Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from ApeX Protocol and our guest was . The AMA took place on the 23rd of April.
The AMA session was divided into 3 parts with a total crypto reward pool of $500
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&WebSite
Mary | Satoshi Club
Hello Satoshi Club!
We are happy to announce our AMA session with ApeX Protocol! Welcome to Satoshi Club
Gold Rocket | Satoshi Club
Greetings, dear Satoshi Club community!
Today our guest is @JasonApexprotocol
Mary | Satoshi Club
@JasonApexprotocol
welcome to Satoshi Club
Jason
Hi, nice to meet all of you here.
Mary | Satoshi Club
Hello! How’s going?
Jason
I am ready, now we can start the ama, thanks.
Mary | Satoshi Club
Awesome! Let’s start it with intro
Mary | Satoshi Club
Could you please introduce yourself and tell us more about
ApeX Protocol
Gold Rocket | Satoshi Club
Nice to e-meet you welcome to Satoshi club
Jason
ApeX is a decentralized and non-custodial derivatives
protocol that facilitates the creation of perpetual swap markets for any token
pair.
Key features of the ApeX Protocol include:
Permissionless cryptocurrency perpetual contract trading
with leverage
Elastic Automated Market Maker (eAMM)
Protocol Controlled Value (PCV)
Jason
With ApeX, users can trade crypto derivatives directly on
the Ethereum blockchain without any intermediaries. The protocol offers
unlimited flexibility as users can create markets on any underlying asset while
maintaining control of their private keys.
Gold Rocket | Satoshi Club
Also we would like to know more about your team. Who is on
the project team core?
Jason
ApeX protocol is incubated by Davion Labs, a crypto and
blockchain impact incubator backed by Bybit.
It has raised significant capital in the Private Funding
Round Led by Dragonfly. Alongside Dragonfly, other prominent investors such as
Jump Trading, Tiger Global, Mirana Ventures, Kronos, M77 Ventures, and CyberX
have also participated and contributed to the funding round. The ApeX project
is proud to be backed by such influential and leading investment firms in the
industry.
Mary | Satoshi Club
That’s true! Famous VCs
Gold Rocket | Satoshi Club
these influential names speak volumes
Jason
Now we are an anonymous project, and incubated by Davion
labs, let’s move to next question, thanks.
Mary | Satoshi Club
Sure!
Let’s start with the questions from our community first part!
Gold Rocket | Satoshi Club
@JasonApexprotocol thanks for your great introduction
Q1 from Telegram user @Asela1112
I heard that $APEX will live on ByBit exchange on 22nd of April to 26th of April. So Can anyone get a chance to buy some $APEX tokens? Or Should users pass the KYC process in order to buy $APEX tokens? Any way, How many amount of $APEX tokens will there be? And also I know that there is a lottery round for the users. Can you tell us more details about this lottery round & the rules of the lottery round? How about the maximum & minimum amount of $APEX tokens for one eligible user? After 26th of April, Will the $APEX tokens be listed on ByBit exchange So that Users can trade $APEX at desirable times?
Jason
Good question. Here is all you need to know about $APEX
tokens on ByBit :
STEP 1. Choose between the BIT Subscription and USDT Lottery
allocation models: You can either commit BIT to subscribe to APEX allocation or
commit USDT. You cannot participate in both at the same time.
Jason
STEP 2. Five (5) — day Snapshot Period
Both the BIT Subscription and USDT Lottery record the daily
average balance of the committed tokens for five (5) days.
Starts: 2022–04–22 00:00 UTC
Ends: 2022–04–26 23:59 UTC
Daily average balance = The sum of hourly snapshots of your
BIT or USDT balance in a day/24.
Hourly snapshots automatically record the balance of BIT or
USDT in your Spot Account, Derivatives Account, and Earn Account.
If you have selected the Lottery model: Your daily average
balance of USDT should be equal to or greater than 100 USDT during this period.
If you have selected the Subscription model: Your daily
average balance of BIT should be equal to or greater than 50 BIT during this
period, and it will determine the maximum allocation of the project token you
can access.
