ApeSwap Evolves: Announces ApeBond Rebrand and New Features
[PRESS RELEASE – Grand Cayman, Cayman Islands, October 10th, 2023]
Three years ago, a dedicated team, fondly referred to as “Apes,” established ApeSwap. Today, they are excited to unveil the next evolution in the DAO’s DeFi trajectory: The ApeBond Rebrand.
This major milestone marks the beginning of a new era, including a full rebrand, a revamped product, and a new token launch. Starting October 12th, if approved through Governance, every ape will be able to start migrating their BANANA and GNANA to ApeBond’s brand new token: ABOND.
Apes are confident that this historic day is the beginning of a new chapter for the project, ensuring exciting opportunities ahead and boasting a much-needed refreshed look.
The Rebrand
Initially inspired by PancakeSwap, ApeSwap has been focused since its creation on being, first and foremost, a DEX. However, after launching Bonds in early 2022, the DAO’s direction gradually pivoted to the latter, a model that better aligns with their vision for a sustainable future.
While the ApeSwap brand holds a special place for all apes, the new brand is a sophisticated evolution from its predecessor, exuding a contemporary, polished, and streamlined look. Yet, the core remains unchanged: They are, and always will be, Apes.
On that same note, the ApeBond team is composed of the same apes users are already familiar with, but restructured for optimized efficiency and with one common objective: turn ApeBond into the biggest DeFi bonding protocol ever.
The new brand is now visible across all of ApeBond’s communication channels. As users may have observed, the incorporation of 3D elements began during the teaser campaign. Attentive members of the community might have spotted these Easter eggs.
Moreover, the new Ape.Bond website, which matches the new brand image’s look and feel, is set to launch in the upcoming weeks.
The New Token
Beyond the rebrand, post-Governance approval, users will be able to migrate their BANANA tokens into the new ABOND token via special Migration Bonds. This migration will allow for revamped tokenomics, a circulating supply reduction, and an increase of the fully diluted valuation, setting the stage for explosive growth.
“The ABOND Migration represents a new chapter for the organization, with a whole new array of opportunities for its users and partners.” ApeGuru — Product Lead
The proposed Migration has a window of 2 months, where users will be able to lock in their BANANA as soon as October 12th, 13:00 UTC. Additionally, the Migration Bonds will offer a Multiplier Boost & Lock Bonus allocation for users who decide to vest their tokens over a longer period of time.
Unlock Unprecedented Utilities with $ABOND.
Users can embark on a transformative journey with the new ABOND token, which is not only a symbol of evolution but a key to unlocking exclusive utilities on the ApeBond platform. The integration of ABOND will intertwine token holders with the platform like never before. While the exact utilities will be fully disclosed before the first ABOND is minted in early December, additional enhancements to revamp users’ experience are scheduled to elevate the protocol to new heights.
ApeBond Set to Surpass Expectations
Apes understand the curiosity and excitement surrounding the new utilities of ABOND. They are just as excited to unveil them to their cherished community. The upcoming disclosure will not only meet but aim to exceed users’ expectations, providing them with more ways to engage, invest, and grow within the ApeBond ecosystem.
To ensure timely updates and not miss the significant unveiling, interested parties are encouraged to subscribe to the newsletter, join the ApeBond community on Telegram, and follow ApeBond on Twitter. This will ensure users are among the first to learn about the unique utilities that ABOND introduces to the ApeBond platform.
Tokenomics
Image: Final numbers may vary depending on the amount of BANANA/GNANA minted.
For a deeper understanding of ABOND’s distribution, here’s a comprehensive tokenomics breakdown:
- Migration (39.1%): Needed for the Migration. Matches the amount of BANANA locked one-to-one.
- Ecosystem Fund (15%): A replacement for the 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.
The Migration
A Governance vote will take place on October 11th until 23:00 UTC. If approved, beginning October 12th, 13:00 UTC, users will be able to lock their $BANANA and $GNANA to migrate to $ABOND through the new Migration Bonds page.
Migration Bonds will commence linear vesting on December 12th, 2023, 13:00 UTC, granting all $BANANA and $GNANA holders a 61-day migration window. Users 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:
In order to migrate, users will need to visit the Migration Page and follow the 3 simple steps below:
- Input $BANANA or $GNANA amount — Remember, 1 $GNANA = 1.43 BANANA.
- Select the Vesting Term — The longer the lock user selects, the higher the Multiplier Boost & Lock Bonus allocation.
- Approve the Migration Bonds Contract and Migrate! — User’s ABOND allocation will start vesting on December 12th.
The Migration timeline can be seen below:
ApeSwap’s New Chapter: Culminating Vision and Community Unity
The rebranding and proposed token migration is not just a technical process; it’s a testament to the strength and unity of ApeSwap’s community. It represents a new beginning, for which apes extend an invitation to all their old and new friends to join them on.
Having been in the DeFi space for some time now, the new ApeBond brand and token will better reflect ApeSwap’s evolved vision, mission, values, and goals.
Every step ApeSwap has taken so far has been possible thanks to their community’s unwavering support, their partners’ trust, and the collective passion for the DeFi landscape. United, all apes will forge a path towards a brighter and more sustainable future in decentralized finance.
About ApeSwap
ApeSwap is a decentralized finance platform offering a full suite of tools to explore and engage with the future of wealth building. With products ranging from a decentralized exchange, a bonding protocol, and the new Liquidity Health Dashboard, ApeSwap empowers users to access DeFi in a secure, transparent, and globally accessible way.
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