Ape Galaxy Migration Proposal

Prepared and presented by: MycoMonk, Mr. C, mk2012, and MrDoug

A) Background Over the past months, the Community has been hard at work pivoting from our legacy OHM fork to a true gaming/entertainment focused DAO. At the same time, it has been extraordinarily hard attracting new investors with our old OHM tokenomics and resulting chart. It is now time to shed old remnants and truly transform ourselves into Ape Galaxy. To enable this we are proposing a full migration of GG to Ape Galaxy DAO.

B) Proposal: Migrating to Ape Galaxy DAO project

We propose to migrate from GG to Ape Galaxy DAO and thus leave behind any OHM legacy. Concretely this means:

1. $GG will stop trading as a token
2. All $GG holders will be on the AllowList for Ape Galaxy DAO
3. A Snapshot of all $GG holders will be taken
4. The assets held by $GG will be divided among $GG holders (see below)
5. $GG holders will be airdropped their corresponding share of the treasury
6. Ape Galaxy launches as a new project but the same amazing Community
7. The first product of Ape Galaxy will be our long-awaited Death Ape NFT
8. The roadmap for Ape Galaxy with further products and secondary mechanics, tokenomics, etc will be decided in a separate proposal

B1) Asset division: The asset split should fulfil multiple criteria: (a) Give $GG holders maximum value for their investment, (b) Enable Ape Galaxy to be self-sustaining, (c) Keep the trust of our amazing Community

We propose the following asset split between $GG and Ape Galaxy.

$GG: -Ca. $8m current treasury (incl. Anchor farming), minus $100k for AG, tbc once liquidity pulled -$1.5m movie loan principal (when repaid)

Ape Galaxy -Discord and all social media accounts -Marketing contract with CrowdCreate -DeathApe NFT -Merch & branding assets -Games (LuckyApe, Apehalla gaming contract) -Ape-X spillover (NFTs) -Profits from movie loan when returned -$100k in operational funds from treasury -TBD value of Ape-X spillover -BUSD Value of unclaimed GG after redemption window -Ca. $300k in value locked in CrowdCreate, DeathApe and merch -$450k in movie loan profits (when repaid) Community: Invaluable

B2) Redemption process We propose a redemption of GG via airdrop of BUSD for the current treasury and then a second amount after the movie loan is repaid. Both will be based on the same snapshot of $GG so this can’t be gamed. Any unclaimed amount will be rolled over into Ape Galaxy.

BUSD in the amount of the unclaimed GG will become an asset of AG (i.e., the amount will be forfeited and distributed to the AG treasury).

The exact amount of BUSD to be airdropped will be calculated once the snapshot has been taken and liquidity pulled. At time of writing $GG has a circulating supply of 199,687 tokens, which would put the backing around $40 per GG. This will need to be reconfirmed and recalculated after the snapshot and the liquidity pool is resolved.

B3) Proposed timeline People will have 4 days from the day the proposal passes to unstake their sGG/wsGG After approximately 4 days, liquidity will be pulled and a snapshot conducted across all GG holders (NOTE: It’s IMPERATIVE to unstake during the 4 days as warm-up balances are not visible by the snapshot and will be lost) We will calculate the backing price after snapshot has been taken based on the total circulating supply of the token and the amount in the treasury (minus $100k for AG) We will circulate a sheet with all wallets and the corresponding GG amounts for approximately 4 days to give people enough time to identify any missing funds After the approximately 4 days have elapsed the Airdrop will be disbursed to the wallets from the snapshot If there are still unclaimed funds in the treasury, they will be automatically forfeited and sent to Ape Galaxy The movie loan funds will be handled via a separate process based on the same snapshot (see FAQ why this is necessary)

C) FAQ: Please read this important FAQ https://docs.google.com/document/d/14BPTyjqypDfj2fRzo-YFhL603G64pNa1_1M1N2bHQTQ/edit#heading=h.lvptrcsgcw30