Jason
STEP 3. Subscription Period
During the Subscription Period participants can commit their
funds by clicking on the “Commit Now” button. Subscription period lasts for 7.5
hours.
Starts: 2022–04–27 03:30 UTC
Ends: 2022–04–27 10:59 UTC
A couple of things to keep in mind:
You must complete the KYC L1 requirement or business
verification to be eligible for the event. Users from restricted countries are
not allowed to participate.
The tokens you’ve committed will be locked and cannot be
accessed for transfers, withdrawals or trading until after the final
distribution of the APEX.
If you have selected the Lottery model: You must commit 100
USDT for a lottery ticket. Each participant can only subscribe to one ticket.
The probability of winning = The total number of the winning
tickets / the total number of lottery participants of this Launchpad project
*100%
If you have selected the Subscription model: The minimum
amount required is 50 BIT and the maximum amount is determined by your daily
average BIT balance recorded during the snapshot period. Please be informed
that the maximum allocation of APEX token is capped at 7000 and you can’t
subscribe to an allocation exceeding the cap. You can subscribe multiple times.
STEP 4. Distribution Period
The Distribution period will last for 1 hour and based on
your token allocation result, the BIT or USDT will be deducted from your
committed amount, while your APEX tokens and remaining BIT or USDT will be
credited back to your Spot Account.
Starts: 2022–04–27 11:00 UTC
Ends: 2022–04–27 11:59 UTC
If you have selected the Subscription model:
Your final allocation of APEX = (the amount of token you’ve
committed / total amount of token committed by all participants) * total amount
of APEX allocated to Launchpad.
Please note that the max. amount of APEX you can receive is
capped at 7000, and the amount that exceeds the limit will be allocated to
participants who haven’t reached this hard cap yet. Based on the final APEX
allocation result, the corresponding amount of committed token will be deducted
from your committed amount, while the APEX tokens allocated to you and the
remaining amount of committed token will be credited back to your Spot Account.
If you have selected the Lottery model: Winners will each
receive 400 APEX, and the remaining amount of the committed token, if any, will
be credited back to their Spot Account. Non-winning participants will get the
full amount of the committed token back.
Mary | Satoshi Club
Thank you! Very detailed answer! I want to wish all participants
good luck
Satoshiclubbers, you can join this event as well
Gold Rocket | Satoshi Club
Thanks for your great answers and clarification
Mary | Satoshi Club
Jason, thank you for
your answers! Ready to proceed?
Gold Rocket | Satoshi Club
Q2 from Telegram user @Blessingchum
ApeX offers some trading features which are; Coin-Collaterized leverage trading, Rebase mechanism and Protocol Incetivization. Could you give a basic description of each of these features? What sort of incentives program does ApeX offer? Speaking of the “Rebase Mechanism”, I haven’t heard about that before; how does this mechanism work? You mentioned that the The “rebase” mechanism serves as a hard-peg; what does this hard peg mean and how is the “Rebase Mechanism” beneficial to the users? Furthermore, how can users leverage the “Rebase Mechanism”?
Jason
OK, very great question.
Jason
Coin-collateralized Leverage Trading
Currently, most DEX platforms offer USDC-collateralized
contracts. While ApeX will also offer USDC-collateralized contracts, we aim to
focus on coin-collateralized contracts that once dominated the crypto market.
Stablecoins are not native assets of the blockchain system.
While the emergence of stablecoins has led to the rapid growth of DeFi and more
applicable scenarios for the blockchain ecosystem, they still face challenges
such as external audits and regulations, and algorithm-based stablecoins are
not mainstream yet. ApeX expects to provide users with coin-collateralized products
for leveraged trading using only the BASE assets.
Rebase Mechanism
Funding rate has been widely adopted by perpetual contract
markets as a price pegging mechanism as it has proven effective with active
market makers and arbitrageurs. To ensure price pegging for less active trading
pairs, ApeX proposes a rebasing mechanism.
