YOP Development Update
April 2022 — YOP’s Public Launch is Getting Near
Thanks to the amazing support from the community, the private launch of the YOP platform has been a great success. Building on that momentum, the team has been very busy planning and working towards the public launch. Since the private launch, our focus has been to plan for the public launch. The whole YOP team got together in early March in Dublin, for an intensive 2-day planning session. We look dashing, aren’t we?
The core feature we are looking at for public launch is to provide additional utility for staking through a “Boost” system. This will allow you to increase (or Boost) your APY in Vaults by staking YOP. Don’t worry, if you have already staked you can avail of this boost in our vaults. A lot of design and planning is being put into this feature with several iterations on the formulas used to calculate a user’s Boost Multiplier in each vault. We will be providing lots more details on this feature in the coming weeks, so keep an eye out for these updates.
At present, it is not possible to modify a staking position once it is created. The ability to do this has been requested by quite a few community members and this is something we want to address. Modifying a staking position breaks down into a few key actions:
- Increasing stake amount or duration
- Decreasing stake amount or duration
- Early termination of a staking position (at a cost)
Initially, we will be focused on allowing people to increase their staking amount or duration as this also allows us to look at auto compounding of rewards without the need to create a new NFT for each compounding event.
We will evaluate decreases in stake positions and early terminations as time allows, but do not expect these to make it for public launch at this time. As mentioned auto compounding is also something we are keen to implement. This means that your rewards are auto compounded allowing you to avoid having to pay gas to claim & stake. This is something that will also after public launch.
We are working on a range of enhancements for My YOP including the ability to see positions in all vaults and quickly Boost your APYs. Our long-term goal for My YOP is that it provides everything you need to know at a glance, with detailed information available for drill down. Expect to see many enhancements to My YOP over the coming months.
At present, it is not possible to see a breakdown of APYs — base APYs vs reward APYs. At YOP, it is our mission to provide as much clarity as possible on how the platform works and we will be developing an analytics module later this year, which will really light up the platform. Until this is ready, we will be taking incremental steps towards providing more visibility and clarity on returns. One of these enhancements will be to provide a breakdown of APYs per vault within the vault details.
There are many useful datapoints about the YOP platform that we would like to visualise for our community and for our own benefit. Some work has started on this is Dune Analytics with the Staking Dashboard (https://dune.xyz/weileylee/YOP-Stakes), but there are lots more we want to do here. Ultimately, we will house this information within the YOP Platform (as we build out the analytics module). For now, we feel that it is better to make this information visible in a 3rd party tool sooner, than to wait for the internal dashboards to be ready before we start sharing this information. In short, watch out for more Dune Analytics dashboards over the coming weeks and months.
As you can see, we have a lot going on! Many of these features have a longer-term scope than our public launch, so expect to see features and functionality start to land in the platform on an ongoing basis as we move from private launch phase into ongoing, iterative development for public launch and beyond.
Stay tuned for real time updates and join our community chat on Telegram and Discord.
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