Introduction
ApeXers, 2 years ago, in April 2022, ApeX Protocol was introduced, marked by the token generation event (TGE) of our native governance token $APEX. At the same time, we mapped out our long-term mission and vision, including the token distribution and token supply allocation timelines. Originally scheduled for April 2023, the release and unlock of $APEX allocated to institutional investors and the core team was postponed last year by 12 months, due to market conditions.
As we approach the revised unlock date in April 2024, we're taking strategic steps to ensure sustainable token unlock and price stability. While the solution is still pending confirmation, we're actively engaging with all the parties involved to obtain their input and support.
In the meantime, we would like to share our proposal with you and its potential benefits for our project and community once approved and implemented.
Introducing esAPEX12 — Proposed Strategy for Sustainable Token Unlock
To ensure a sustainable token unlock process, the ApeX team proposes a strategic approach involving the establishment of a Bonding Curve Token Locking and Sales Pool (esAPEX12 pool) on the Mantle Network.
The released $APEX tokens for both the core team members and investors will simultaneously be invested and locked in this pool, following the initial unlock schedule, generating $esAPEX12, which can be sold via the same pool.
Let's break it down further:
Creation of esAPEX12 Pool: The ApeX team will establish a bonding curve pool on the Mantle Network, starting April 2024.
Generation of $esAPEX12: All the $APEX tokens, as released according to the unlock schedule, will get locked in the esAPEX12 pool, generating the $esAPEX12 tokens with a mandatory 12-month lockup period.
Distribution of $esAPEX12: LP tokens will be distributed to all parties (investors and team members alike) based on their initial investment ratio and schedule. These tokens will represent their right to receive sales income from $esAPEX12.
No Exchange Back: LP tokens cannot be exchanged back for APEX tokens; they solely entitle holders to income from the token sales.
Purchase of Locked esAPEX12 Tokens: Locked $esAPEX12 can be purchased by 3rd parties at a fixed price (e.g. 60% of the 3-day moving average of the APEX token spot price), while investors and team members can claim harvested USDT from the pool based on their LP token proportion.
Unlocking Process for esAPEX12 Holders: After the 12-month lockup period, LP token holders will receive $APEX via a dedicated dApp for unlocking operations, as set up by the ApeX team.
Controlled Token Sale: The monthly availability of $esAPEX12 for sale will not exceed the initially planned unlock quota for that month, ensuring controlled token supply.
Token Repurchase Mechanism: To maintain continuous cash flow income for engaged parties, the ApeX team pledges to allocate 40% of the funds originally designated for staking pools on a weekly basis for token repurchases.
This proposed strategy aims to balance token liquidity and price stability while rewarding early investors and supporting the long-term growth of the ApeX ecosystem.
Conclusion
Over the past 2 years, we've made substantial strides in advancing decentralized, permissionless trading solutions within the Web3 space on ApeX, and we are grateful for the support we've received.
The esAPEX12 vesting solution introduces a sustainable unlock model that is designed with both the project's vitality and investors' benefit in mind. If confirmed by all parties involved and consequently implemented, we are confident it will allow for further support of the price stability of $APEX.
Stay tuned for further updates, as we'll keep you informed of any changes and upcoming steps!
For more details on $APEX tokenomics, please read our token supply explainer.
You can buy, sell, and trade $APEX on platforms like Bybit, Camelot, and MEXC; stake $APEX and/or $esAPEX to participate in the Staking Program and share in ApeX revenue; and/or provide liquidity on Camelot and participate in token farming with the tri-reward scheme.