Our growing product is thanks to our growing community. On Twitter, YY has more than 3,500 followers and our active Telegram channel has more than 2,100 members.
The original team is not enough to handle this growth, while carrying out day-to-day business dev, product dev and marketing work. This proposal is intended to focus the core team towards the $YAK token launch, dex aggregator and other key initiatives to be announced.
Introducing Yak Guides
We asked for help from three of our earliest and most active members in the community. All three responded positively, even before we could explain the renumeration plan introduced below. We are extremely lucky to have wonderful and helpful community members.
Welcome our Yak Guides @analysisdifficult, @dinosaur50ft and @acap55!
The dynamic trio can be identified on Telegram by their “Yak Guide” tag. Yak Guides are in direct contact with the core team, and so you can trust that their answers reflect the most current views from the core team and are highly accurate.
Please give the Yak Guides a very warm greeting! They are here to provide you with the support needed for YY to continue growing. Below the Yak Guide introductions, we share details about the incentives framework for community contributors.
A word from our Guides
I’ve been in the space since 2016 and understood the value in defi very early investing in projects like Aave, Synthetix, Curve and YFI. Seeing Ethereum DeFi limited by speed and fees I naturally began to follow the blossoming Avalanche DeFi ecosystem. As a big supporter and day 1 farmer of YFI, I found great value in the Yield Yak ecosystem. I recognized the team was not about hype and focused on building a protocol that would naturally form a community and eventually launch a token with a real utility. I also see Yield Yak as being more of the dashboard to Avalanche defi with the team building a dex aggregator and more. I appreciate the opportunity as a Yak Guide.
I’ve been using DeFi protocols on Ethereum, Binance Smart Chain and Avalanche. I realized that we have the smartest investors and most amazing projects on Avalanche. I appreciate how Yield Yak creates economic incentives for compounding to happen and creates a user-friendly platform for the Avalanche ecosystem to boom. I have been here since the very beginning. I really look forward to working with Yield Yak to provide a safe and easy-to-use farming experience to the community.
As an early user of Avalanche and DeFi I’ve been blown away by the Avalanche DeFi community, and especially the team behind Yield Yak. Yield Yak has created an incredible product and it continues to grow and adapt to market changes and user feedback at a rapid rate. I look forward to working with the community and continuing to support and assist users however possible. We’re at the beginning of something incredible and I am thrilled to be a part of it.
YY Contributors Framework
We want Yak Guides to be compensated for their help while aligning their interests and goals with $YAK token holders and the community they are managing. The framework to achieve this goal can also be applied to compensation for other types of contributors.
Many teams pay with tokens, but we believe it is counter productive for YY. If we paid $YAK, it means that we must continuously spend tokens (and we do not have an inflating token supply). If we paid $YAK, it could mean that the people passionately working on the project must make a difficult decision to sell tokens. If we paid $YAK, it could mean that people who make very small contributions to the project end up with disproportionately large payments due to on-going staking revenue.
The $YAK token supply schedule intentionally does not leave much room for team spending. Most tokens will be owned by early users.
Instead, we propose a more sustainable, on-going solution for contributors like the Yak Guides. We believe our solution benefits both contributors and the community. In summary:
- 5% of the supply (1/3 the Partner tokens) will be assigned to YAK Guides
- The Guide tokens will be staked and locked
- All revenue collected by these tokens will be split between the current Yak Guides
- If a guide steps down, the remaining guides will split the revenue until an additional guide steps up.
- The amount assigned to Guide tokens may be modified in the future based on the growth and needs of YY.
- These tokens will remain managed by the YY team, until such a point it makes sense for the DAO or another party to take over the responsibility.
With this solution, we ensure that Yak Guides and other contributors are paid based on the platform’s success: the more revenue YY collects, the bigger payments contributors receive. This framework can broadly be applied to other types of contributors in the future.
In Related News
Our core team is working on the $YAK token launch and staking mechanisms. We are excited to release this part of the network as soon as possible, especially given the excitement we sense from the community who makes it possible.
Farm fees have been optimized to produce the best compounding effects, which vary and depend on different network conditions. These configuration upgrades make depositors more yield. The changes are led by a small group of community analysts.
Recently, a team of community developers formed to verify our contracts. The result is that most of our contracts are successfully verified. As part of this process, the developers identified and documented takeaways. Community developers earned over 300 AVAX in bounties, based on a broad usage of the framework above.
Additional community developers are contributing new strategies to YY. As these new strategies are deployed, the developers will be paid directly from “reinvest” fees per details on GitHub.