Yup Protocol v1 Launches
At a time when the yield farming fever is gradually subsiding, with most DeFi tokens experiencing serious bloodbath, Yup, the opinion layer of the web, is bringing the excitement back with the launch of the Yup Protocol v1 and the “farmable” YUP token on October 9, 2020.
As stated on the Yup website, the primary objective of the platform is to enable anyone across the globe to build influence and earn money for rating content across a vast array of websites.
The team has hinted that starting from the official launch date, YUP, the native cryptocurrency of the Yup ecosystem will be emitted consistently and dished out to users of the platform who curate content across the web.
Specifically, Yup is available as a Google Chrome browser extension and it supports a vast array of online sites and social media platforms including Twitter, Reddit, YouTube, and Google Maps.
The Yup protocol comes with an incentive mechanism that allows users to build their influence and reputation as they vote consistently, rewarding them with YUPX tokens. In essence, as users continue to curate content, the weighting of their votes increases, thereby giving them more opportunities to earn YUPX tokens.
More Gains for DeFi Yield Farmers
Though Yup is powered by EOS, liquidity will remain on Ethereum, as the team has however put in place a custom EOS-ETH bridge that makes it possible for liquidity providers to farm YUP by simply staking their Uniswap LP token.
Liquidity providers will be able to farm YUP tokens with their YUP-ETH Uniswap LP token by simply staking and bridging them to the EOS smart contract. The team has made it clear that yield for the first six months will be equal to 23 percent of all token emissions.
Commenting on the innovative project, Vernon Johnson, Yup co-founder said:
“The future is multi-chained. This is a bold step in that direction and we’re excited to take it. Ethereum has proven the power of composability. This power increases exponentially as integration with other chains and layer 2s improves, making way for new and exciting use cases.”