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Work
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)
Funding
$cYAPE
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
Arbitrage
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.