Yapeswap Weekly Update — August 5th

The following is an abbreviated account of the Yapeswap weekly developer’s meeting held on 8/5/21

During the week, Yapeswap launched it’s own Discord server and the team migrated from the workhard.finance server just prior to the meeting. The meeting began with a review of the team’s progress from the last week. During the week, the team decided to allocate 10% of YAPE emissions to the Initial Contributor’s Sharing Program (ICSP), a figure needed before forking the workhard.finance DAO. However, in order to complete the fork the team will need to create a multi-signature wallet, and the fork must be final before integrating the yield farming pools with the forked contracts for the Yapeswap interface. The team is still on schedule for a V1 launch on 8/15.

Not mentioned much in last week’s review was the Lucy and Titus NFT project, which is coming along as planned, and will likely be ready for airdrops into trader’s wallets the week of V1 launch. There will be 850 unique Lucy’s and 150 Titus’s, and these will be distributed to the earliest trader’s who initiate swaps on Yapeswap as a way of incentivizing trader’s and drawing people into the community. Previously advertised as being distributed to the first 1000 traders to use Yapeswap, the team agreed to use an exponential decay curve to stretch the time of distribution of the NFT’s and allow a wider range of users the opportunity to win such a coveted prize and join the Yape community.

The team reviewed the two models proposed by ApeBuilder for the YAPE emissions schedule and token supply curves and agreed unanimously on one of the options. 24,000,000 tokens will be created in the first week and the weekly emissions will be reduced for the first 29 weeks, bottoming near 1,365,000 at a total token supply of roughly 229,000,000. Weekly emissions will begin to increase slowly from week 30 on. After 5 years, weekly emissions will reach 5,434,000, and the total token supply will be 911,000,000.

The distribution of $YAPE emissions will be as follows:

  • 60% to Liquidity Providers
  • 20% to $yCOMMIT mining
  • 10% to the Yapeswap DAO treasury
  • 10% to the Initial Contributor Sharing Program

With the tokenomics out of the way, the team was able to further discuss the prospects of incentivizing trader’s to use Yapeswap via ‘merkle drops’. The team agreed that drops of YAPE emissions should be given to token holders of select communities who use Yapeswap in the weeks following V1 launch. This will allow some time for YAPE to accumulate before beginning the drops and gives the team time to devise a plan for distributing these incentives. The YAPE emissions dropped to these users would likely be from 3–8% of total emissions and would come from the Yape Treasury’s share of emissions. Most likely, the portion of the 3–8% that each user would receive would be based on total trading volume on Yapeswap over a set period and would feature a quadratic distribution curve.

Since the last meeting, the Yapeswap community ambassador account @LucyTheYieldApe drew some interaction from the founder of Sushiswap Joseph Delong. Joseph offered to provide the Yapeswap team with early access to their IPools interface, a feature of Sushi’s Trident suite. The Yapeswap and Sushiswap team’s are tentatively scheduled to meet sometime soon after Yapeswap V1 launch to discuss how the two teams can work more closely to provide users with the most capitally efficient AMM products. The team briefly discussed some ideas for Yapeswap V2 in preparation for meeting with the Sushi team, but agreed that releasing V1 will remain the priority up to the release date.