Since the inception of ApeSwap, our team has always taken pride in the level of decentralization we’ve been able to achieve so early on. This is clearly reflected by the minimal amount of BANANA token holdings that ApeSwap maintains. We’ve achieved this via burning most of the BANANA accumulated in the ApeSwap Developer Wallet, and giving over 90% of newly minted BANANA to the community for farming rewards.

While this is advantageous from a decentralization standpoint, this does provide some inconveniences for the long-term goals of ApeSwap. As a result, ApeSwap is proposing to perform a one-time action in order to build a BANANA Treasury. This BANANA Treasury would have very clear restrictions on what it can and cannot be used for.

Option 1: Do Not Build BANANA Treasury

ApeSwap would not take any proactive measures to build a BANANA Treasury for the time being.

Option 2: Build BANANA Treasury via GNANA Pool Reflect

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 mechanism in GNANA staking pools. The accumulated tokens would be secured in a cold storage device, only to be utilized for predefined reasons below.

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.

It is important to note the intended use of these tokens is in the best interest of ApeSwap over the long term. The intended uses and restrictions are specifically outlined below.

Tokens in the BANANA Treasury may be used for:

• Introducing BANANA to new platforms (e.g., bankroll for gambling site)
• Providing liquidity for centralized exchange listings
• Providing liquidity for additional cross-chain bridges
• Facilitating additional burns

Tokens in the BANANA Treasury would NEVER be used for:

• Selling on to the market
• Farming of any kind
• Putting into circulation via rewards

After this one-time action, will commit to burning the GNANA from the pools (with no additional proposal needed), or will put up another governance proposal if ApeSwap would like to suggest a different use for the GNANA collected.

Discussion

Have questions, comments, or concerns about this proposal? Feel free to weigh in on the ApeSwap Official Reddit Thread!

https://www.reddit.com/r/Apeswap/comments/p5myrh/official_discussion_thread_apeswap_governance/