On Thursday, Feb 24, we write the next chapter of the Yup story. We will begin migrating parts of the Yup protocol to the Polygon POS blockchain, starting with the YUP token and reward distribution.
This migration is part of our strategy centered around the composability and network effects of EVM-based blockchains like Polygon. It is in line with our mission to provide an opportunity for all users to engage with Yup and earn. Migrating the protocol is a commitment to speed, scalability, and security for Yup's future. This is to build a universal reputation layer across all EVM-based networks.
EVM as a social network
The open-source data, tools, and communities that have formed around the Ethereum Virtual Machine (EVM) are nothing short of revolutionary. The EVM is a blockchain-based software platform initially built for the Ethereum blockchain that allows developers to create decentralized applications. It is the global virtual computer that records the state of every participant on the network stores and agrees on. Since its launch, over 20 legitimate EVM-based blockchains and side-chains have emerged, such as Polygon, Avalanche, xDAI, Celo, Quorum, Solana's Neon, and many many more. This has massive implications for protocols. In addition, it gives EVM blockchains and layer 2 solutions significant advantages in achieving feature parity.
On Polygon
Polygon uses its own Proof-of-Stake (PoS) blockchain and Commit Chain connectivity to help scale the Ethereum network and seeks to solve inefficiencies that may hinder the widespread adoption of blockchain technology. Some notable products to launch/integrate with Polygon in the web3 ecosystem include Uniswap, OpenSea, Royal, Draft Kings, and 100 Thieves. While Yup isn’t limited to Polygon and its ecosystem, we plan on leveraging their superb business development strategy to increase Yup’s distribution to all of web3.
Changes to the Yup Protocol and YUP
Yup will leverage cross-EVM chain composability, making it easier to use tools and infrastructure like ENS domains, Snapshot governance, and token-gating. Voting will be more decentralized and content on Yup will be more standardized for web3. Migrating to Polygon will make for faster and cheaper withdrawals and deposits. Since most of the liquidity up until this point existed on Ethereum, users couldn't withdraw earned YUP of amounts below $50-250 (depending on the day). Yupsters will be happy to hear that withdrawing and depositing YUP will be low-cost and close to negligible on Polygon. Yup Liquidity and LP rewards will expand to liquidity provided on Ethereum and Polygon blockchains, utilizing the existing YUP/ETH Uniswap V2 LP pool (on Ethereum) and adding the YUP/ETH Quickswap LP pool (on Polygon).
Each Yup identity will have an Ethereum address linked to it, and every Ethereum address will have a Yup score out of 100.
The token supply, emission schedule, or Ethereum contract address of the YUP token will not change whatsoever.