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Tokens
$YAPE, $veYAPE, and $cYAPE are the three core tokens of the Yapeswap ecosystem. Their functions are described in-depth below.

$YAPE

$YAPE is a native reward token used to incentivize all community contributors in the Yapeswap protocol, such as liquidity providers, ape workers, ape investors, etc. All yields from Yapeswap pools will be paid in $YAPE.
There are two ways to earn $YAPE. The first is by providing liquidity to Yapeswap pools and the other is by burning $cYAPE. By locking $YAPE, one can earn $veYAPE and get paid dividends from the protocol's revenue.
*Note that you cannot get paid any dividends by holding $YAPE
$YAPE will be listed at $0.10 when emissions begin and it's value after the launch of the protocol will be determined by the market, which will be largely dependent on the quality and strength of the Yapeswap ecosystem.

$veYAPE

$veYAPE represents access to dividends and voting rights within the Yapeswap DAO. $veYAPE can only be obtained by locking $YAPE tokens for set time periods, and it is non-transferable.
*The relationship between $YAPE and $veYAPE is the same as that of $CRV and $veCRV.
The longer you lock $YAPE, the more $veYAPE you can obtain. The current max lock period is set to 4 years.
  • 100 $YAPE tokens locked for 4 years > 100 $veYAPE
  • 100 $YAPE tokens locked for 2 years > 50 $veYAPE
Because those who lock $YAPE for longer periods are true believers of Yapeswap's vision, the system is designed such that larger rewards are distributed to them compared to others. All protocol revenue (Protocol fee + Yields generated from Yearn vaults) is used to buy back $YAPE. All $YAPE bought back is paid to $veYAPE holders as dividends.

$cYAPE

$cYAPE is a stablecoin pegged to $DAI/$USDC, whose main intended function is to pay workers for their contributions to the Yapeswap DAO. When workers are paid in $cYAPE, they can swap it out for $DAI, effectively cashing their paycheck, or they can burn it to mine $YAPE rewards. The burnt $cYAPE accrues $YAPE rewards and does so at an APY higher than the rest of the $YAPE mining pools. To acquire $cYAPE without being paid for a contribution, one can buy it at a premium rate of $2 DAI to 1 $cYAPE. Some users elect to buy $cYAPE in order to take advantage of the high APY of the burn mining pool.
A given value of $cYAPE begins earning $YAPE tokens the moment that it is burned. The burned value will continue to earn rewards until the $YAPE rewards are withdrawn, at which point the burned $cYAPE is disposed of and the rewards stop accruing. With their wallets connected to the protocol, users' burnt $cYAPE balances will be displayed for their viewing on the DAO page along with the balance of the $YAPE it has mined since being burnt. When the $YAPE is withdrawn the $cYAPE balance will no longer be viewable for users as it cannot be burnt again.
Please refer to the 'Burn $cYAPE or Swap for $DAI' tab under 'How to Earn $YAPE' for a full walk through on how to use your $cYAPE on the Yapeswap DAO page.
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