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.
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.
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”.
The current holding falls below 50% of the maximum holding in the past 360 days.
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.