BIP-17: ApeX Protocol Proposal to BitDAO
ApeX Protocol proposes:
- Token swap of $2M USDC for 11M $APEX governance tokens
- BitDAO will commit not to sell the $APEX tokens for 2 years;
- The USDC may be used immediately to improve liquidity on ApeX Pro and support more trading pairs;
- Additionally, should any extenuating circumstances arise, BitDAO retains the rights to undo the token swap within a 2-year timeframe (pending BitDAO proposal).
| BitDAO Swaps | ApeX Swaps | ||
|---|---|---|---|
| $USDC | $APEX | ||
| Swap Units | 2,000,000 | 11,000,000 | |
| Current Price | $1.00 | $0.30 | |
| TWAP Price | $0.40 | Discount | |
| Current Value | $2,000,000 | $3,300,000 | 39% |
| TWAP Value | $2,000,000 | $4,433,000 | 55% |
| Lockup | None | 2 year hold | |
| Note: The TWAP price (2022/11/02-2022/11/15) of $APEX on Coingecko is 0.4028 |
- Commitment from ApeX Protocol to prioritize the deployment of ApeX Pro on the upcoming BitDAO Infrastructure Project (BitNetwork).
Off-Chain Vote
For
142.71M BIT100%
Against
110.09 BIT0%
Abstain
911 BIT0%
Timeline
Dec 12, 2022Proposal created
Dec 12, 2022Proposal vote started
Dec 19, 2022Proposal vote ended
Oct 26, 2023Proposal updated