We're starting 2023 off on the right foot after a year of constant new upgrades and features added to ApeX Pro in the last quarter — with improvements made to the Buy & Burn Pool (BBP) as the first big update of the year.
ApeX Pro's ethos continues to be centered around providing the safest and most efficient derivatives decentralized exchange (DEX) to our global community. This includes regularly reviewing our cost-saving incentives and fees, all while ensuring that ApeXers get a transparent overview of the changes that are happening on ApeX Pro.
There are a number of big upgrades that you can look out for in Q1 2023, including the addition of multiple new USDC-collaterized perpetual contracts (voted and chosen by our very own community), upcoming referral and VIP programs and so much more. And perhaps most importantly, we know how critical revenue sharing and staking incentives are to ApeXers, so the staking program will be unveiled really soon.
As such, adjustments to the BBP will be required to ensure the smooth and seamless rollout of firstly, the upcoming staking program and secondly, the introduction of Affiliate Program incentive calculations once Epoch 9 of Trade-to-Earn (T2E) begins.
Fees Paid to BBP — Now at 35%
When we first launched ApeX Pro back in November 2022, we introduced the BBP, a large assets pool where 50% of ApeX Pro's transaction fees in USDC are channeled regularly.
Just to recap, the BBP is primarily used to engage in a regular $BANA buyback and burn strategy to ensure $BANA price stability and value appreciation. Buybacks are executed primarily via Time-Weighted Automated Market Maker (TWAMM) swaps.
Starting from Jan. 16, 2023, 8AM UTC, this percentage will be adjusted to 35% and gradually reduced over time to account for the Staking Program and also, the Affiliate Program from T2E's Epoch 9 onwards.
(1) Upcoming Staking Program
Further in-depth details will be released soon in a separate announcement, but here's a brief rundown on what ApeXers can expect to see with the new Staking Program.
As mapped out in the table below and measured across different T2E epochs, protocol revenue (transaction fees) are slated for increasing distribution to stakers of the ApeX Protocol's native $APEX token, and its escrowed version $esAPEX on ApeX Pro. The annual percentage yield (APY) received by $APEX stakers depends on their:
The amount of $APEX staked
Time at and duration of which $APEX is staked
T2E Participation Score
The BBP adjustment is integral in helping ApeX Pro fulfil the promise of channeling benefits and earnings back to the ApeX community.
Stay tuned to our announcements next week when the Staking Program is unveiled in its entirety.
(2) Affiliate Program Incentives From T2E Epoch 9 Onwards
We're kickstarting Phase II of T2E, where additional incentives have been allocated to our affiliate community and their referees.
*Exceptions may apply. For additional information, please reach out to us on Discord under the 'Affiliates' channel.
In a gist, a part of T2E rewards in $BANA, cashback in USDC plus extra rewards in $esAPEX can be earned by affiliates, their sub-affiliates and other involved traders in their communities once Epoch 9 begins. We'll be revealing more details on this next week, so sit tight!
We thank all ApeXers for their support in the new year, and please reach out on any of our official channels if you have any questions about the above.