The “rebase” mechanism serves as a hard-peg and is designed
in a way that the virtual QUOTE asset balance can be adjusted according to
price fluctuations. Once triggered, eAMMs will dynamically issue or destroy
tokens so that the prices of perpetual contracts would closely track the
underlying spot DEX markets.
Protocol Incentivization
ApeX offers incentive programs to encourage early adopters
and spur organic growth of the protocol. Users and participants will be
incentivized as follows:
Liquidity providers on non-PCV pools: Enjoy liquidity mining
rewards from swap fees and associated leveraged trading fees (spreads, funding
fees & liquidation fees).
Liquidity providers on PCV pools: Users will be able to
purchase the governance token, APEX, at a discount.
Referral incentives: Users will also be incentivized when
they refer ApeX to their friends. Under the ApeX referral program.
Staking: APEX token holders and APEX-ETH liquidity providers
will be rewarded with APEX tokens through staking based on a formula rewarding
a combination of amount and lock time. Staked APEX tokens will also provide
greater value capture and voting power.
Gold Rocket | Satoshi Club
Great answer. Thanks
Mary | Satoshi Club
Jason, when all this features will go live?
Jason
This will be launched gradually. We can go on to the next
question.
Mary | Satoshi Club
Let’s go
Gold Rocket | Satoshi Club
Q3 from Telegram user @captainprice111
When reviewing the philosophies of the ApeX protocol, I saw you say, “It is to empower traders worldwide by providing open and transparent financial tools that can help protect and grow their wealth.” So what is the ApeX team doing to increase financial inclusion and make trading crypto derivatives accessible and easy? I saw that there are 3 philosophies that ApeX is working on; Completely Permissionless, Continuing Liquidity and Full Spectrum Asset Support. Can you tell us about how these 3 philosophies work? Do these 3 philosophies work with each other and with ApeX or do they have different mechanisms of action?
Jason
Fully Permissionless: Open networks that’re available to
everyone to participate in the consensus process, which is used to validate
on-chain transactions. On ApeX, anyone can create any market and trade any
assets.
Liquidity in Perpetuity: Liquidity is a core part of the
infrastructure; users do not have to trust the institution to execute trades,
all that is required is to trust the code will execute as written, hence worry
no more about rug pulls.
Full-Spectrum Asset Support: Liquidity providers can provide
liquidity in any asset, which helps create a market for niche investment
strategies.
Gold Rocket | Satoshi Club
Thanks for your great answers
Do you want to add something or can we proceed with the next
question?
Jason
We can go on.
Gold Rocket | Satoshi Club
Q4 from Telegram User @ghostofcharmeleon
Hello, ApeX team.
You have quite an interesting tokenomics, which allows you not to put significant pressure on the token in the first year, since the team and investors will unlock it in a year. But in order to understand what pressure they will be able to exert at the time of unlocking, it is necessary to understand how many tokens will be issued at the time of the first unlock. Please tell us did you calculate how many tokens will be in circulation at the time of unlocking? What will further encourage investors and large holders to hold their tokens? Are you developing new user cases?
Jason
Good question.
APEX is the native token of the protocol with a maximum
supply of 1,000,000,000, and will serve the following utilities:
Governance: Token holders are entitled to submit and vote on
protocol governance proposals.
Protocol Incentivization: Users can earn APEX tokens through
participation rewards and liquidity mining on the ApeX protocol.
Staking
APEX token distribution is as follows:
Team and early investors: 23% of the total token supply will
be allocated to the core team and early investors with a 12-month cliff
starting from TGE followed by a 2-year linear vesting.
Core team & advisors (15%)
Early investors (8%)
Strategic DAO Allocation: The remaining 77% will be
allocated to the DAO and community. These include allocations for participation
rewards, ecosystem building, and liquidity bootstrapping.
100% unlocked at TGE but tokens allocated to the DAO will be
locked for 36 months;
Currently, most DEX platforms offer USDC-collateralized
contracts. While ApeX will also offer USDC-collateralized contracts, we aim to
focus on coin-collateralized contracts that once dominated the crypto market.
Stablecoins are not native assets of the blockchain system.
