How to use YOP
We removed the clutter, leaving only the most essential info to help you navigate our product in a matter of seconds. Check out our video walkthrough to see just how simple it can be!
Earn with YOP in 3 simple steps
Here we have outlined the three key steps to start earning yield on your crypto.
Deposit in a Vault
Head on to app.yop.finance (make sure this is the same URL you see in the address box, to avoid possible phishing attacks) and click Connect on the top right to connect your web3 wallet such as Metamask to YOP.
Choose your appropriate vault (ETH, BTC or stablecoin) and click Deposit to deposit your preferred amount of funds.
Follow the prompts introduced by Metamask. The first popup will prompt you to sign the transaction. The second prompt will ask you to approve smart contract interactions where your Metamask wallet will pass on the designated amount of funds to our smart contract.
Boost your Vault Deposit
Click Get Boosted on the left hand nav menu. Choose how much YOP you would like to stake and for what duration.
When you are happy with the inputs and estimated boost values, click Next. You will be shown a confirmation screen with details of the new boosted APY and the returns you will get for your new staking position in the YOP LockBox.
Follow the on-screen and Metamask prompts to complete your boost. Once complete you can see your new boost multiplier and your LockBox Stake position on the My YOP Screen.
What are vaults and strategies?
At the heart of the YOP Protocol are Vaults, Strategies, and Governance mechanisms.
STRATEGIES are the building blocks that interact with one or more DeFi Protocols to generate Yield. Strategies can layer multiple Protocols to generate higher Yield. All aspects of the interaction with the target DeFi Protocols, from depositing to claiming, to re-investing, to withdrawing are fully automated and encoded in the Strategies
VAULTS combine one or more Strategies to create a blended/diversified investment opportunity. These Vaults offer variable APYs based on the Strategies in use and the percentage allocation to each strategy. Vaults also have different variations, for example, insured Vaults mean that the smart contract risk of the Strategies is mitigated.
GOVERNANCE controls how the Protocol is configured and executed. This includes things such as fee rates, allocation of community emissions, and creation of new Vaults and Strategies.
What is boosting?
Boosting is mechanism used to increase your returns on vault deposits and it is derived from your staking balance in the LockBox. The Boost is in the form of a multiplier between x1 – x10, that applies to the Reward APY.
The higher the ratio of your native $YOP staked compared to your non-native balance (deposits into the Vaults), the more $YOP rewards you will receive on your Vault positions.
1 × BOOST (DEFAULT)
Vault depositors that do not have any $YOP Staked receive a Basic Boost
4 × BOOST (SUB OPTIMAL)
Depositors that have staked but have a lower share of the LockBox than of the Vault, receive a Sub-optimal Boost
(×1 – ×9).
10 × BOOST (MAX)
Depositors that have an equal share of the LockBox and the Vault, receive an Optimal Boost (×10).
10 × BOOST (PLUS BUFFER)
You can boost beyond the cap to get a Boost-buffer, which insures against other stakers decreasing your share of Staking Power.