Description: Stake Fantom tokens and get vAPE! ApeDAO was created with the sole purpose to empower the Fantom community and combat the emergence of short-term mercenary protocols with biased or potentially malicious ulterior motives. With the introduction of Solidly through several tweets and a medium post, Andre Cronje outlined the planned distribution of ve(3,3) NFTs to “the top 20 projects in TVL on Fantom”, with Fantom TVL ranking based on DeFi Llama dashboards. The exact date of the TVL snapshot is unknown but will likely be taken by January 23rd, 2022. ApeDAO was created with the sole purpose to empower the Fantom community and combat the emergence of short-term mercenary protocols with biased or potentially malicious ulterior motives. ApeDAO is a fair launch with no seed, no private sale, no pre-farm, nor any tokens allocated to the team.
Launch and tokenomics
The team has decided not to seed any initial liquidity for vAPE; but instead to publicly bootstrap liquidity from nil. This means that at launch, there will be significant volatility in the price of the token, and will be prone to significant price movements. Inexperienced users should not attempt to trade the token at launch. Once trading commences, yields collected from ve(3,3) emissions-based voting will be re-distributed between the treasury and stakers. The utility of vAPE will serve as liquid proxy votes for Andre Cronje’s SolidSwap Protocol, presuming ApeDAO is able to reach the Top 20 and receive an NFT with voting power. Holders of vAPE will be able to stake it and then vote on how the voting power should be used, i.e. what pairs to incentivise. The aim of ApeDAO is to provide a fully decentralised infrastructure, one that maximises profits, capital efficiency and voting power for ApeDAO, creating a free market for established protocols on Fantom looking to increase liquidity.
Governance
The decision-making function of ApeDAO will rest with the community, 100%. “vAPE” will serve as the protocol’s utility token, enabling holders to participate in on-chain voting.
Holders of vAPE will be able to participate in decision-making, including whether to sell the ve(3,3) airdrop and distribute funds to vAPE holders.
Security
vAPE DAO won’t require a multi-sig in the early stage as there is nothing to own or no contracts to call in the Masterchef contract. However, once we receive the NFT the NFT will be held by a multi-sig to be formed by the community.
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