While the emergence of stablecoins has led to the rapid growth of DeFi and more
applicable scenarios for the blockchain ecosystem, they still face challenges
such as external audits and regulations, and algorithm-based stablecoins are
not mainstream yet. ApeX expects to provide users with coin-collateralized
products for leveraged trading using only the BASE assets.
In addition, liquidity provision usually requires treasury
allocation in project native token and quote taken from the protocol team, the
decentralized autonomous organization (DAO), or the asset issuer, which may
cause a heavy financial burden to the project.
ApeX aims to resolve this pain point by establishing a
platform where the protocol team and DAO can provide liquidity using only the
project native token while facilitating trades and other application scenarios.
Gold Rocket | Satoshi Club
perfect answer! thank you!
Mary | Satoshi Club
Our live will definitely become easier with your solutions!
Gold Rocket | Satoshi Club
Let’s proceed with the next question
Q5 from Telegram User @KhaleesiKhalee
Obtaining ApeX Predator NFTs are entry tickets for the ApeX NFT Game and the ApeX Loyalty Program. Please explain more on ApeX Loyalty Program, give us instructions on how to get in to the program? What are the opportunities and benefits that awaits for the members? Is this a one-time fee or must it be renewed after a specific period of time to be a member of the program?
Jason
Yes, the 4,560 ApeX Predators NFTs were successfully minted
on March 11, 2022, bringing early adopters to the protocol and building the
community together. For more insights, visit:
https://apexdex.medium.com/apex-nfts-public-sale-round-completed-e917f7e88814
ApeX Loyalty Program enables NFT holders to get the
eligibility to grab a tiered transaction fee discount. ApeX predator NFT
holders will enjoy a 8% lifetime transaction fee discount when trading on the
ApeX protocol, while OG NFT holders will enjoy a 50% lifetime transaction fee
discount.The public sale of the ApeX NFT has facilitated the ApeX protocol to
communicate and build its brand value and culture to audiences in the Web 3.0
space.
The ApeX NFT gaming phase, known as One Last Ape Standing,
is an in-game activity where participants who hold the ApeX NFTs are eligible
to receive the ApeX token from the reward pool within a period of time.
In addition, to take part in the in-game activities of One
Last Ape Standing, you can purchase Apex NFT on OpenSea at any time. Users have
the option to burn their NFT to withdraw from the game anytime.
The entry tickets for the ApeX NFT Game and the ApeX Loyalty
Program are the ApeX Predator NFTs. All early holders of Predator NFTs are
entitled to exclusive benefits — the longer the holding period, the more
rewards received. An amount of 0.2TH will be given to ApeX Predators NFT
holders for each NFT held. When the ApeX NFT Game officially starts, all rebate
rewards will be issued accordingly.
In short, ApeX NFTs on the ApeX protocol serves the
following utilities:
1. ApeX NFTs will serve as the only proof within ApeX’s
Loyalty Program in the future.
2. ApeX NFTs will have the subscription interest of the
protocol’s governance token.
3. ApeX NFTs holders will be granted more privileges
throughout its marketing campaigns, airdrop activities, and major events at the
product level.
Mary | Satoshi Club
Can you give us a link to your OpenSea collection?
Jason
Sure.
You can buy NFT on Opensea https://opensea.io/collection/apex-nft-predator.
Mary | Satoshi Club
Thank you for your answers!
Gold Rocket | Satoshi Club
it’s really impressive
Mary | Satoshi Club
Ready for the 6th and last question from this part?
Jason
Yeah
Gold Rocket | Satoshi Club
Q6 from Telegram User @Danylko_UA
Hello ApeX Protocol team!
We all know about the importance of security in the DeFi space. Bad elements (scammers) are tirelessly using for ways to exploit most projects and it’s users. I admire the fact that ApeX has prioritized security as I saw that your bug bounty program is currently live. I am interested in participating in this program: Kindly give more details on the program. How can I participate? What are the requirements needed? Can you talk about the bounty reward system? Is the reward dependent on the threat level of the reported bug? Lastly, could you give details as regards to your smart contracts audits? Is it done yet? If yes, how well did you pass?
