As you may have heard, we’ll be launching a new ecosystem token in the coming weeks that we’re super excited to share with the community. In this article, we outline the key information you’ll need to know prior to the launch as well as the pertinent token information for all existing $SPOOL token holders.
To avoid turning this into a litepaper, a separate token economics document will be released which will provide a comprehensive deep dive into the token economics — token mechanics, staking and reward mechanisms, and the roadmap for the different value accrual systems we have envisioned that lay the foundations for greater decentralisation of the Yelay infrastructure.
We’re excited to share what’s in store! Let’s dive in.
Converting $SPOOL to $YLAY
First change to note is our current token, $SPOOL, will be decommissioned and replaced with our new Yelay ecosystem token, $YLAY. While the infrastructure application has evolved significantly over the years, the $SPOOL token functionality hasn’t kept up with this change. Therefore, we’ve redesigned the $YLAY token to reflect the evolution of the protocol’s business model, embedding within it new utilities for builders, holders, and node operators.
$SPOOL will become $YLAY, and voSPOOL will become sYLAY — short for Sharded YLAY.
On October 15th, $SPOOL holders will be able to visit our dedicated Claim Portal where they can claim their $YLAY tokens. The amount of $YLAY tokens available to be claimed will be based on $SPOOL holdings at the point of a snapshot taken shortly before the $YLAY token goes live — meaning your $YLAY holdings will directly correlate to the amount of $SPOOL you own.
It’s important to note: There will be no need to unlock or move your tokens. Any tokens in wallets will be claimable via the upcoming Claim Portal, any tokens on CEXes will be distributed, and any tokens locked in the voSpool pool will automatically be migrated to the sYLAY pool. No dilution or debasement of your holdings will occur as a result of this process.
A detailed Claim Portal tutorial will be released prior to the token swap to guide you through the process, though the $SPOOL to $YLAY migration flows for Mainnet and Arbitrum holders will be different. For Arbitrum holders, you will still claim per the above, but you will receive the corresponding $YLAY amount airdropped on Mainnet shortly after, as the distribution will be done manually.
Status of Rewards
A snapshot of voSPOOL balances will be taken at the time of the token exchange. As previously announced to the community, $YLAY rewards for stakers will be paused, however, voSPOOL (now sYLAY) will still be accrued.
Though as before, if holders unstake even a small amount, their entire sYLAY balance will return to 0.
We’re also updating the terms of sYLAY accumulation. The max term of sYLAY accumulation will be shifted from 3 years to 4 years — from 156 weeks to 208 weeks. For migrated voSPOOL to sYLAY, users who already achieved 156 weeks of voSPOOL accumulation for their staking will now be able to accumulate for another 52 weeks.
Due to the shift in term for max accumulation, all holders who have accumulated voSPOOL power will have their accumulated voSPOOL converted to the new sYLAY at a ratio of 1 : 5.3571.
$YLAY Token Metrics Overview
The $YLAY token will have a total supply of 1bn tokens. $SPOOL to $YLAY will be exchanged at a ratio of 1 : 7.1428 (140m / 1bn), with a circulating supply of 676m tokens or 67.6%.
Our treasury holding is 324m tokens at 32.4% and can be broken down into the following categories:
- Community Rewards & Emissions: 150,000,000 at 15%
- Treasury: 124,000,000 at 12%
- Team: 50,000,000 at 5%
Connect With Us About $YLAY
We’re here to answer any and all questions you may have about the $YLAY token utility and the upcoming token exchange. Feel free to reach out to us on X, through our Discord or through our website and a representative from our team will be able to provide a swift response.
