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Kaito is introducing a new Yapper Leaderboard launching mechanism: Yapper Launchpad.
Since the launch of Yaps, we have received overwhelming support from the community, for which we are forever grateful. Given the physical capacity constraint, and with the hope of building a more accessible and more inclusive network - collectively with the yappers and all other stakeholders in the ecosystem - we are taking the first step towards a more fun, and more community-centric launching mechanism.
First, we want every yapper to be able to participate, regardless of whether you have earned any Yaps to date, and be directly involved in the launch process
As of February, we expanded to include onchain representations in the Kaito ecosystem — Genesis NFTs and KAITO (via staked KAITO, sKAITO)
In doing so, we also hope this new mechanism will help us more efficiently prioritize our development pipeline
We’ve designed the Launchpad mechanism such that it starts with Pre-TGE projects, where information asymmetry can be the biggest and market consensus is needed the most.
We will continue working with post-TGE projects who are interested in implementing a long-term, ongoing reward program for their respective community members, so stay tuned on more exciting launches outside the launchpad!
How does the launchpad work?
The Yapper Launchpad is a platform where the Kaito community decides which Yapper Leaderboard to launch next.
The launchpad operates on a continuous basis. Each week, three projects from the launchpad are selected for a Yapper Leaderboard launch. At the end of each voting period on Monday, Wednesday, Friday, the project with the highest total votes proceeds to have their Yapper Leaderboard launch 7 days later.
How does the Kaito community participate?
The Kaito community - Kaito Yappers and Kaito Holders - participate by voting with their Yaps, Smart Followers, Genesis NFTs, and KAITO (via sKAITO).
Kaito Yappers: Yappers vote using their Yaps and Smart Followers.
Kaito Holders: Holders vote using their Genesis NFTs and KAITO (via sKAITO).
What is sKAITO?
Stakers receive sKAITO after staking KAITO. Stakers can then use sKAITO to vote on projects on the Yapper Launchpad.
How is the voting power of sKAITO calculated?
The total voting power of sKAITO will be a function of the following parameters:
sKAITO: The number of sKAITO held
Hodler Score (h): The longest uninterrupted holding period for sKAITO without an Adjustment Event
Time-Weighted Score (t): Time-weighted sKAITO voted for a particular project over the most recent 7-day period
Exchange Rate (M): Dynamic rate based on total Yapper Votes and Genesis NFTs voting pool
Note that each sKAITO is capped at 0.0001% of Total Voted Yapper Votes. This is reflected under 'Current Cap' when a user hover over sKAITO Holder Votes ratio.
Where can I see the real-time Holder Votes per sKAITO?
Refer to the top banner where a user are able to see “1 sKAITO ≈ X Holder Votes”.
How does sKAITO votes differ from other votes (eg Yaps, Smart Followers, Genesis NFTs)?
Given that sKAITO is fungible, the system evaluates time-weighted voting for sKAITO.
As a result, the impact of votes accrues over time (multiplied by t), relative to the voting pool.
Does that mean sKAITO votes will reflect in the voting pool only very slowly?
The impact of sKAITO is always determined by its relative Time-Weighted Score (t).
In the beginning, since no sKAITO has accrued any time yet, the sKAITO votes cast in the first hour will immediately split the entire sKAITO voting pool.
At a later stage, the impact of any sKAITO accrues over time and is measured relative to the entire sKAITO voting pool.
What is the Hodler Score (h)?
The Hodler Score (h) measures how long a user has held sKAITO relative to the weighted market average. This score is calculated and updated every hour.
If h > 1: The user has a longer-than-average holding time, resulting in a higher voting power.
If h < 1: The user has a shorter-than-average holding time, leading to a lower voting power.
How is the Hodler Score (h) calculated?
The system measures the longest uninterrupted holding period for sKAITO without an Adjustment Event. The holding time is then scaled using a logarithmic transformation, ensuring that:
The longest holder receives a maximum multiplier of 4x on their Hodler Score (h) compared to the most recent holder, incentivizing long-term holding.
The gap in Hodler Score (h) between holders narrows disproportionately faster in the early stages for new participants, incentivizing newer voters.
An Adjustment Event is triggered if any of the following conditions are met:
The current holding falls below 90% of the maximum holding in the past 30 days.
The current holding falls below 80% of the maximum holding in the past 60 days.
The current holding falls below 70% of the maximum holding in the past 90 days.
The current holding falls below 60% of the maximum holding in the past 180 days.
The current holding falls below 50% of the maximum holding in the past 360 days.
