Governance Proposal 26: Growing the BANANA Treasury

Context

ApeSwap has always valued its level of decentralization, as reflected in the minimal BANANA token holdings maintained by the ApeSwap DAO, which currently stands at less than 4,000,000 BANANA (i.e., less than 1% of the total supply of 420,000,000).

Currently, unused GNANA is being accumulated in Staking Pools due to the reflect fee mechanic within the underlying token. Over 2,000,000 GNANA has been accumulated so far.

Summary

This proposal aims to grow the ApeSwap BANANA Treasury by extracting the GNANA tokens captured due to the reflect mechanism in GNANA staking pools.

Motivation

While some of this is advantageous from a decentralization standpoint, this does provide some inconveniences for the long-term goals of ApeSwap. Growing the BANANA Treasury will ensure the sustainability of the ApeSwap protocol and its participants. We believe that creating the BANANA Treasury is in the best interest of ApeSwap in the long term and will help the platform achieve its goals.

Options

APPROVE - Approve the one-time action of extracting GNANA fees for the BANANA Treasury.

ApeSwap would take a one-time action to build a BANANA Treasury. This would be facilitated by ApeSwap accumulating GNANA tokens that have been captured as a result of the reflect fee mechanism in GNANA Staking Pools. The accumulated tokens would be secured in the DAO’s multi-sig wallet, only to be utilized for predefined reasons below:

• Introducing BANANA to new platforms
• Providing liquidity for centralized exchange listings
• Facilitating additional burns
• Strategic partnerships
• Market-making

It is important to note that the tokens in the BANANA Treasury will never be used for farming or put into circulation via rewards. Additionally, the action will be capped at 2,000,000 GNANA, leaving a remainder for future initiatives such as xGNANA.

Please Note: This DOES NOT impact users’ funds, staking, or returns in any way. We are simply collecting the fees that are already captured as a result of the reflect mechanism in GNANA staking pools. At the present moment, these are in GNANA Staking Pools without any owner.

REJECT - Reject this one-time action