YAY White Paper v3.1

YAY White Paper v3.1
01

Introduction

1

02

Project Details

2

2.1 About Yay!

2

2.2 Yay!’s Key Features3

2.2.1 Timeline3

2.2.2 Group Calls3

2.2.3 Circle

403

Purpose5

3.1Yay! as a Gateway to the Mass Adoption of Crypto Assets

5

3.2 Creating a Sustainable Token Economy

6

3.3 Creating an Economy Where Everyone Contributes In Their Role 7

04

Tokenomics

8

4.1 Tokenomics Overview

8

4.1.1 YAY

11

4.1.2 EMPLE

11

4.1.3 Genesis

12

4.1.4 Pal

13

4.1.5 Tokenomics From the User’s Perspective

14

4.1.6 Pal Design17

4.1.7 Role of Genesis

18

4.1.8 Genesis Design20

4.1.9 How to Contribute to the Community

21

YAY White Paper v3.1
04

05

06

07

4.1.10 Pal Race

22

4.1.11 Difference in Expected Rewards Between Marketplace
and Pool

23

4.1.12 How Value is Returned to YAY

24

4.1.13 Legal Tender Revenue: Advertising and VIP Fees, etc.

25

4.1.14 Pal Purchases as the Driver of Tokenomics

25

4.1.15 Other Utilities for EMPL

26

4.1.16 The Reason Why Yay! Tokenomics Can Be Sustainable

27

4.2 Differences Between Token Possession Within and Outside of
the Platform

28

4.2.1 Off-Chain Tokens

28

4.2.2 On-Chain Tokens

29

Token Allocation

30

5.1 Distribution for YAY Holders

30

5.1.1 Distribution of YAY

30

5.1.2 YAY Lockup and Unlocking

32

5.1.3 Staking

33

5.2 Distribution for EMPL Holders

34

5.2.1 Distribution of EMPL

34

Operating Policy & Roadmap

35

6.1 Operating Policy

35

6.2 Roadmap

35

O r Team36u

01 Introduction

01 Introduction
Yay! is a virtual world that came into being in January 2020. Its 9 million+ registeredusers have created over 100,000+ communities where they can chat and play gameswith each other through group calls. We are building a token economy using
cryptocurrencies, based on this community service that many users will use daily inthe future.

The key feature of Yay!'s token economy is that it is designed to allow users toengage in ways that match their literacy and preferences.

Yay! Users can earn token rewards based on their contributions to the community.
When receiving rewards, the system is designed in a way that does not require
special web3 knowledge such as managing wallets or exchange accounts, making it
easy for users who have never dealt with cryptocurrencies to get started. On theother hand, users who regularly play GameFi and similar platforms can leverage theirtoken rewards by purchasing NFTs.

For advanced users of Decentralized Finance (hereinafter, “DeFi”) who have nevertouched crypto assets before, we have created roles that allow them to provide
external liquidity to the ecosystem. We offer options to mitigate risks while providing
increasing revenue opportunities that grow in tandem with the expansion of the Yay!
community.

 Yay! aims to lead the mass adoption of web3, involving users who have neverinteracted with crypto. Yay! will realize true SocialFi by an authentic community withgenerated revenue as a social.

1

02 Project Details

02 Project Details
2.1 About Yay!
Yay! is the virtual world where people can connect with each other based on theirshared interests. As of September 2023, the app has accrued over 9 million+
registered users who have in turn created 100,000+ communities—“Circles” in Yay!

The Yay! community differentiates itself from other social media by having all of its
users help maintain a flat structure that is open to anyone who wants to join. It is atruly welcoming social space that recognizes all users’ diverse backgrounds andinterests.

Moving forward, we are building a token economy within this community and createa growing and sustainable web3 virtual world where everyone can be themselves.

2

02 Project Details

2.2 Yay!’s Primary Features
Overview of Yay!

Timeline

Group Calling

Circle2.2.1 Timeline
Yay! offers two timeline views—one that shows users who they are following, and onethat shows users of similar age groups and hobbies—allowing for flexible use basedon each user’s desired purpose.

