Token migration details - please read carefully

In preparation for the transition to the new YAPE token, please begin harvesting rewards and removing your liquidity from all Yapeswap pools and exchanging your LP tokens for their associated ERC-20’s. There are different processes in place to account for and replace all YAPE, veYAPE, and cYAPE tokens, so please read carefully through all of the instructions before consolidating your YAPE tokens for the airdrop.

The final, ‘roll call’ snapshot vote for veYAPE holders will be opened on Wednesday, November 17th and will close on Friday, the 19th. Please cast a vote using your veYAPE, then screenshot your lock on and post to the temporary discord channel #claimveyape. We are asking for this screenshot so that we can verify the YAPE your lock started with, as it is difficult to see this information in the contract. If you do not want your discord profile to be doxxed with your address, you can email this screenshot to yapeswap@protonmail.com.

The snapshot for YAPE tokens will be taken on Monday, 11/23 at 19:00 UTC. All YAPE that is held in your wallet will be replaced at a 1:1 ratio with the new YAPE token, which can be expected to arrive by Friday, December 3rd. Please expect a potential lack of liquidity on the YAPE token as the YAPE/ETH pool is emptied. If you end up holding YAPE that you would rather sell for ETH, please raise your concern in the #support channel of the Yapeswap Discord sever. We will do our best to accommodate you in an OTC arrangement if possible but you may need to hold the old YAPE and convert the new YAPE to ETH once you’ve received the airdrop and liquidity becomes available. Any veYAPE that you verify through the roll call and screenshot process will be added to your new YAPE total.

For cYAPE burns, please do nothing. You will receive the new YAPE equal to the amount of DAI you originally burned at a valuation of $0.0009/YAPE. These YAPE tokens will be available on a 6 month linear vesting schedule inside the new protocol. If you held YAPE tokens as well as a cYAPE burn, you will receive two separate allocations of YAPE tokens, 1 of which will be immediately available to you, and the other will be vested linearly and will become available to you over the course of the next 6 months. The vesting for these tokens is intended to be setup through the Geyser protocol. If we have issues setting up this vesting mechanism, the Yape treasury will hold the tokens and distribute 50% of them after 3 months and the other 50% after 6 months.

Please be aware that you can close your cYAPE burn and harvest the YAPE that your burn has accrued, but if you do so, you will only receive a 1:1 airdrop for the YAPE that you harvested, and you will not receive the full reimbursement on your original cYAPE burn.

We have taken a snapshot of the Discord users and will distribute 20,000,000 YAPE based off of Server activity ranking to those who provide an address in #newyapedistribution channel. The core team will not be included in this distribution, but all other users who earned a role in the server will be rewarded just for participating in our community. Users who received YAPE tips inside the server can also type !balance in this channel when they drop their address, and their discord wallet balance will be added to their new YAPE total for the airdrop.

1 Like