Governance Proposal 30: ABOND Token Migration

Introduction & Context

Today, ApeSwap has communicated its rebranding to ApeBond. The full article of the announcement can be read here.

This significant achievement signals the beginning of a new era, complete with a comprehensive brand refresh, an overhauled product, and the launch of a new token. Starting on October 12th, pending approval via this proposal, every member of the community will have the opportunity to initiate the migration of BANANA and GNANA into ApeBond's brand-new token: ABOND.

The team has complete confidence that this historic day marks the start of a new chapter for the organization’s history, and is a step in the right direction. ApeBond & ABOND promise exciting new opportunities ahead while boasting a much-needed new look.

Summary

On top of the ApeBond Rebrand, which marks the beginning of a new era, the team is unveiling the new ABOND token. If this proposal is approved, users will be able to migrate their BANANA & GNANA to ABOND, set to launch on December 12th. This transition signifies a major milestone and represents a promising new chapter for the protocol as a whole.

Motivation

This proposal aims to approve the following Migration Plan:

Beginning October 12th, 13:00 UTC, users will be able to lock their $BANANA and $GNANA to migrate to $ABOND through a new Migration Bonds page.

Migration Bonds will commence linear vesting on December 12th, 2023, 13:00 UTC, granting all $BANANA and $GNANA holders a 60-day migration window. Those who don’t complete the migration within that timeframe will forfeit their ABOND allocation.

Migration Bonds Considerations:

• Multiplier Boost: Migration Bonds will offer a Boost of up to 55% additional ABOND for users who select a longer vesting term, helping to offset dilution.
• Lock Bonus: Users will receive an added Lock Bonus for each vesting period. This bonus is determined by the percentage of tokens you lock in comparison to the overall total for the selected period.
• $GNANA: As an important note, every $GNANA migrated will be valued at 1.43 BANANA to account for burn mechanics. There will be 4 different Migration Bonds available with the following vesting terms, Multiplier Boost, & Lock Bonus:

Utilities:

Initial utilities will be fully disclosed before the first ABOND token is minted on December 12th. These utilities must provide users with additional ways to engage, invest, and grow within the ApeBond ecosystem. You can expect utilities like (but not limited to): exclusive Bond mechanics; Real Yield; Emissions control mechanics; Governance. These utilities will be fully disclosed in a timely manner, but rest assured they're an improvement over the current ones, and will intertwine token holders with our platform like never before.

Tokenomics:

Final numbers may vary depending on the amount of BANANA/GNANA minted.

• Migration (39.1%): Needed for the Migration. Matches the amount of BANANA locked one to one.
• Ecosystem Fund (15%): A replacement for our current MasterApe, meant for allocating ABOND towards the growth of the protocol (e.g., Bonds).
• Multiplier Buffer (14.9%): The amount needed to ensure everyone can migrate without being diluted.
• Fundraise (10%): An allocation for fundraising.
• Treasury (10%): For recurring marketing and operations expenses.
• Team (5%): Allocated for the development of ApeBond. Has a 3-year linear vesting.
• Bonus Bucket (5%): Additional rewards for those who choose to lock their BANANA for a longer period during the migration process.
• Initial Liquidity (1%): Needed to provide Liquidity Pools for the newly migrated token.

Timeline:

Options

PASS - If this proposal passes, the ApeSwap DAO will execute the migration from BANANA and GNANA to the new ABOND token.

REJECT IN ITS CURRENT FORM - If this proposal is rejected, the plan above will not be executed in its current form.