Jason
Good question. Yes, we consider that security is first thing
for a DeFi product, if there are no security to support the project, it will be
dangerous for users. All smart contracts on the ApeX protocol have been audited
by professionals to ensure high security. You may click here to view the audit
report. The time-weighted average price (TWAP) algorithm has also been employed
to minimize a large order’s the impact on the market. Stay tuned for our
upcoming bug bounty programs.
https://github.com/ApeX-Protocol/apex-protocol/blob/master/docs/audit_report.pdf
Ongoing Campaigns:
ApeX 10,000 USDT Giveaway Campaign: https://gleam.io/CVUTJ/apex-10000-usdt-giveaway
🪂ApeX Airdrop events- R1 (4.11 WARM-UP, 4.12 officially starts）: https://apexdex.medium.com/apex-protocol-airdrop-bonanza-round-1-1630d7895131
Welcome all join the airdrop Campaigns
Mary | Satoshi Club
Satoshiclubbers, use your chance
Jason! Now we came
close to the live part of our AMA
Ready for it?
Gold Rocket | Satoshi Club
Thanks for this amazing first part of AMA. Can you please
share most important links for your social media?
Jason
Yes.
Follow ApeX Protocol on social media to stay up to date with
all the latest developments.
Website: https://app.apex.exchange/
Twitter: https://twitter.com/OfficialApeXdex
Medium: https://apexdex.medium.com/
Discord: https://discord.gg/366Puqavwx
Official Community Telegram: https://t.me/ApeXdex
Official Announcement Telegram: https://t.me/ApeXdexANN
Mary | Satoshi Club
Let’s go
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Camila571
Community loves airdrops and campaigns. Do ApeX have any airdrops or giveaways running for the community?
Jason
To celebrate the launch of our new product features and show our warm welcome to all new traders on ApeX Protocol, we are launching the first round of ApeX’s Airdrop Campaign now.
This campaign will start on Apr 12, 2022 9:00 pm SGT, and last till Apr 30, 2022 11:59 pm SGT. We will be giving away more than 200,000 $APEX Tokens as a total prize pool to our community within this round.
The Total prize pool will be divided into 5 categories (A-E) with corresponding thresholds.
Read the details here
https://apexdex.medium.com/apex-protocol-airdrop-bonanza-round-1-1630d7895131
Q2 from Telegram user @Shiva_shivi
What is the main Aim of “Protocol Controlled Value”?
Can You Please explain, why is it needed?
Jason
Traditionally, DeFi protocols employ a user-owned Total Value Locked (TVL) model, in which liquidity providers deposit an equal amount of two tokens to form a market. To incentivize liquidity, DeFi protocols typically offer token distribution rewards with lucrative yields. While this can result in massive liquidity, it also brings the unintended consequence of ‘mercenary capital’. Liquidity incentivization requires DeFi protocols to offer lucrative rewards to maintain it. Such strategies may be viable in the short term, however, they are not sustainable in the long term as yields will normalize over time.
Q3 from Telegram user @hana4544
You sold 4,560 NFTS in March. What are the benefits for ApeX Predators NFT owners? When and how can we get a new sale?
Jason
The remaining 4,560 ApeX Predators NFTs were successfully minted on March 11, 2022, bringing early adopters to the protocol and building the community together. For more insights, visit: https://apexdex.medium.com/apex-nfts-public-sale-round-completed-e917f7e88814
ApeX Loyalty Program enables NFT holders to get the eligibility to grab a tiered transaction fee discount. ApeX predator NFT holders will enjoy a 8% lifetime transaction fee discount when trading on the ApeX protocol, while OG NFT holders will enjoy a 50% lifetime transaction fee discount.The public sale of the ApeX NFT has facilitated the ApeX protocol to communicate and build its brand value and culture to audiences in the Web 3.0 space.
The ApeX NFT gaming phase, known as One Last Ape Standing, is an in-game activity where participants who hold the ApeX NFTs are eligible to receive the ApeX token from the reward pool within a period of time.
