- The YUP token is going live on Friday, October 9th at 4 pm UTC!
- This is a multi-chain launch, with users curating content on EOS yet providing liquidity on Ethereum.
- 85% of the YUP genesis supply is distributed to Yup community members and over 10k twitter influencers based on their social value. ~9.3m YUP tokens are issued in the first year to curators and liquidity providers.
- To start, YUP is available through one liquidity mining pool: YUP-ETH.
- On the launch date, this post will be updated with more details on participation.
- Join our Discord discussion at https://discord.gg/tEJEzTS
The purpose of the YUP token is to capture online influence as an asset, decoupling social capital from physical capital. It can be earned through online engagement (likes, ratings) that is affirmed by the community, or by providing liquidity to its fiat gateways. It can be held to increase one’s potential return on their engagement and to govern the protocol. It can be burned to increase potential returns on specific engagement. See the protocol site here
💕 Solving for Influence
Influence is already one of the fastest growing asset classes of the ’20s, but its market is still highly inefficient. Influence is massively illiquid and mispriced, hurting its impact and growth potential. Yup solves these inefficiencies by rewarding according to social consensus; influential users provide their likes and ratings while staking their reputation, in return they get their fair share of distributed tokens and influence. Learn more
🏡 Launching with a working product
Yup has a working product and protocol that incentivize participation with over thousands of weekly active users using the protocol, extension, and web app. Existing users include tech founders, YouTube streamers, crypto passionate, music artists, and meme curators. The Yup Extension functions as an influence layer for the web. It can also be used as an EOS/Ethereum wallet. The Yup App hosts user’s profiles and feeds, along with ranked lists of the best users/content.
In the last few months, we’ve been lucky to have accomplished a ton with our beta protocol and product, and we’re excited to start the next stage in our growth as an organization and community.
📜 Yup Protocol V1
The Yup Protocol is a social consensus protocol incentivized by an opinion economy that sits atop the internet. Users receive token rewards and build influence on the platform by liking, rating, and curating content from any site on the internet. This can be done passively by linking social accounts such as Twitter. The impact of their ratings and the influence and rewards they receive are proportional to their value as determined by other users. Their assets garnered through staking, engagement, and approval determine the impact of their ratings. Fractionalized shares of accounts and communities governed online will encourage fair markets of community-building, entertainment, and advocacy. Learn more
Key features include:
- Curated Influence Score for each user and URL across the web
- Cross-platform lineage tracking for likes and ratings
- Quadratic Rating voting mechanism on 2nd layer
- Influence-based governance
- Creator/Curator rewards mechanism
- Liquidity Provider reward mechanism
- IPFS-based open access database
- EOS-ETH Bridge
💦 Liquidity for a mainstream audience
For the Yup Protocol to function, it needs liquidity and fiat on-ramp/off-ramp gateways for a global and mainstream audience. Since Ethereum has the most robust financial infrastructure, the Yup Protocol relies on it for liquidity and withdrawals. To incentivize liquidity, liquidity providers can stake their ETHYUP Uniswap LP tokens to the Yup Protocol for a yield in YUP. (more info on launch day) This will allow Yup users to withdraw to USD/ETH on the Ethereum blockchain, potentially to gateways such as Coinbase or Binance.
💰 Supply and Distribution
9,315,081 YUP is minted at genesis and will become accessible over the course of 1 year. The initial one year allocation is as follows:
- 50% to Yup Creators and Curators = 4,657,540 YUP
- 23% to Liquidity Providers = 2,142,469 YUP
- 22% to Team = 2,049,317 YUP
- 5% to Treasury = 465,754 YUP
Emissions will occur in 4 phases:
Phase 0 • Day 1: YUPX holders will immediately receive a retroactive distribution of YUP at a 1:1 rate. Additionally, over 10k twitter users will receive a proactive distribution of YUP according to their Twitter actions over the last few months and Yup users’ ratings of them. Lastly, ~20% of this will be held for unclaimed creator rewards and 15% will be held by team. This will create an initial supply of 100,000 YUP.
Phase 1 • 1 Year: Daily emissions of 1.25% the total supply of YUP
Day 1: 1,250
Day 2: 1,266
Day 3: 1,281
Phase 2 • 1,049 Days (2.88 Years): Daily emissions decrease by 100 YUP each day until 10,000 YUP/day.
Phase 3 • indefinitely: Daily emissions of 10,000 YUP
More info on YUP Token Distribution can be found here.
⛓️ Cross-chain Integration
Yup believes that the future is cross-platform and cross-chain. Ethereum has the liquidity and fiat gateways that the Yup Protocol requires, but not the scalability it needs. EOS is fast, cheap, and dev friendly, but it lacks the financial network effects for seamless monetization. For these reasons, the Yup Protocol and YUP token are launching on ‘both’ Ethereum and EOS. Liquidity will primarily exist on Ethereum; Liquidity providers farm YUP yield with their YUPETH Uniswap LP Tokens by staking and bridging them to the EOS smart contract. On EOS, Influence is measured and YUP tokens are distributed.
Together, the two chains provide the necessary infrastructure for the Yup Protocol to function at scale. This is the first of its kind. We have yet to see a launch of a token that is dependent on two separate public layer 1s for different aspects of its protocol. The Yup Protocol leverages an implimentation of the DAPP Network ETH-EOS Bridge. This is the first mainnet implimentation of the bridge, and will be used to link YUP and its LP token between chains. Multiple nodes from reputable organizations run this bridge (more info soon). In this CoinTelegraph article, we talk a little bit about our feelings towards tribalism or loyalty to a specific layer 1.
🏎️ Yup Racing
Liquidity providers can stake their ETHYUP Uniswap LP tokens to the Yup Protocol for a yield in YUP. This will be done through a UI titled Yup Racing that will be announced at launch (it includes a fun racing game!). Liquidity providers will be able to stake/unstake and participate through their MetaMask wallet. See our article on Influence Mining to learn more about the overlap of Yup and DeFi.
♻️ YUP vs YUPX
The YUPX token is an experimental token used for Yup Protocol v0. It functioned as a means of stress-testing the protocol and experimenting with different approaches. YUPX isn’t a speculative asset, but a token. All YUPX holders will receive YUP 1:1 at launch on Friday, per snapshot of Friday 4:00 UTC. From launch, no new YUPX will be distributed
🚀 Launch Schedule
- Fri 10/9/20 4:00 PM UTC → YUP Token genesis distribution
- Monday 10/12/20 → Yup Protocol Launch
- Thursday 11/12/20 → ETH-EOS Bridge
📱 Contact Info
- Join our Discord discussion at https://discord.gg/tEJEzTS
- Don’t miss an update by following us at https://twitter.com/yup_io
- Email us at email@example.com
- Check out our Github https://github.com/yup-io