By changing privacy settings, users can make sure that only people they trust cansee their posts and post about their daily lives without any pressure.

2.2.2 Group Call
Multiple people can join the same call and voice chat in real time. This could be justrandom chatting, seeking advice, or gaming together while on calls. The app alsocomes with voice changing feature and background music function, bringing users
closer for even more enjoyable calls.

32.2 Yay!’s Primary Features

2.2.3 Circle
Users can create their own original communities, which is called “Circle” in Yay!,
based on shared interests such as video games and anime. Those who create thesecommunities can become the moderators and operate their Circles by themselves, orthey can hand the reins over to other Circle members.

4

03 Purpose

03 Purpose
3.1 Yay! as a Gateway to the Mass Adoptionof Crypto Assets
Yay! will enable crypto asset newcomers to participate in its tokenomics without firstincurring costs or needing to open a separate wallet or exchange. Community
members will also be able to participate according to their backgrounds (social,
gaming, and/or financial interests) and share information, allowing them to deepen
their knowledge based on their needs and experiences.

5

03 Purpose

3.2 Creating a Sustainable Token Economy
Yay! will return to its community not only revenue from tokens generated from NFT
transactions and the management of Ether, but also non-crypto revenue from its
business operations as well as profits arising from collaborations with surrounding
Dapps. This will in turn fulfill our vision of creating a service that combines theworld's first sustainable Social Finance (hereinafter, “SocialFi”) token economy with aPlay to Earn service.

6

03 Purpose

3.3 Creating an Economy Where Everyone
Contributes In Their RoleThe issue in currently offered applications incorporating crypto was its complexity
requiring specialized financial knowledge, which limited their user base. On the other
hand, the simpler the application, the more it could expand its user base, but often at
the cost of limited capital volume.

Yay!'s greatest challenge is to build a token economy within a community of over 9
million users, pursuing each role according to the user's attributes without any
compromise, and realizing a world where its ecosystem supports.

7

04 Tokenomics

04 Tokenomics
4.1 Tokenomics Overview
The following tokens will exist in our platform: “YAY” and “EMPLE” as FTs, and “Yay!
Genesis” and “Yay! Pal” as NFTs. The role of each token is described below
YAY: governance token; issued on Sonieum; 10 billion issue limit
EMPLE (EMPL): utility token; issued on Soneium; unlimited issues
Yay! Genesis (Genesis): NFT giving the right to mint Pals; issued on Ethereum;
5,000 issue limit
Yay! Pal (Pal): NFT for Play to Earn activity; issued on Soneium; unlimited issues.
There are the following two types of tokenomics within the service
Marketplace: users participate by purchasing Pals
Pool: users participate by acquiring Pals for free.
Participants perform different roles according to their literacy and attributes
Genesis holders: expected to be people who are very familiar with crypto assets
and DeFi, community operators, and key opinion leaders (KOLs) whose role will be
to boost Yay!’s recognition
Pal purchasers: expected to be users familiar with GameFi or who have alreadyacquired Pals for free and have a little first-hand experience of Yay!’s tokenomics
Users who have acquired Pals for free: expected to be users who have neverbeen exposed to NFTs or other tokens, or users who have engaged in GameFi, etc.
in the past but may feel uneasy about purchasing NFTs.
A different persona is ascribed to each user role, with rewards earned and level ofdifficulty differing accordingly, but all Yay! users can participate in tokenomics byunderstanding of the risks and returns involved.

