Your opinion matters. Get paid to rate the web.
YUP drives significant user activity on the EOS blockchain.
8.2k unique active wallets have interacted with the protocols smart contracts in the last 30-days.
The social dapp category on DappRadar has been quietly growing throughout 2020. Currently, we are tracking 52 social dapps with just 35 showing signs of life (1 or more users over 30-days). 5 dapps lead the charge and hold the lion’s share of activity but one dapp has shown some particularly impressive results since launching in September 2019.
YUP, a social dapp that pays users to rate the internet has seen over 8,000 unique wallets interact with its smart contracts over the past 30-days placing the social dapp marginally behind Steemit, one of the most well-known dapps in the space. Although each dapp has quite different characteristics the result still warrants a closer inspection.
What is YUP?
In basic terms, YUP rewards valuable opinions across the web. Users can rate anything, earn rewards for accuracy, and gain status in topics that interest them. The dapp integrates with every site and platform, providing a disintermediated influence metric.
In more technical terms YUP is a second-layer social capital protocol that places value on people’s opinions and earned respect. It facilitates a reward scheme and governance model centered around curation that rewards users for their likes and ratings.
YUP utilizes the strengths of both Ethereum and EOS for different components to create an innovative multi-chain architecture and is the first project to deploy a production implementation of a DAPP Network Cross-Chain Bridge, which can be accessed using their ETH <-> EOS token bridge portal.
The YUP Protocol and YUP token launched on Ethereum and EOS, using the former for liquidity and the latter for scalability. This means that YUP is initially emitted on EOS and is redeemed on Ethereum by LP’s.
Token yeild farming
The YUP token launched on the 3rd September 2020 and is mostly distributed as rewards to users that rate content across the web. With a custom implementation of an EOS-ETH Bridge, liquidity providers can farm YUP by staking Uniswap LP tokens, fundamentally providing liquidity on Ethereum.
Liquidity primarily exists on Ethereum, allowing liquidity providers to farm YUP with their YUP-ETH Uniswap LP tokens by staking and bridging them to the EOS smart contract. The reported yield for the first six months is an estimated 23% of all token emissions.
YUP believes that the future for dapps is cross-platform and cross-chain. Like microservices or packages, organizations will use different distributed ledgers for different parts of their product. YUP’s operations require that the token remain liquid and easily withdrawable to cash.
At the same time, transactions and signing must have a web2 feel for a smooth user experience. Together, the two chains provide the necessary infrastructure for the protocol to function at scale.
Those interested in earning to rate the web and earn tokens can simply head over to the website where step-by-step instructions await. The process is relatively simple with the only pre-requisite being that users have a blockchain wallet. After 4 simple steps, you can start earning YUP.
- Download and install the 100% free browser extension.
- Rate any piece of social content through YUP or your social accounts
- If someone rates the same content as you, you earn YUP tokens
- Any site, user, or content on the internet has an Influence Score to provide you with clarity on what’s important
One of the best aspects of YUP is its integration with everyday social services such as Twitter, Google, Youtube, and, Reddit meaning you can start earning straight away by simply continuing with your everyday web habits.
No matter where you are the protocol makes it easy to give and get opinions on anything and users can rate directly within their favorite sites. Additionally, you can use traditional reactions (i.e. Twitter likes, Reddit upvotes, Gmaps ratings) and they’ll be treated as YUP votes too! Pro tip: not all votes are created equal.
According to an interview with YUP co-founder and CEO Nir Kabessa on the TheLiquidApps blog, In the next year, YUP is planning to collect over 50m opinions and discover a universal influence score for 10 million entities such as users, content, and organizations.
“We’d like to add more integrations: overlays, OAuths, embeds. By the end of next year, we hope that influencers will issue social tokens directly on YUP with passive income and solid fundamentals,” says Nir Kabessa.
In our recent November dapp ecosystem overview it was stated that outside a few key dapps EOS is suffering from a month-on-month decline in overall activity. The third-largest blockchain has consistently struggled to attract sustainable value and user numbers. Dapps such as YUP are holding the blockchain up and as such it is very important to analyze their impact on the overall EOS ecosystem.
YUP provides an example of how social rewards and cryptocurrency tokens can be merged successfully. In a time when people are looking for online work opportunities and extra income, the EOS dapp could be one answer to the age-old google search query “how to make money online?”.
As always we will continue to track and report on developments in the social dapp category. Make sure to sign up for our weekly newsletter below to get updates direct to your inbox.