The following contains all Yapeswap dev team discussions having taken place between 7/16 and 7/21 including the weekly meeting on 7/19
Mid week discussions, updates, development — 07/16–07/19
- Gav joined into the discord during the week and helped setup a list for which the team Trello board was setup.
- ApeBuilder announced that we will be forming a core development team. With the first members being ApeBuilder, 0xMayflower, Torgmeister and Gav, and that the team is open for anyone to join.
- 0xMayflower explained why slippage will not be a problem for Yapeswap. In his word, “It has the same slippage rate since the Uniswap AMM math works with the virtual balance that is the sum of reserved + farming.”
Team Meeting 7/19/21
The meeting opened with clarification on several items from Ape Builder:
- Our VISION equivalent is YAPE tokens, and RIGHT is equivalent to veYAPEs.
VISION, RIGHT, COMMIT => YAPE, veYAPE, yCOMMIT
- There will be no pre-allocation of YAPE tokens
- The team will manage the project schedule using a google calendar
- Yapeswap will only be able to support tokens that can be deposited into Yearn. Most of Yape emission will be allocated to liquidity providers and other AMM governance token holders (UNI, SUSHI, etc. We may do retroactive airdrops to incentivize early traders, but this item remains undecided.
- The team will post job openings to fill labor needs in the WHF forum and Discord.
- The team established that a weekly meeting time of Thursdays at 8PM MST
- ApeBuilder explained why a portion of YAPE emissions will go to UNI and SUSHI holders: If we drain them of their liquidity they won’t mind as long as they are receiving emissions.
Discussions 7/20 & 7/21
- 0xMayflower started the a new channel in the discord for core devs.
- Gav introduced an excel spreadsheet, “Dry run with sample scenario” and proposed starting to deploy to Ethereum test nets and play with the code. He expressed concerns over frequent large trades which will trigger frequent rebalances unless we have very high liquidity, and proposed implementing dynamic allocation for the yearn vaults.
- ApeBuilder shared his job posting announcement on the WHF job board and forum and Torgmeister shared it on Twitter.
0xMayflower explained to StewieZoolights how virtual reserves are pegged to underlying assets:
- You provide 1M USDC + 1M DAI to the Yape pair.
- The Yape pair deposits 0.9M USDC & 0.9M DAI to Yearn.
- But the reserve0 = balance0 + farming0 and reserve1 = balance1 + farming1 i.e, virtual USDC reserve is 0.1M + 0.9M & virtual DAI reserve is also 0.1M + 0.9M.
- If someone tries swap function, Yape pair uses the balance first, so the gas price almost equals UniV2. But if the balance is not enough (for example, when someone makes a big trade with 20 % of slippage), it withdraws the farming asset from Yearn & rebalance the farming ratio.
- Anyone can run rebalance function permissionlessly.
- When rebalance is called, it takes the net yield and send it to the fee manager.
- Fee manager buys back Yape using the revenue & distribute them to the veYape holders.
0xMayflower also gave examples of how the rebalance() function will work:
If DAI’s farming ratio is 95% it will be over-farming, so it’ll withdraw 5% from Yearn when rebalance is called.
In another case, the USDC farming ratio will be roughly around 85% and it will be under-farming, so it’ll deposit 5% to Yearn at the same time.