YAK is an ERC-20 compliant token. The contract logic is immutable and includes no ability to mint tokens, burn tokens or otherwise change supply.
- Name:
YAK Token - Symbol:
YAK - Decimals:
18 - Address:
0x59414b3089ce2AF0010e7523Dea7E2b35d776ec7 - Total supply:
10,000 YAK
The token will be initially distributed through the Claim contract.
$YAK token has two main purposes:
- Govern Yield Yak network
- Stake and farm to earn rewards
Farming and governance are considered together. That is, users do not need to decide between having a voice in governance and earning yield farming incentives. They can have both. In fact, users must stake tokens to be eligible to vote.
Staked YAK tokens contribute to voting power. The vision for the platform is to be fully governed on-chain. Network architecture decisions should be made with this ultimate goal in mind.
1 YAK = 1,000 Votes
Initially, and for the goal of growing the network in a flexible way, a multi-sig wallet will be used to execute key governance decisions. DAO members may signal their preferences through Snapshot voting.
We introduce the concept of Voting Power, which is determined by deposits into the staking contract. The staking contract accepts multiple types of tokens, with different ratios of votes per token. For example:
- $YAK token - 1,000 votes per token
- LP token - 10,000 votes per token (assuming 1 LP token has 10 YAK underlying)
- YRT token - 50,000 votes per token (assuming 1 YRT token has 50 YAK underlying)
The VotingPowerPrism contract stores all snapshots and should be referenced by contracts which need access to snapshots.
This proxy contract delegates execution to VotingPower, an upgradable implementation contract.
The LockManager contract gives other contracts in the ecosystem the ability to modify user's voting power. For example, vesting tokens have voting power. For example, farming tokens have voting power.
Conversion ratios are determined by contracts (see /contracts/formulas/) which may be updated.
Tokens eligible for voting power may be added and removed through the TokenRegistry contract.
Staked YAK tokens earn AVAX. The staking contract accepts YAK in multiple forms, with different ratio of earnings per token. For example:
- $YAK token - 1,000 allocation points (voting power + rewards)
- LP token - 10,000 allocation points (voting power + rewards)
- YRT token - 0 allocation points (only voting power)
The staking contract accepts autocompounding tokens (YRT), which themselves farm the LP token portion of earnings. This gives users the ability to farm, autocompound and get voting power in the network.