Yapeswap Weekly Update — August 23rd
The first week of Yapeswap’s operation was a smashing success. Yape.exchange went live on August 16th and had reached $1.3 million in Total Volume Locked within 24 hours. At time of writing, the protocol’s TVL is $2.9 million, having reached a high of $3.1 million over the weekend. The total volume exchanged over the the week following the launch exceeded $400k.
With a surge in TVL came a surge in new members of the Yapeswap community. The discord server now has 142 members at the time of writing, and the official Yapeswap Twitter account grew to 198 followers.
New community members quickly realized the significance of Yapeswap’s live governance token. At time of writing, there are over 615,000 veYAPE tokens held, making up roughly 12.5% of the circulating $YAPE supply that has been locked.
Shortly after the launch, one user burnt cYAPE he had purchased hours earlier and withdrew his earnings soon after, expecting the cYAPE to be returned to his wallet. After verifying that the user had in fact executed the transactions he had described, the team responded by offering the user the opportunity to earn back his cYAPE by completing a small task for the DAO. The community voted on a 12 hour snapshot to approve the project funding that served as his reimbursement. The team immediately added warning icons on the UI so that future users will be aware of what they were doing when burning and withdrawing cYAPE and cYAPE rewards.
The forum discussion can be found here: Yapes, save the lost Yape! — Yapeswap
The snapshot vote can be found here: Yape (snapshot.org)
For those still wondering about cYAPE, it is a stablecoin pegged to DAI, whose main intended function is to pay workers for their contributions to the Yapeswap DAO. When workers are paid in cYAPE, they can swap it out for DAI, effectively cashing their paycheck, or they can burn it to mine YAPE rewards. The burnt cYAPE accrues YAPE rewards and does so at an APY higher than the rest of the YAPE mining pools. To acquire cYAPE without being paid for a contribution, one can buy cYAPE at a premium rate of 2 DAI to cYAPE. Some users elect to buy cYAPE in order to take advantage of the high APY of the burn mining pool.
Within a few days of the launch, discussions had started circulating amongst discord members to increase the emissions allocation to the ETH/YAPE pool. The forum discussion prior to the snapshot vote was open for 24 hours and received support, and the snapshot vote itself was open for 48 hours. The snapshot passed unanimously. 8 voters participated and a total of and the pool was adjusted to accrue rewards at 2x the rate of the rest of the $YAPE mining pools.
Within 48 hours of the launch, the community began suggesting that the emissions on the ETH/YAPE pool should receive more rewards than the other liquidity pools. A forum discussion was created around allocating 2x rewards for this pool relative to the other yapeswap pools. The forum post received support and the subsequent snapshot was passed unanimously. 8 voters participated in the snapshot and cast a vote total exceeding 168k veYAPE. The pool adjustment was enacted on August 23rd, one week after the launch date.
The forum discussion can be found here: Yape/WETH Emissions Proposal — YSIPs — Yapeswap
The snapshot vote can be found here: Yape (snapshot.org)
On Thursday, August 26th at 00:00 AM UTC, veYAPE holders will be able to redeem their YAPE rewards. The core team wanted to distribute rewards to veYAPE holders quickly to ensure to all holders that the distribution process is operational.
The NFT project is still in development and is expected to release in early September. Art development is nearly complete, and the first looks at the Titus’s have been teased in the discord channel.
