ApeSwap AMA Recap
Our very first AMA with the community 😋
There is never a dull moment when Obie Dobo is in the house 😎
Obie, grandfather of CZ Binance, hosted our first ever AMA on April 1st. There was trivia, memes, and lots of great questions 🔥
If you missed it we have a full recap for you here! 👌
The AMA began with Obie introducing the team 👋
Obie: Hey you crazy apes! I’ve muted the chat because it’s IT’S TIME TO GET THIS AMA STARTED 🎉
Tonight, we have a special treat… the entire founding team is here, ready to answer your burning questions 🔥🐵
If you don’t know them already, let me break it down for you:
@apeguru — King of the ApeSwap code jungle
@ape_tastic — Smart contract genius, burner of BANANAs
@dkdonkiekong — Partnership primate, marketing magic-marker
@harambenakamoto — Analytics, code, and raw brain power
@obiedobo — horny old guy who can barely use a computer
Team, want to say hi to all the apes? ❤️
After introductions, we jumped into the Q&A!
Obie: Ok this one is for you, DK… CryptoGuvna Asks:
How hard is it for you guys to stay as active as you are? Do you have a team solely dedicated to connectivity with your audience? I find that many projects have trouble staying as active, Your social media presence is one of the characteristics that drew me to you.
DK: First, I appreciate that you notice this. It’s actually really tough and a full time job. Obie and I lead our marketing and biz dev teams and are constantly online pushing content and initiatives forwards. We also have the most incredible team of community managers, we literally would be lost without them, they are a ton of fun to chat with and one of the key ingredients to our success (we love you guys, you know who you are, cant thank you enough).
Lastly, and what makes ApeSwap truly special and I think you are touching on this in your question… is our community in general. The ApeSwap family is the lifeblood of this project. Each and every one of you hold a dear place in our hearts and truly is the motivation behind all our hard work. We meant it when we said we were going to take this crazy monkey family to the moon and we wont let you down!
Obie: Apetastic, question 2 is all for you! Eekliy81 wants to know…
What are the teams thought about inflation and what is the plan to keep it under control? Do you think burning and a lottery will be enough to keep things in check? What if it doesn’t? Is there a plan for a scenario in which those two tools are not enough?
Apetastic: I’d like to start off my question with an example: https://bscscan.com/tx/0x3b99d1bea0325056a8abfbfa82565f20591a7607442e79ad76b8e1b6e6f6c413 (burns 100,000 $BANANA 🤯)
Ok, but seriously. I know inflation is definitely a concern for a token that creates new supply each block, but I want to share my thoughts and what we’re doing.
With DeFi came liquidity pools which enabled DEXs and led to the possibility of increasingly complex tokenomics models around these. ApeSwap, as an up and coming DEX, is possible thanks to the BANANA rewards that incentivize further liquidity. So I like to view the BANANA rewards or emissions as important to the tokenomics model, but another aspect to consider is the fixed rate emissions. A fixed block rate emission token which starts at 0 supply will increase in inflation very high at the start, but quickly drop until it’s relatively small. Compare this to the USD which (supposedly) inflates 2%-3% a year, which is compounding inflation. We all know the power of compounding.
This is a nice look at what the inflation curve for BANANA looks like.
Don’t worry though. Because BANANA rewards are integral to incentivizing the DEX, we are incentivized to increasing the value of BANANA which creates a win-win scenario of obtaining more liquidity and volume, as well as helping support the community who is staking their hard earned crypto. To do this we are constantly working on new and creative ways to burn/stake BANANA. For example, we made a few updates to Pancake’s lottery contract to automatically burn BANANA while also trying to create bigger lottery pots for more engagement. We run Initial Ape Offerings which burn BANANA in token presales. We are also working on a new token concept called Golden Banana that is a little wild, but it really shows the power of programmable money. As more and more mechanisms are created to burn BANANA I expect the burn mechanisms to outpace emission.
Obie: @Apeguru , this one is certainly up your alley! Daylagger asks…
Can you tell you apes a bit more about the GOLDEN BANANA?
Apeguru: Fine, but don’t tell anyone I’m leaking content (Obie look away). The Golden $BANANA will be a governance token with burning and reflect mechanics baked in. It will play a key role in our ApeZone initiative to reward our loyal apes and incentivize individuals to stay in our community rather than farm and leave. We also plan to use the Golden Banana in initial ape offerings as a means to solve the ‘whale problem’. We are developing it right now and can’t wait to push it out!
Obie: Harambe, a compliment + question from soso_crypto to you!