The value of the project is ultimately consolidated in YAY in a way that is designed tomatch the interests of all stakeholders.
84.1 Tokenomics Overview

Overview of Marketplace Tokenomics
Users can participate in our tokenomics by purchasing Pals. Marketplace transactions
are designed so that purchased Pals will be able to earn a higher amount of EMPL
than Pals acquired from the pool.
Marketplace“Contribute to Earn” Platform
Exchange EMPL for YAY to withdraw

Exchange

Purchase Pals with ETH

Pal Holder(Yay! Users)

Procure ETH

Contribute to Community

Receive 

EMPL 

rewards

Use EMPL for Pal-related utilities

Use ETH reserves to purchase YAY ️

Secondary distribution  
ETH returns

Secondary distribution  
ETH returns

Pal Marketplace

Use ETH to mint Pals

Sell Genesis

Purchase Genesis

Sell Pals to earn ETH sales returns

Genesis Holder
SocialFi Platform

9

4.1 Tokenomics Overview

Overview of Pool Tokenomics
Users can acquire Pals for free and participate in Yay!’s tokenomics via the pool.
Unlike transactions in the marketplace, those in the pool do not require underlying
funds for purchase. Until users wish to sell any EMPL they have obtained, there will
be no need for them to set up a wallet or deal with crypto exchanges. This meansthat most Pal-related activity can be completed off-chain, making participation in thetoken economy easy even for crypto asset novices.
Pool“Contribute to Earn” Platform

Exchange EMPL for YAY to withdraw

Acquire Pals from the pool

Pal Holder(Yay! Users)

Exchange

Receive 

EMPL 

rewards

Contribute to community

Use EMPL for Pal-related utilities

Use ETH reserves to purchase YAY ️

Secondary Distribution ETH returns

Pal Pool

Use ETH to mint Pals

Acquire YAY

Sell Genesis

Purchase Genesis

Supply Pals to the pool

Genesis Holder
SocialFi Platform

10

4.1 Tokenomics Overview

4.1.1 YAY
Ticker symbol = YAY
Issued as an FT on the Soneium under ERC-20; issuing limit of 10 billion tokens
Governance tokens that hold important decision-making rights with regard to
Yay!’s ecosystem
Users can withdraw EMPL by converting it to YAY at market price.

4.1.2 EMPLE
Ticker symbol = EMPL
Issued as an FT on the Soneium under ERC-20; no issuing limit
Utility token, newly issued as reward for contributions to the community anddistributed according to the outcomes of Pal race
Rewards will be separated into EMPL and locked EMPLBoth EMPL and locked EMPL will be used and treated as the same within theservice, with locked EMPL being used first. Locked EMPL cannot be withdrawn
outside of the service, but EMPL can be withdrawn outside the service byexchanging them for YAY at market price.

11

4.1 Tokenomics Overview

4.1.3 Genesis
Characterized by detailed designs and angel motif
Issued as an NFT on the Ethereum under ERC-721; issuing limit of 5,000 tokens
The issuance and distribution of Genesis will be carried out in small quantities,
adjusted according to the supply and demand of Pals
Genesis can be issued through the dashboard, where holders can mint Pals by
exchanging ETH
Genesis holders will be able to supply Pals to the pool, or they can sell them on
the marketplace
If Genesis holders supply Pals to the pool, they will receive a fixed amount of YAY
over 30 days, and if they sell their Pals on the marketplace, they will receive an
immediate profit on the sales
Genesis holders can also hold their Pals they mint themselves
There will be a fixed cooldown time after minting Pals
There will be no maximum limit for minting Pals with Genesis; as long as theservice continues, Genesis holders will always be able to mint Pals.

12

4.1 Tokenomics Overview

4.1.4 Pal
Characterized by cute “digital pet” designs
Issued as an NFT on the Soneium under ERC-721; no token issuing limit
Yay! users holding Pals will be able to participate in races after contributing to the
Yay! community. After races, users will obtain EMPL and locked EMPL as a reward
All Pals have their life span. They will live for a certain, guaranteed period of time,after which the chance that they will die increases by a small percentage each day.
Life span and dying rate will be determined by the rarity of each Pal
After Pals die, users will no longer be able to receive rewards for their community
contributions through those Pals
Pals can be obtained free of charge from the pool, but rewards will be less than if
the user purchases Pals from the marketplace
Pals can be sold on the marketplace with their price depending on supply anddemand.

13

4.1 Tokenomics Overview

4.1.5 Tokenomics From the User’s Perspective
When Yay! users hold Pals, contribute to the community, and participate in races,
they will be able to receive EMPL and locked EMPL as a reward. Since Yay! comescomplete with wallet and Yay! Marketplace access within the app, users can easilyacquire Pals using the following steps, and will not need to use additional apps. The
steps to acquire a Pal are as follows.

