Expected to appear on Snapshot on October 17th

TL;DR

• Proposal to whitelist APW (ERC-20)
• Requesting a 250k BNT Co-investment to start
• Although relatively new and unheard of (outside of yield farming connaisseur circles), APWine originally launched in August of 2020, ran an open Beta in February 2021, secured investment from top tier VC firms, partnered with top tier Defi protocols such as Harvest finance, has a co-founder of Aave as an Advisor, there is no reason to doubt the legitimacy of the project.
• The benefit to Bancor is clear. Let’s bring more of Trad-Fi into DeFi together by encouraging more liquidity in tokenized yield markets so yield farmers can hedge their risk and traders can speculate on volatile APY rates.
• There are no apparent security concerns that would prohibit whitelist status.

APWine token address: 0x4104b135dbc9609fc1a9490e61369036497660c8

Project Website: apwine.fi

Token Security

UPDATE: Admin and Upgradability rights have been burned and is verifiable onchain

The APWine contracts do not have permissions that grant administrators unrestricted mint/burn capabilities. The APW token supply was fairly distributed and launched via a liquidity bootstrapping event. A Maximum circulating supply of 32,624,947 $APW will be reached given the inverse curve for distribution. The addresses with the highest concentration of APW tokens are predominantly the APWine Foundation and exchange partners.

Project

APWine is a protocol that allows users to deposit their interest-bearing tokens in order to tokenize the yield generated by their interest-bearing tokens. APWine splits interest-bearing assets into Principal Tokens and Future Yield Tokens. Using the custom APWine AMM, users can sell their APYs ahead of time. By buying, selling, and/or trading FUture Yield Tokens, defi users are able to hedge their exposure to volatile yield and also speculate on arbitrage opportunities. FYT holders can claim their yield at maturity which is typically 30 days.

Tokenomics

The APW token is an ERC-20 token, with a primary focus on protocol governance through the APWine DAO. APW is also used as an incentive token for liquidity providers. Through the liquidity bootstrapping and TGE event, a fair distribution to the community was completed. The APWine DAO will be involved in future protocol focuses and potential partner integrations.

Community and Communication

APWine is active on Telegram, Discord, and Twitter. Activity on GitHub is frequent, with new updates appearing every few days. The development team and advisors are presented on the homepage of the APWine website. Gaspard Peduzzi, the co-founder of APWine, is the project’s main spokesperson. APWine is based in Europe with and includes a global remote team.

Available Audits

APWine has been audited at least 4 times since 2020, by reputable auditors:

• Quantstamp
• Peckshield
• APWine will also be hosting an ongoing bug bounty program

Benefits for Bancor:

The Bancor ecosystem will benefit from exposure to APW by hosting the deepest liquidity pool for APW pairs which can naturally attract yield farmers and speculators of yield. Tokenizing and trading yield is a very new (to-defi) that we expect will become a huge market in and of itself. In traditional markets, this is known as “bond stripping” or “coupon bonds” and accounts for trillions in global trade volumes. There is no shortage of volatile APY in the world of DeFi, so a simple way to hedge risk and arbitrage volatile APY rates is in high demand. We are seeking to establish deeper integrations with Bancor Protocol and all of the ecosystem partners as a priority for APWine. The APWine team has pre-emptively prepared to organize a buy-back program to coincide with the pool.

We are requesting a 250K BNT Co-investment to start and will work diligently to ensure a positive long term impact is made within the Bancor Ecosystem.