The next chapter in our DeFi Journey
Nearly three years ago, a group of Apes came together to create ApeSwap. Today, we’re thrilled to announce the next chapter in the DAO’s DeFi journey: Introducing 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.
We are confident this historic day is the beginning of a new chapter for our project, ensuring exciting opportunities ahead and boasting a much-needed refreshed look.
Welcome to the Apes’ evolution.
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 which better aligns with our vision for a sustainable future.
While the ApeSwap brand holds a special place in our hearts, our new brand is a sophisticated evolution from its predecessor, exuding a contemporary, polished, and streamlined look. Yet, our core remains unchanged: We are, and always will be, Apes.
On that same note, the ApeBond team is composed of the same apes you 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 already being reflected in all our communication channels, and as you might’ve noticed, we started incorporating 3D elements into the mix when we began our teaser campaign. By the way, have you noticed these easter eggs?
Moreover, our 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 an 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.
Embark on a transformative journey with the new ABOND token, which is not only a symbol of evolution but a key to unlock unique utilities on the ApeBond platform. The integration of ABOND will intertwine token holders with our platform like never before. While the exact utilities will be fully disclosed before the first ABOND is minted in early December, anticipate enhancements that will redefine your experience and elevate our protocol to new heights.
You can expect utilities like (but not limited to): Exclusive Bond mechanics; Real Yield; Emissions control mechanics; Governance. These utilities will be fully disclosed in a timely manner, but rest assured they’re an improvement over the current ones.
Stay Tuned for the Big Reveal.
We understand the curiosity and excitement surrounding the new utilities of ABOND. Rest assured, we are just as excited to unveil them to our cherished community. The upcoming disclosure will not only meet but aim to exceed your expectations, providing you with more ways to engage, invest, and grow within the ApeBond ecosystem.
Ensure you do not miss out on the big reveal or any other update! Subscribe to our newsletter, join our community on Telegram, and follow us on Twitter to be the first to know about the special utilities that ABOND will bring to the ApeBond platform.
Tokenomics
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 our 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. Has a 4-year vesting with a 1-year cliff.
- 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. Those 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 you select, the higher the Multiplier Boost & Lock Bonus allocation.
- Approve the Migration Bonds Contract and Migrate! — Your ABOND allocation will start vesting on December 12th.
The Migration timeline can be seen below:
Closing Thoughts
Our rebranding and proposed token migration is not just a technical process; it’s a testament to the strength and unity of our community. It represents a new beginning, for which we extend an invitation to all our old and new friends to join us on.
Having been in the DeFi space for some time now, our new ApeBond brand and token will better reflect our evolved vision, mission, values, and goals.
Every step we’ve taken so far has been possible thanks to our community’s unwavering support, our partners’ trust, and the collective passion for the DeFi landscape as a whole. United, we’ll forge a path towards a brighter and more sustainable future in decentralized finance.
A new era has begun.
Q: Why is ApeSwap rebranding?
A: ApeSwap has been on a journey of continuous evolution since its inception, and it’s important that our brand mirrors this growth. The new ApeBond branding represents a more professional image while still maintaining our essence. This way, it has the ability to resonate with new and old users alike going forward.
Q: What will happen to xGnana? Is it no longer in the plans?
A: We’ve taken the valuable insights from our xGnana discussions and channeled them into enriching our ApeBond products. We’re excited to share more about this with you soon.
Q: Governance will no longer exist? If it no longer exists, then how will decisions be made for the DAO?
A: Governance will remain in place. The Migration Plan will also undergo Governance approval.
Q: What will happen to the BANANA in the Lending Network?
A: The BANANA lending market borrowing has been disabled for some time now. Users are encouraged to remove their supplied BANANA. ApeSwap will make sure that all users can successfully withdraw them.
Q: If I lock my tokens early, does that mean I start receiving ABOND earlier?
A: No. All Migration Bonds will start vesting at the same time (December 12th, 13:00 UTC) regardless of at what point of the migration window you lock your tokens.
Q: What is expected to happen to BANANA tokens that aren’t migrated during the migration period?
A: All BANANA tokens should be migrated during the designated period if you aim to convert them into ABOND. If you prefer to retain your BANANA, no action is required. Post migration, any unmigrated BANANA will remain as BANANA, retaining their original form.
Q: What happens with BANANA on other chains?
A: Due to the Multichain bridge issues, BANANA in other chains cannot be bridged to the BNB chain. However, we’ve enabled a ticket system to allow users to migrate their Polygon BANANA to ABOND. You can create a ticket in Discord, here.
Q: What is expected to happen to the liquidity on BANANA-BNB and BANANA-BUSD?
A: Users will be encouraged to transfer their liquidity. POL will be transferred to ABOND pairs to ensure a seamless migration.
Q: With this change, are there plans for a CEX listing?
A: We are actively exploring opportunities for listings on CEXs. While there are various factors to consider, some of which are beyond our control, we remain optimistic. Rest assured, when the right opportunity presents itself, we will enthusiastically pursue these listings to further our reach. We firmly believe that the Migration Plan presented above is our best move towards success and any subsequent CEX listings.
Q: Will there be a roadmap?
A: A priorities list will be provided with specific developments and milestones to achieve as we get closer to the end of the migration.