Purchasing Pals from the Marketplace
Yay! users send ETH to their in-app individual wallets. (Credit card payments will
also be supported in the future)
Then users purchase Pals from the app’s Yay! Marketplace
Once Yay! users hold Pals and complete community contributions, they will beable to participate in a race
Users receive EMPL and locked EMPL commensurate with the value of theircontributions and race outcomes
Users can use EMPL rewards on Yay! to raise Pals, or can exchange EMPL for YAY
to withdraw money. (Note: Locked EMPL can only be used in-app.)144.1 Tokenomics Overview

Purchasing Pals from the Marketplace1
2

Send ETH to your wallet

BUY PALUse ETH to buy Pal

in the Marketplace

3
4

PREPARE

EARN

PLAY

Enjoy community in Yay!

Get EMPL as rewards and withdraw it as YAY

15

4.1 Tokenomics Overview

Obtaining Pals from the Pool
Yay! users obtain Pals from the in-app poolOnce Yay! users hold a Pal and complete community contributions, they will beable to participate in a race
Yay! users receive EMPL and locked EMPL commensurate with the value of theircontributions and race outcomes
Users can use EMPL rewards on Yay! to raise Pals, or can exchange EMPL for YAY
to withdraw money. (Note: Locked EMPL can only be used in-app.)

Obtaining Pals from the Pool

1
2

GET PAL

Get Pal from free from the Pool

PLAY

Enjoy community in Yay!

3

REWARD

Get EMPL as rewards and withdraw it as YAY

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4.1 Tokenomics Overview

4.1.6 Pal Design
Because Pals have limited life spans, the period of time in which Yay! users canearn rewards is also limited
Yay! users who purchase Pals on the marketplace can earn more than the ones
who acquire them from the pool
Pals have various parameters that affect their rarity and ability to fight in a race
Unlike other GameFi services, new Pals cannot be minted by combining two Pals.
The minting of new Pals is the only privilege of genesis holders.

174.1 Tokenomics Overview

4.1.7 Role of Genesis
Genesis holders will play the role of Pal market suppliers in the Yay! ecosystem. They cansell their Pals at a competitive price on the marketplace and earn profits, or they can
supply Pals to the pool and get YAY as a reward. The steps for doing so are described
below.

Selling Pals on the Marketplace
Genesis can be acquired by participating in airdrop events or by purchasing it with
ETH on a secondary marketplace such as OpenSea
Genesis holders mint Pals using ETH
Pals can then be sold on Yay!’s in-app Yay! Marketplace. If the sale price on the
Yay! Marketplace is higher than the mint price, the Genesis holder will receive a
profit on the Pal sale.

Selling Pals on the Marketplace

1
2

HAVE GENESIS
Buy or get Genesis

MINT BY DASHBOARD
Start minting Pals

3

SELL ON MARKETPLACE
Sell Pals on the marketplaceand earn ETH

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4.1 Tokenomics Overview

Supplying Pals to the Pool

Genesis can be acquired by participating in sale events or by purchasing themwith ETH on a secondary marketplace such as OpenSea
Genesis holders mint Pals using ETH
Minted Pals can then be added to the pool
Genesis holders can receive YAY over 30 days in accordance with the rarity of each
Pal they add to the pool.