What is the Time-Weighted Score (t)?
The Time-Weighted Score (t) measures how long a user's votes remain in a project compared to the weighted average among all voters over 7-day period (calculated and refreshed every hour).
If t > 1: The user's votes remain with the project over a longer period, resulting in a higher voting power.
If t < 1: The user's votes remain with the project over a shorter period, leading to a lower voting power.
What details can be seen when a user votes with sKAITO?
When a user votes with sKAITO, the wallet address, number of sKAITO voted and corresponding amount of Holder Votes will be displayed under “Vote Details”.
How does the voting process work?
Voting is conducted on the Yaps platform, where users (referred to as "Yappers") cast their votes to help projects launch their Yapper Leaderboard.
Each Yapper has two types of votes they can use: Yapper Votes and Holder Votes.
How many votes does each individual have?
Each Yapper's Total Votes = Total Yapper Votes + Total Holder Votes.
Are there any restrictions on who can vote?
Currently, anyone with Yaps or Smart Followers on the Yaps platform can participate in the voting process. Votes will be locked for 7 days and become redeemable afterward.
How many projects will launch Yapper Leaderboards each week?
Projects can express interest in joining the launchpad at any time through the platform.
Once added to the launchpad, projects enter a waiting period before becoming active for voting.
Each week, three projects are selected — the top-voted projects from the Monday, Wednesday, and Friday voting period.
The projects' Yapper Leaderboards are set up and launched 7 days later (on the corresponding Monday, Wednesday, or Friday).
Do projects have to hit quorum to be selected for launch?
Yes, projects need a minimum of one vote to be selected for launch.
Can I vote for multiple projects?
Yes, you can distribute your Yapper Votes and Holder Votes across multiple projects as you see fit.
Can I vote at any given time?
Voting will pause every Monday, Wednesday, and Friday at 12:00 PM UTC for 1 hour, during which votes will be tallied to determine the project with the highest total vote. Voting resumes right after.
Who has access the voting information?
The voting information, including who voted and how much they voted, is publicly accessible.
What happens if the project that I voted for wins immediately after?
Your vote is still locked for 7 days, but will be automatically returned to you after this period.
What happens if a project gets top votes by the end of each voting period and proceeds to launch?
When a project is proceeding to launch:
It appears under the "To Launch" tab immediately after the voting period ends.
7 days later, Kaito launches the project's Yapper Leaderboard.
What happens if multiple projects receive the same number of votes?
In the event of a tie at the end of the voting period, the project that reached the final vote count first will be selected to have a Yapper Leaderboard launched.
What if a project isn't selected this round?
Projects remain on the platform and continue to be part of the process of rallying community support. Projects can stay for up to 3 months unless they opt to withdraw from the launchpad.
What is the process for staking or unstaking KAITO?
Users can initiate staking or unstaking via the staking portal by selecting “stake” or “unstake”. This action prompts wallet to sign the transaction
Once the transaction is signed, it is submitted to the Base blockchain for processing
Upon successful confirmation, the user receives sKAITO / KAITO as the tokens are atomically swapped
Users also earn rewards by staking KAITO for sKAITO
Is there a cooldown period for unstaking?
There is a cooldown period of 7 days after unstaking sKAITO, KAITO will be available to withdraw after that period.
How is the yield accrued?
Staking rewards are earned through Liquidity Incentives. Users can check the staking portal for the latest APR.
Is there utility for sKAITO holders?
Stakers will be able to vote with sKAITO in the Kaito Connect ecosystem.
Long-term stakers will also receive a multiplier for the voting rights and gain priority access to the overall Kaito ecosystem.
Do the rewards get added directly to your wallet or do users have to claim?
Rewards automatically accrue in the staking contract — no manual claiming is required.
The value of sKAITO increases over time, reflecting accumulated rewards.
Users receive their staked amount plus any accrued value when unstaking.
What are Yapper Votes?
Yapper Votes make up 25% of the total voting power on the Yapper Launchpad.
These votes represent the voting power of Yaps (tokenized attention) and Smart Followers.
How many Yapper Votes does each individual have?
Each person’s Total Yapper Votes is calculated based on the following formula:
For example, if a user has 100 Yaps and 100 Smart Followers, their total votes available would be 10,100.
They can then choose to award these votes to project(s) of their choice.
What happens to my Yapper Votes after submission?
Votes are locked for 7 days. After this period, they become redeemable.
Can I withdraw my Yapper Votes before the 7-day lock period ends?
No, Yapper Votes are locked for 7 days - so cast carefully.
