add info on the Yup score here
There is this crazy and innovative idea about YUP and yup score:
We create a YUP-Vault with different timeframes to ensure a minimum yup score for any/every user. In these vaults, the user LOCKS YUP tokens for n amount of time and gets a certain amount of yup score in return.
Example: A vault with an upper limit of 1k YUP tokens per user and one year lockup period gives the user X amount of yup score for one year. X yup score will not be affected by the other parameters because this is advanced holding.
These vaults will be different from the LP pools. Locking up YUP directly gives the user influence in the Yup ecosystem.
Token lock ups is an interesting idea, but I don’t think guaranteeing an increase in Yup score is the direction we want to take it, at least in the context of the Eth address focused campaign we’re working on now.
The Yup score will increasingly include more data across web3 not just Yup. It’s meant to become a universal social score for Eth addresses in Web3. Having people lock up their tokens to guarantee them a certain Yup score would undermines the credibility of that to some extent.
However! I like the idea of maybe having a seperate Yup score for Yup accounts, and locking up/burning tokens would help increase your influence and YUP earnings in some way. Would love to discuss this more in community meeting.
It is not a guarantee like that. It is supposed to be an alternative to just holding YUP in the wallet and making yup score with it.
Instead of idle YUP holding, let’s lock them up!
On the same idea, these vaults give users a slightly increased number of votes than regular users. For example, if a user with 1000 YUP unlocked can vote 20 times, a user with locked 1000 YUP can vote 25 times in the same amount of voting power.
It would have to depend on the amount of yups or it will further increase the difference between the new accounts and the old ones and it will be much more complicated for a new user
Okay, lets look at it this way. Forget about lockup and make a contract tu burn those $YUP. If you only lock your funds for something in return, you’ll only get more $YUP and after the time period expires you get your funds back, which will mantain or increase the supply of the token, but if you instead burn the tokens to get somenthing in exchange, then that would make the token deflationary. And that’s the point I’m trying to make here. Because the token itself has a huge sell presure from curators which only curate, get rewarded and sell the token. We need to find more use cases for the token or else we’ll be holding bags and the price will keep dropping. So yeah, I would say, burning tokens.
Here is an example of how can we simplify the Yup score calculation based on the reputation of a user on different web3 platforms. This is a very popular fantasy sports app. They recently launched this Skill Score for every user. Take a look:
There are many fantasy sports available to play on this app, I played around 7 and this is my skill score for the top 6 sports.
Similarly, we can build a reputation of a user based on his/her Twitter, Ethereum, OpenSea/LooksRare, Polygon, Yup Community, Yup Holding/LP, Yup Governance, web3 interaction like swap/mint/burn/buy/sell/borrow activities and summarise a robust Yup Score. It will be super reliable for anyone in the web3 space.
big fan of burning! looking into this
so cool,and nice UI,i like it lol