Supplying Pals to the Pool

1
2

GET GENESIS
Buy or get Genesis

MINT BY DASHBOARD
Start minting Pals

3
4

SUPPLY TO POOL
Deposit Pals to the PoolEARN

Get YAY as rewards

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4.1 Tokenomics Overview

4.1.8 Genesis Design
Genesis are designed to be held by people who are very familiar with crypto assets
and DeFi, community managers, and key opinion leaders (KOLs) responsible forenhancing Yay! recognition
Genesis will mint Pals and then either be supplied to the pool or sold on themarketplace
There is no limit to the number of Pals that can be minted by Genesis holders;
there will be a cooldown period in accordance with each Pal’s rarity (e.g., 24 hours
for Common Pals), but Genesis holders will be able to mint an unlimited number ofPals as long as Yay! remains in service
When a Genesis holder supplies Pals to the pool, they can receive YAY rewards overa period of 30 days
Since the selling price of Pals can be set by Genesis holders in the marketplace,they monitor market conditions and decide the rarity of the Pals
If the demand for Pals is strong, arbitrage is feasible, but in the long run we can
expect prices to be reasonable in line with market principles. If the selling price is
too low, the profit on sales will be low; if the selling price is too high, Yay! users will
not make purchases
The more Pals that Genesis holders mint, the more YAY they will receive as arewardGenesis holders play a role similar to L1 chain validators, and are the most valuablestakeholders in the Yay! ecosystem. They aim to raise the demand for Pals by
increasing the number of Yay! users. The more demand there is for Pals, thegreater the reward acquired.

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4.1 Tokenomics Overview

4.1.9 How to Contribute to the Community
When users’ contributions to the community are recognized within the service,
they will become able to participate in the races and receive EMPL and locked
EMPL as a reward after the races
Accounts that spam or use bots and other such tools will not be able to participate
in races and they may also be penalized.
There will be two main indicators of contributions to the community: analgorithmically calculated trust score and quantifiable acts of community
contribution. The number of posts and chats will not be used to measure community
contributions, in order to prevent spam and insincere activity.
Trust Score
Algorithm for Trust score will be disclosed at when the timing is right, but in principle weare adopting metrics that will give higher ratings to users who engage with and stimulate
the community, are considerate of others, and continuously create a place where
everyone feels comfortable.
Quantifiable Acts of Community Contribution
Specific examples of quantifiable acts of community contribution are as follows
Monthly subscription (VIP membership
Sending and receiving gifts
Friend invitations
Other deeds that raise awareness and interest in the community. 

Users who meet the above criteria will be able to enter races more easily.

Furthermore, even if the users do not meet the above criteria, continuous use of theservice will help the users fulfill the requirements more easily as community
contributions.

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4.1 Tokenomics Overview

4.1.10 Pal Race
Users can participate in races after making community contributions. Races will
follow very simple rules and will be designed for easy participation
The race prize will be paid in EMPL and will be distributed to the top three finisher
Details of the race will be announced later.

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4.1 Tokenomics Overview

4.1.11 Difference in Expected Rewards Between Marketplace andPool
When Genesis holders supply Pals, Genesis holders can choose to either sell on
the marketplace, add to the pool. Holders also have an option to convert to ETH
after supplying Pals to the market
The price at which Pals are sold on the marketplace will be affected by market
supply and demand, but ultimately Genesis holders can set the Pal sale pricethemselves. However, the risk that Genesis holders face is being left with anoversupply of Pals if they are unable to sell them
Genesis holders can hedge the above risk by supplying Pals to the pool insteadand earning YAY rewards with a fixed APY over 30 days
Since the inventory of minted Pals can be redeemed for ETH at any time, Genesis
holders do not bear any inventory risk.

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4.1 Tokenomics Overview

4.1.12 How Value is Focused to YAY
ETH acquired from Pal minting, NFT trading royalties, etc. accumulate in the liquidity
pool
ETH in the liquidity pool that are not slated for use in the short term may be used
for staking, delta hedging, or other such means of growing funds for future
initiatives or boosting stability
The ETH in the liquidity pool is used as a fund to purchase of YAY through theexchange when users withdraw funds by exchanging EMPL for YAY
When users exchange EMPL for YAY, they will be charged a withdrawal exchange fee(initially set at 10%), but when Yay! purchases YAY, it purchases the total amount,
including the withdrawal fee as well as the amount withdrawn by the userIf, for example, a user withdraws about $1,000 worth of EMPL, $900 worth of YAY
will be transferred to the user's wallet. Yay! will purchase YAY on the exchange using$1,000 worth of liquidity pool funds to maintain YAY inventory. In this example,
comparing buy and sell, the buy pressure of $100 as a charge for the withdrawal
exchange fee is calculated
The more users withdraw funds, the greater the YAY buy pressure generated,creating a synthetic long position. The system is designed in such a way that even if
all YAY that an individual holds are sold in the exchange, buying pressure exceeds
the selling pressure due to the withdrawal of exchange fees.