What are Kaito Genesis NFTs?
Genesis NFTs are the first onchain representation within the Kaito ecosystem.
How is the voting power of Genesis NFT calculated?
The total voting power of Genesis NFT will be a function of the following parameters:
Genesis NFT: the number of Genesis NFT(s) held
Exchange Rate (N): Dynamic exchange rate based on total Yapper Votes and sKAITO voting pool
Note that each Genesis NFT is capped at 0.5% of Total Voted Yapper Votes. This is reflected under 'Current Cap' when a user hover over Genesis NFT Holder Votes ratio.
Where can I see the real-time Holder Votes per Genesis NFT?
Refer to the top banner where a user is able to see “1 Genesis NFT ≈ Y Holder Votes”.
Where can I see how many Genesis NFT votes I have available to vote with?
The total number of Genesis NFTs shown in 'My Vote' page is the total number of Genesis NFTs across all linked wallets a user has linked.
What happens to my Genesis NFT votes after submission?
Similar to Yaps and Smart Follower votes, Genesis NFT votes are locked for 7 days. During this lock period, a user cannot re-vote with that NFT, regardless of ownership changes.
What happens if I sell or transfer my NFT after voting for a project?
If a user sells or transfers a Genesis NFT that was used to vote, the vote for the project will still count for 7 days. After 7 days, if the user has not bought it back or transferred it back, the vote will expire, and voting rights will be transferred to the new owner.
Note that if the user sell the Genesis NFT or transfer it to a wallet that is not linked to Kaito Connect, the user will no longer see the voting record under ‘My Votes,’ which always reflects the voting record under the associated 𝕏 account and linked wallets. However, as stated above, the vote will still be counted for the project originally voted for, and the user can view it under the ‘Vote Details’ section of that project.
What if I buy a Genesis NFT that was used to vote by the previous owner?
A user must wait for its 7-day lock to finish before being able to vote with the Genesis NFT.
Once the lock expires, the vote is automatically redeemed to the new owner's wallet.
How do I check whether a Genesis NFT is available for voting?
To check whether a Genesis NFT is available for voting, please refer to the 'List of Vote-Locked Genesis NFTs on the Market' under 'My Vote' page.
What are Holder Votes?
Holder Votes make up 75% of the total voting power on the Yapper Launchpad, which comes from onchain representations in the Kaito ecosystem, specifically Genesis NFTs and staked KAITO (sKAITO).
How does sKAITO and Genesis NFTs combine to represent Holder Votes?
Holder Votes are split between Genesis NFTs and sKAITO. This exact % split is based on the relative market cap of Genesis NFTs and sKAITO.
For example, if the market cap of Genesis NFTs is $X million and the market cap of sKAITO - calculated based on the amount of KAITO staked in the staking pool - is also $X million, the voting power split between Genesis NFTs and sKAITO will be 50%/50%.
How do I vote with sKAITO and/or Genesis NFT(s)?
A user can simply connect their wallet(s) holding sKAITO and/or Genesis NFTs via the ‘Link Wallet’ button at the top banner of Kaito Connect
Determine the number of sKAITO and/or Genesis NFTs to be allocated to a project.
How many wallets can I link?
A user can connect multiple wallets holding sKAITO and/or Genesis NFT(s).
I haven’t registered with Kaito Yaps - how can I vote with sKAITO and/or Genesis NFT(s)?
Currently, a user will need to register with Kaito Yaps with via their 𝕏 account to vote using sKAITO and/or Genesis NFT(s). In the future, we plan to enable wallet log-in, making the access permissionless.
Do I reveal my 𝕏 account when I vote with sKAITO or Genesis NFT(s)?
No, only the linked wallet address (holding sKAITO or Genesis NFTs) will be displayed in the 'Vote Details'.
Can I change my linked wallets after I have submitted my sKAITO or Genesis NFT votes?
Yes. A user can add, remove, or switch wallets at any time.
If a user unlink their wallet, the voting records associated with the wallet will no longer appear (such as under 'Vote Details' or 'My Votes' page).
What’s the difference between the wallet(s) that I’ve input on the site, and these linked wallet(s)?
Input wallet: Wallet address manually provided by user through the “Input Wallet” button (beside their name in Yaps). This does not require a wallet signature and is collected solely for reward distribution, either by Kaito or our partner projects. A user may remove or update their address at any time if they choose not to participate.
Linked wallet(s): Used to verify ownership of sKAITO and Genesis NFT(s).
Please note that these wallets are separate, so a user will need to input or link in each place respectively for each use case.