YSP Tokenomics Details

I propose the new token be called YSP to avoid any confusion with the old YAPE moving forward. 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 YSP 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.

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.

This is a proposal and is not final. The DAO must ultimately decide on all aspects of the new tokenomics.