Yay! Liquidity pool

User

Withdraw

Exchange

SELL$1,000worth

BUY$1,000worth

Receive

SEND
$900
worth

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4.1 Tokenomics Overview

4.1.13 Legal Tender Revenue: Advertising and VIP Fees, etc.
Yay! receives legal tender as payment for displaying advertisements between
contents in the app and offering VIP subscriptions
All legal tender revenue, with the exception of some development resources, will
be used for token value enhancement measures, as will ETH revenue
Our top priority is to operate Yay! in a way that ensures our tokenomics issustainable and equipped with multiple safety nets.

4.1.14 Pal Purchases as the Driver of Tokenomics
The most important aspect of Yay!’s tokenomics is how much demand for Pals can begenerated by Yay! users. The following four factors are critical to this objective
Increasing the number of Yay! users
Being able to experience cost-effectiveness by holding Pals and acquiring EMPL
Ensuring simple procedures for any experience
Providing attractive Yay! services, and ensuring users feel the connections they
make are of value.
As Pal demand grows, we expect to see synergy between stakeholders driving favorable
outcomes as follows
Pal holders will contribute to the community and receive rewards
Genesis holders will earn income by maintaining liquidity by supplying pals to thepool and selling on the marketplace
Yay! will generate revenue from advertising and other billed components,
generating further returns for the community.
Ensuring that our token economy functions smoothly depends more than anything elseon the creation of a place where users enjoy and feel like contributing to the Yay!
community—a place where users understand how Pals work and the risks associatedwith them, and purchase Pals and earn from their contributions to make the community
an even better place for everyone.
As such, all stakeholders involved in Yay!’s tokenomics need to view the improvement of
Pal holders’ experiences—in other words, the quality of the Yay! platform itself—as theirbiggest priority, and work together in an all-out effort to enhance services from the user
perspective.
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4.1 Tokenomics Overview

4.1.15 Other Utilities for EMPLEMPL utilities beyond Pal-related functions are planned to be developed such as Gift
and Circle features in the future. If new utilities are going to be developed within theservice, users may be able to use EMPL.
Gif
Gift is a Yay! feature that allows users to send Gift to specific individuals throughCalls and Circles
Gift can be purchased using Locked EMPL, or EMPL, and they can be sent toothersGift is counted as a community contribution
Received Gift can be exchanged for EMPL at a certain redemption rate.
Circl
Default setting for the Circle feature allows access by any users, but restrictions
such as making them private or permission-based can be set by theadministrators.
In the future, it is planned to implement a feature in the Circle that will allow only
users with certain NFTs to participate
The price of the NFT fluctuates based on supply and demand, and it can be bought
and sold using EMPL
Trading of the NFT will be charged an indirect fee, which can be withdrawn by the
Circle owner and used as capital for the long-term operation of the circle.

26

4.1 Tokenomics Overview

4.1.16 The Reason Why Yay! Takenomics Can Be Sustainable
The common scenarios of collapse in GameFi can be summarized into the following
five​Price collapse due to oversupply of NFTs
Deterioration in capital efficiency as utility tokens become a one-sided saleNo external revenue and the operator collects fees from tokenomics
Not enough users of the service and only the tokens stand alone
Neglect of liquidity for external traders.
Yay!'s tokenomics will be designed to prevent a vicious cycle and create a sustainabletokenomics
Having a limited life span for Pal will create demand for Pal by new users as well
as existing users
Selling pressure for utility token is limited due to appropriate in-service utility
consumption design and conversion structure to YAY on withdrawal
Yay! operation is run by external revenue through advertising and paid subscribefeatures and will increase the revenue as the user base expands. In addition, all of
ETH in liquidity pool is used to sustain the token economy, including purchasing
YAY at the time of withdrawal for EMPL
Currently, a large number of highly enthusiastic users use the service on a daily
basis even without incentives
The design of the service is designed to create constant buying pressure
whenever users withdraw EMPL. This makes it easier for traders to handle theservice because the experience and liquidity of the service are the same.