In addition, to take part in the in-game activities of One Last Ape Standing, you can purchase Apex NFT on OpenSea at any time. Users have the option to burn their NFT to withdraw from the game anytime.
The entry tickets for the ApeX NFT Game and the ApeX Loyalty Program are the ApeX Predator NFTs. All early holders of Predator NFTs are entitled to exclusive benefits — the longer the holding period, the more rewards received. An amount of 0.2TH will be given to ApeX Predators NFT holders for each NFT held. When the ApeX NFT Game officially starts, all rebate rewards will be issued accordingly.
A Protocol Controlled Value (PCV) model aims to solve these problems in a peculiar way. PCV was inspired by the Total Value Locked (TVL) model, whereby all assets locked in smart contracts are ultimately owned by the protocol and not redeemable by users. This approach guarantees liquidity of each perpetual contract market and users can rest easy knowing that no liquidity provider can pull out the protocol-owned liquidity. ApeX uses the PCV model to retain liquidity in perpetuity to solve the ‘mercenary capital’ issue. Additionally, ApeX also supports user-owned TVL liquidity for users who prefer the traditional DeFi TVL model.
Q4 from Telegram user @Pokerlight
I noticed that your ecosystem charges a 0.1 percent cost on each transaction; could you explain why this tax is charged? What is the purpose of the money that has been collected?
Jason
All trades occurring on the ApeX protocol will incur a 0.1% transaction fee. Of which, transaction fees will be distributed as such:
10% will be allocated back to the eAMM in its respective BASE asset;
30% will be allocated as $APEX staking reward;
The remaining 60% will be deposited in the DAO treasury.
Liquidated trades on the ApeX protocol will incur a Liquidation Fee which is calculated from the remaining value of the liquidated position. Liquidation fees will be distributed as follows:
95% will be allocated back to the eAMM in its respective BASE asset;
The remaining 5% be rewarded to protocol liquidator.
Q5 from Telegram user @YRUSelling
What is Elastic Automated Market Maker? What are the features of it?
Jason
The Automated Market Maker (AMM) plays the role of a central counterparty on DeFi protocols, allowing assets to be traded in a permissionless and instant manner by using liquidity pools instead of a traditional order-book model.
Q6 from Telegram user @………..IL❤️🥀ov………e@
Do you allow suggestions and feedback from the community? Are we allowed in decision making, do you put community into consideration ?
Jason
Yes, community is important for project, if there are no good community, it means there are little users, so we are looking forward to listening from community.
Q7 from Telegram user @kalam4i
Staking programme is very important for any project,? Can i stake your token,? Do you have any plan of starting staking programme??
Jason
APEX token holders and APEX-ETH liquidity providers will be rewarded with APEX tokens through staking based on a formula rewarding a combination of amount and lock time. Staked APEX tokens will also provide greater value capture and voting power.
Q8 from Telegram user @Prithvi200
Have You Performed the KYC and the AUDITS because
It helps to Increse TRUST Between the FOUNDERS and INVESTOR , If Yes Please tell me ?
Jason
All smart contracts on the ApeX protocol have been audited by professionals to ensure high security. You may click here to view the audit report. The time-weighted average price (TWAP) algorithm has also been employed to minimize a large order’s the impact on the market. Stay tuned for our upcoming bug bounty programs
Q9 from Telegram user @Camila571
Community loves airdrops and campaigns. Do ApeX have any airdrops or giveaways running for the community?
Jason
Part 3 – Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
For more information and future AMAs, join our Social Media channels:
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Spanish Telegram group: https://t.me/satoshi_club_spanish/
Telegram Channel: https://t.me/satoshi_club_channel/
Twitter: https://twitter.com/realsatoshiclub/
Website: https://esatoshi.club/
Our partners:
Website: https://app.apex.exchange/
Twitter: https://twitter.com/OfficialApeXdex
Medium: https://apexdex.medium.com/
Discord: https://discord.gg/366Puqavwx
Official Community Telegram: https://t.me/ApeXdex
