Yapeswap Docs
Work is where the $cYAPE magic happens. Work is powered by:
  1. 1.
    Projects on the πŸ“‹ Project Board
  2. 2.
    The πŸ”„ Stable Reserve Redemption System

πŸ“‹ Project Board

  • Anyone can post a project on the Project Board.
  • Budget Owner/Admins are the ones who create and post projects.
  1. 1.
    Projects are funded with $cYAPE tokens as contributions.
  2. 2.
    A project's Budget Owner can pay contributors at once or stream payments over time.
  3. 3.
    (Optional) Projects can also choose to start an Initial Contributor Sharing Program (ISCP)
Initial Contributor Sharing Program
Budget owners/admins are not the only people who can fund a project--theoretically anyone can join in on the cause and contribute to a project's payout funding. That being said, there is no mechanism enforcing a budget owner/admin to keep track of, record, or honor any of a project's additional financial contributions beyond his/her own.
Any contribution (with $cYAPE) to a project is automatically recorded as a contribution. Recorded contributions are valuable because they count toward emission shares when the project later upgrades to a DAO.
  1. 1.
    All financial and work contributions are recorded. These recorded contributions guarantees a percentage of the token emission to a project's initial contributors when the project upgrades to a DAO.
  2. 2.
    Only the Budget Owner has access to Admin functions. The Budget Owner can setup the ICSP, transfer ownership to a multisig wallet, and record contributions.
    1. 1.
      All projects on WHF initially start with a single Ethereum account as the Budget Owner.
    2. 2.
      The project owner(s) may choose to transfer and decentralize ownership to a Gnosis multisig wallet.

πŸ”„ Stable Reserve

Work is straightforward: get paid in $cYAPE or don't work and instead buy $cYAPE. The Stable Reserve is the only contract that can mint $cYAPE.
1$cYAPE β†’ StableReserve β†’ 1$DAI
2$DAI β†’ StableReserve β†’ 1$cYAPE
Price Floor
Because the circulating supply of $cYAPE will always be less than $DAI in the Stable Reserve, there is an effective floor of 1 $DAI for 1 $cYAPE and a ceiling of 2 $DAI.
In the rare case that 1 $cYAPE goes over 2 $DAI, any trader can take advantage of this arbitrage opportunity and trade away the difference at Decentralized Exchanges.
With your $cYAPE, you can choose to burn $cYAPE to mine $YAPE (rather than immediately cashing out into $DAI).
Commit mining and buying $cYAPE at a premium ensures there's extra $cYAPE in the Stable Reserve. If Reserved $DAI - Circulating $cYAPE = x, the community can vote to mint x $cYAPEs and grant them to projects. Extra $cYAPE means a larger budget for Yapeswap to pay more contributors. Effectively this mechanism between $cYAPE and $YAPE works like liquid stock options.