27

04 Tokenomics

4.2 Differences Between Token Possession
Within and Outside of the Platform
With regard to EMPL, two types of tokens are used in the service to realize thehighest usability: “off-chain,” circulated within the service, and “on-chain,” circulated
outside of the service. 

Off-chain tokens will be used for EMPL within the service to comply with Japaneselaw. Off-chain tokens can also be converted to on-chain tokens of equal value for use
outside the app.

Comparison of the two token types:
Off-Chain

On-Chain

Legal Classification

Free points・Prepaid payment method

Cryptocurrency

Function

Within-app circulation

Exchange for money;
staking

Token Standard-

ERC-204.2.1 Off-Chain Tokens
Features of off-chain tokens include:
Rented for free, while others can be purchased
Can be used within the app
High usability due to no service fees
Cannot be exchanged directly for legal tender
Can be exchanged to YAY and withdrawn outside of the app.

28

4.2 Differences Between Token Possession Within andOutside of the Platform

4.2.2 On-Chain Tokens
Features of on-chain tokens include:
FTs on public blockchain
Able to send and use outside of the app
Can be exchanged for legal tender and other crypto-currencies throughexchanges.

29

05 Token Allocation

05 Token Allocation
5.1 Distribution of YAY to Stakeholders
5.1.1 Distribution of YAY
During token sales, all YAY will be issued at once and distributed according to thepercentages below. Details regarding lockup and unlocking are provided in Section
5.1.2 (below). Note that fluctuations may occur in each allotment depending onchanging conditions.
4,400,000,000 YAY (44%): Ecosystem
Rewards for Genesis holders related to Pal activities, staking rewards, post-TGE
airdrop funding, community grants, and other contributions to the ecosystem.
1,000,000,000 YAY (10%): Early Token Investors
Allocation for early-stage token investors.
1,000,000,000 YAY (10%): Early Equity Investors
Allocation for early-stage equity investors.
1,000,000,000 YAY (10%): Team
Allocation for team members involved in the project.
800,000,000 YAY (8%): Ecosystem Reserve Funds
Reserve funds for the ecosystem, operational and development funds, marketmaking, and liquidity provisions for exchanges.
00,000,000 YAY (6%): Airdrop
Rewards for community contributions, participation in the testnet, NFT ownership,and engagement in various events before the TGE.
630

5.1 Distribution of YAY to Stakeholders

400,000,000 YAY（4%）：IEO/Launch EventDistributed or sold to investors through an IEO or Launch Event.
400,000,000 YAY (4%): Partners & Advisors
Incentives for partners and advisors involved in the project.
400,000,000 YAY (4%): Marketing

Funds allocated for marketing and PR activities.

31

5.1 Distribution of YAY to Stakeholders

5.１.2 YAY Lockup and Unlocking
For each token allotment category, we have set up individual lockup and vesting
periods. During the lockup periods, YAY trading will be restricted. During the vesting
periods, a fixed amount of YAY will be unlocked each month.
Adjustments may be made for the lockup and vesting periods of the ecosystem, since
they depend on progress made in the app development, market conditions and otherfactors.
Allocation Category

TGE Unlock

Lockup Period

Vesting Period

Ecosystem 

(44%)

5%

-

72 months

Early Token Investors 

(10%)

0%

12 months

24 months

Early Equity Investors 

(10%)

0%

12 months

24 months

Team 

(10%)

0%

12 months

36 months

Ecosystem Reserve Funds 

(8%)

100%

-

-

Airdrop 

(6%)

75%

-

12 months

IEO・Launch Event 

(4%)

100%

-

-

Partners & Advisors 
(4%)

0%

12 months

24 months

10%-30 months

Marketing 

(4%)

32

5.1 Distribution of YAY to Stakeholders

5.1.3 YAY’s Market Supply and Fluctuation
In typical projects, the amount of tokens in circulation increases when lockup
periods end, thereby lowering the value of the projects’ tokens
However, in Yay!’s ecosystem, we will buy back and burn YAY continuously, thereby
maintaining the supply levels to the market even after lockup periods end.

