Proposal to Add NEWM/MIN Yield Farming to Minswap

1.1 Please describe your project. What is it doing to improve Cardano?

Our vision is to create a DAO (Decentralized Autonomous Organization) managed by musicians, fans, and the community. It will include multiple decentralized services, like music IP rights fractionalization, a marketplace and secondary market for exchanging music rights, and a royalty collection protocol for automatic collection and distribution of royalties. Our long-term goal is to establish a self-reliant ecosystem, incorporating our own unrestricted streaming service integrated into our membership model. Leveraging crypto-defi protocols, we aim to provide free streaming for fans while potentially doubling royalty payouts for rights holders.

1.2 What does the Token do? How many holders does it currently have?

$NEWM is a governance and utility token.

It’s currently the voting token of our DAO. In the first phase, we are utilizing our community as an advisor to make better and more informed decisions. In the last phase, we plan to move towards a decentralized ecosystem in which the self-governance part will play a crucial role to help our ecosystem to evolve.

Additionally, the $NEWM token will be used for different utility purposes like a tier system to get discounts for our services, get access to different features of the ecosystem and in the long run we might even use it for everything in our ecosystem. We will describe everything in more detail in our whitepaper V2.

At the moment of writing, our community has 23’640 unique token holders.

1.3. Why do you want a MIN Farm? How does the Minswap community benefit from offering a MIN Farm for your Token? Apart from the MIN Farm, will you add your own Token as incentives as well (Double Farm) If yes, how much?

Our community has spoken! In one of our governance votes, we asked the community to vote for DEXs that we should provide liquidity to. Minswap was the biggest beneficiary due to the strong community of Minswap. 37.5M $NEWM voted to provide liquidity to Minswap - we followed accordingly and provided the biggest portion of our liquidity budget to Minswap.

Now, it’s time to tap into the power of our community and start a Double Farm on Minswap to provide substantial liquidity for our native token. That way, our most passionate and supportive holders can earn more $NEWM and have more voting influence.

We’d like to add 2,433,758 $NEWM to the $NEWM/ADA Farm as an incentive, which we would love to distribute in the next 12 months. If our community consistently overperforms, we have allocated additional $NEWM to top up the $NEWM Farm amount if needed.

1.4. How much circulating supply is there of your token? Please inform us briefly of your tokenomics, including the distribution and vesting schedule of the token (investors, team, yield farming, etc.)

NEWM has a total token supply of 9,735,400,000 (with six decimals). The current circulating supply is 813.64M NEWM (8.4%). You can find detailed information about the project’s tokenomics, distribution, and vesting schedule in our Whitepaper.

1.5. Is your Project audited? By whom?

The first part of our smart contracts for minting the NFTs and fractionalization is audited by the same company who audited Cardano - Quantstamp

  • Yes, add NEWM to Yield Farming
  • No, not add NEWM to Yield Farming

0 voters