rally behind!

NEKO token has already seen great success as the NEAR Community Meme Coin. NEKO token is the #3 most held token in the entire NEAR ecosystem with ~22,000 unique holders! We are proud to be the cheerleaders of NEAR, and the glue that helps bring the ecosystem together through memes and partnerships.

Going beyond the memes, NEKO token powers the creator economy on NEAR Protocol. Professional content creators are rewarded in NEKO to make educational content about the NEAR ecosystem. NEKO introduced the Learn to Earn movement that rewards our audience for engaging with NEKO content.

Neko has made great strides with scaling the NEAR creator economy. Over the past year we have onboarded 5 crypto content creators, with large existing audiences, into the NEAR ecosystem. Neko creators have made 300+ TikToks, YouTube videos and Instagram Reels about NEAR. NEKO token rewards are the driving force behind this repository of NEAR content creation.

Project Plan / Development

NEKO token is built with balanced token economics designed to reward holders and distribute rewards to the entire NEAR ecosystem.

  • NEKO is the first tax token on NEAR, starting with a 5% tax when traded. Half of the tax is burned creating a highly deflationary mechanic. The other half of the tax is deposited into the Fortune Cookie Vault where it is rewarded back to the community. The NEKO tax rate declines in relation to the decline in emissions year-to-year. After 4 years the NEKO tax rate will be 0%.
  • 5% of the NEKO supply is allocated to NEAR Content Creators and Learn to Earn initiatives.
  • 42.5% of the NEKO token supply is distributed to the NEAR community including NEKO Grants for NEAR onboarding initiatives.

Farming Goals

The NEKO token listing on Ref Finance was a great success, with NEKO in the top 7 for 24 hour volume even several days after launch. The NEKO liquidity pool was the only 24 hour volume leader without a farm.

This proposal intends to supercharge the initial liquidity for NEKO on Ref Finance with 100MM in NEKO token rewards for the NEKO <> USDC pool. We would like to propose an additional allocation of REF rewards to further boost liquidity incentives for the NEKO <> USDC pool in the future.

Farming Details

Length: 31 days

Estimated Starting Date: Last Week of January 2023

Pair: NEKO <> USDC

NEKO: 25,000,000 / week (100 Million NEKO / 31 Days)

NOTE: We would love to incorporate NEKO rewards into other farms on Ref and add REF rewards to the NEKO <> USDC LP as soon as possible! :smile_cat:

1 Like

Hello! Great to see more partnership coming. Curious if you can share an estimate for Ref reward you hope us to provide (and provide some background on how you derive the number)? Thanks!

1 Like

Hey @lokpray!

We have a $150K TVL target for the NEKO <> USDC LP per the first month of Farming Rewards.

With $150K in TLV, 100 Million NEKO rewards will yield a juicy 80% APR.

We propose a boost of REF rewards in the range of 4200 REF over 31 days to add an additional 4.7% APR in rewards for the NEKO <> USDC LP.

Of course the Neko Community is happy to team up on rewards with Ref at any scale, and we also can’t wait to explore additional opportunities for NEKO as a rewards token for other Farms on Ref!