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5.2 Distribution of EMPL for Stakeholders

5.2 Distribution of EMPL for Stakeholders
5.2.1 Distribution of EMPLThis will not be a token sale for EMPL. 100% of the allocation of EMPLs issued will be
distributed to users as a reward for contributing to the ecosystem, except for tokens
used for initial liquidity.

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06 Operating Policy & Roadmap

06 Operating Policy & Roadmap
6.1 Operating Policy
Initially Yay!’s operating company, nanameue, Inc., will regularly check thecomplex interplay of parameters of this project and flexibly make adjustments
All adjustments will be made to avoid short-term disruptions and to benefit all
ecosystem stakeholders moving forward
When any big changes are made, we will endeavor to ensure fairness to all by
being transparent and disclosing our actions
Once the project has reached a stable level of operation, we plan to switch over tocommunity-based management, with holders of governance tokens making allparameter adjustments.

6.2 Roadmap
Given the speed with which the cryptocurrency market is developing, the ability toadapt promptly to external change and trends is crucial. As priorities may need to be
switched in response to changing conditions, we do not have fixed dates for the
implementation of the following tasks.

Roadmap
Testnet launch
Airdrop campaigns
The execution of the TGE and Airdrop
Expansion of partnerships and collaborations.

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07 Team07 Team
About nanameue, Inc.
nanameue, Inc. is responsible for the planning, development, and operations of thevirtual world Yay! With offices in Japan and Thailand, we are building a development
structure designed to drive our global expansion.
Representative Director

Takahiro Ishihama

EstablishedMay 1, 2013

Headquarters

20th Floor, Shiroyama Trust Tower, 4-3-1 Toranomon,
Minato-ku, Tokyo

URL

https://nanameue.jp

Project Executives
Takahiro Ishihama, CEO, nanameue, Inc.
Founded nanameue, Inc. in May 2013, and has been engaged insocial media ever since with a focus on “building community with
science.” Launched the virtual world of Yay! in January 2020.
Jesdakorn Samittiauttakorn, CTO, nanameue, Inc.

Over 10 years of professional experience in comprehensive
technology data management, especially AI and ML development,
data security, and network/data privacy. Became the CTO ofnanameue in February 2015, and is currently responsible fordeveloping Yay! as a blockchain strategist.

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07 Team

Kazuki Yokokura, CFO, nanameue, Inc.
Joined Merrill Lynch Japan Securities Co. (now BofA Securities) in2016 after graduating from university in the U.K. and working forJapanese and British securities firms . Joined nanameue, Inc. as the
CFO in August 2021, and is currently responsible for nanameue’sbusiness strategy, financial planning, and legal affairs.
Zhen Zhu, Product Owner, nanameue, Inc.
Product Owner with over 11 years of experience specializing in
consumer-facing products. As a founding member of NetEase Japan
Branch and Alibaba Game Japan Branch, Zhen has played a pivotal
role in shaping successful product strategies in competitivemarkets. With a rich background working at prominent companies
like Gree, Mercari, and Smartnews, Zhen brings a wealth ofknowledge and expertise to driving innovative solutions anddelivering exceptional user experiences.
Jiratip Kiatpanya, Blockchain Team Lead
Blockchain Team Lead with over 7 years of experience in leading
and developing both private and public blockchain technologies.
Formerly a Blockchain Engineer at Bitkub, Thailand's leading
cryptocurrency exchange, and Project Lead at SDLT, Jiratip has
spearheaded the development of significant blockchain projects.
Notably, he led the development of a nationwide blockchain system
for Thailand's Revenue and Customs department, managing acirculation of 5 billion JPY within the system. His expertise isinstrumental in advancing cutting-edge blockchain solutions.

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