Mint a new Yape token to replace the token trinity, migrate DAO Treasury and Reserves to DAOHaus

The Yapeswap token trinity has proved to be both confusing and inefficient to use from a gas cost perspective. Not only this, but allocating a percentage of YAPE rewards to incentivize the new pools is undesirable due to the YAPE token being intertwined with veYAPE and having been emitted for several months now.
To solve the problems of hosting features that are infeasible to use due to gas costs and providing adequate incentives for the LP’s who enter the new NFT pools, the core team wants to convince the DAO to vote in favor of minting a new token and migrating all of the DAO’s assets to a contract hosted on the DAOHaus platform. The new fixed token supply would be 911,000,000 which is what the total token supply of YAPE would have reached after 5 years of emissions on the current schedule. All YAPE holders would be airdropped new YAPE tokens at a 1:1 ratio of their current YAPE holdings.

Please like the proposal if you support migrating the DAO and all of it’s assets to the DAOHaus platform and airdropping all current YAPE holders an amount of new YAPE equal to their old YAPE holdings.

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The total supply of YAPE after exactly 5 years of emissions would be 911,166,446.10. Instead of matching this number exactly when creating the new YAPE token, I propose we round up to an even 1 Billion tokens.

We will end YAPE emissions on 11/22, when the total supply of YAPE will be 190,586,128 or 19.06% of 1,000,000,000. Following emissions closure, we will allow 48 hours to claim all farmed YAPE tokens, and take a snapshot of the current YAPE holders and their holdings. The snapshot will be taken no sooner than 11/23.

1 veYAPE holds the same value as 1 YAPE. Since veYAPE is held in locks and the locks cannot be reversed or pulled, we will open a snapshot vote that has the sole purpose of acting as a ‘roll call’ for veYAPE holders. The addresses who vote will have the number of votes they cast added to their YAPE total for the airdrop.

There are still a number of cYAPE burns active, and all of these active burns come from those who bought cYAPE at a 2:1 markup. If these burns are closed now, all of the users will still be at a loss. I propose that we compensate each address holding an active burn with YSP tokens equivalent to the amount of DAI they started with if YSP tokens are valued at $0.0009, which is the current value of YAPE. These tokens should be vested linearly for 6 months, as those who burnt cYAPE were unable to claim their rewards without ending their burns anyways. The protocol will need to distribute 114,683,117 YSP tokens to cYAPE burn holders, or 11.4% of the total YSP supply.

The treasury will hold a presale for up to 9.47% supply or 94,700,000. These tokens will be made available at $0.0006 with 6 months of linear vesting for a maximum raise of $56,680. Any leftover tokens will be added to the Yapeswap Treasury’s holdings. All of these pre-sale shares will be sent initially to the DAO and the DAO can vote on the specifics of the token pre-sale.

The DAO will limit distribution to no more than 10% of the DAO funds per annum, or a flat total of 100,000,000 YSP tokens per year, whichever is greater.

All assets in the original Yapeswap Gnosis Safe and any reserve DAI left in the Workhard contracts will be migrated to the new DAO.

Sadly, the voting escrow dividend feature cannot be replaced in this process. Voting control over the DAO will shift to the core team initially. Active ecosystem participants, particularly veYAPE holders will be given the opportunity to request voting shares on an individual basis inside the Discord server DAO channel. The core team and Discord community must come to a consensus on the distribution of voting shares and this will be confirmed as a part of the final snapshot vote. The veYAPE holders must vote in the final snapshot in order to claim new YAPE tokens equal in number to their veYAPE locks. In other words, veYAPE holders will not automatically be given voting power in the new DAO, but as long as they vote in the final snapshot they will receive 1 new YAPE token for every veYAPE token they held. In the event that someone has been AFK while all of these updates and changes have taken place and genuinely missed out on voting with their veYAPE shares, they will be able to submit a proposal to the new DAO to receive their share of the new YAPE token.