What is the real goal of apeswap ? Whats ur ambition ? Have a nice day
Harambe: The real goal of ApeSwap is to become a premier trading DEX and launchpad on Binance Smart Chain. Something that is really important to note is ApeSwap has its own router, in other words we are our own DEX. Most projects use their own front end, but use Pancake Swap’s router on the back end, so the liquidity they show is actually locked up in Pancake. The Liquidity on ApeSwap is true ApeSwap liquidity. This also partially plays into why an inflationary token makes more sense on ApeSwap. The farms incentivize liquidity for trading pairs, whereas on other platforms that don’t have a DEX just mint tokens with no real utility. This was an important feature for us and is why we launched ApeSwap with our own router since the beginning. We also believe in growing with new projects and see a niche for supporting quality projects that get overlooked by the big players. If you are a new project and are listing your token, reach out to us to see how we can support you and grow together!
Obie DK, the last one is all for you sir… El_Ruso_Berrea wants to know:
Is there any new protection being taken to prevent us apes to get rugged?
DK: Apes, we want to ensure you we did not take the recent events lightly. We have seriously upped our due diligence process in order to ensure we are taking the upmost caution. For IAO’s, we are requiring strict vesting and lock up periods, additionally asking for deep information on the team behind the project and digging into the token economics to make sure they make sense. For new token projects, we are only going to be supporting projects that have met a certain number of criteria. We actually have a new initiative coming out called the BUIDL program that will shed more light on this, but the main goal is to provide projects a “path to partnership”. Obviously we cannot prevent projects from listing on ApeSwap as we are a DEX, but we can pick which projects we actively support.
Its also worth noting, that due diligence is not just on ApeSwap. We are all familiar with DYOR, and it is impossible for us to ensure no rugs will ever occur. Please always research projects and realize you are entering at your own risk. We will do our absolute best to protect you as well 💪
We then took a short break for a meme + gif competition. After we wrapped up with 5 community questions.
Obie: Question #1
How do you choose your iao partners, do they reach you or do you examine their projects and see their promise and position accordingly. Considering your community-focused approach that has been successful so far, would it be correct to assume that the future iaos will be projects that will make us happy and prosperous?
DK: Our IAO partners typically reach out to us. We have a long list of projects that want to IAO, but we only pick the best of the best for our Apes. When a project reaches out we start by digging into their actual platform and project. From there we analyze their token economics and if the utility of the token actually makes sense. In tandem we also vet the team behind the project to ensure they are top tier.
After the project passes our due diligence test, we look into the actual structure of the IAO. We want to make sure every project raises adequate funds, but there are a lot of factors that go into that. We work with our partners to map our how much they should sell and what form that takes.
The final step is safety. Any new project launching needs to have a strict vesting schedule in order to protect our apes. Thats why we work with our partners at CRX to ensure strict vesting of every project that IAOs on our platform. This keeps our Apes safe 💪
Going through this process can take weeks, there is a lot that goes behind the scenes in order to bring you apes the best of the best projects 😄
Obie: Alright #2 for Guru
Nowadays DeFi is changing our relationship with money, investing, credit, and debt . So, how do you think of the future of DeFi? What are the factors that Apeswap could make a difference since there are a lot of projects involved in DeFi?
Apeguru: I am a strong believer of DeFi, I see a very bright future for DeFi. I believe that whole new economic models will arise from the power of tokenomics, the applications will be limitless.
ApeSwaps prides in listening to its community and acting fast. With our lean approach and market knowledge we are sure that Apeswap will stand out among other DeFi projects. By forming strong bonds with our community and our partners we get a deeper understanding of what the market needs, and a team ready to deliver.
With innovations like the Golden Banana or the Apezone, apeswap will bring to the table stuff that’s completely new, even for the DeFi space.
I’m a strong believer of the future of Apeswap, and know this would not be possible with you, this amazing community! 🍌
Obie: Q3 Harambe, this is for you!
I have seen you are the code jungle or for @HarambeNakamoto be too, so I wanna know (in code things) what makes ApeSwap or Banana token unique from the other swaps or tokens? And please talk in normal ape language
Harambe: What makes ApeSwap unique from other BSC projects is that we launched with our own router. Having our own router contract allows liquidity to be locked up directly through us rather than relying on another platform. While this separates us from 90% of other platforms we are actively coming up with innovative ideas that need to be implemented by our amazing programmers. We have a team of talented programmers developing unique products that vary from smart contracts, back-end and front-end code to enhance user experience. Programming is not something that can be done overnight, our team of apes have to brainstorm the idea, implement the code, test the code and then refine. This allows us to ship a quality experience to our users. Our team of developers will be shipping new products to our community as soon as our ideas get brought to life. Some new features coming soon are our NFA’s and Golden Banana :)
Obie: Next question! @Ape_tastic this is for you
it’s amazing that they burned a total of 100,000 BANANA! but are you planning to do another token burn soon?
Apetastic: You know @obiedobo, we hear that question a lot even though the ape army knows that it’s coming.
But, to answer your question, we DO have a burn planned which takes place after the IAO TOMORROW.
Obie: Alright, I’ll take the final question to wrap things up ❤️
how do you keep such a young spirit at 87 years of age?
Obie had probably one of the best answers that has ever existed in the history of AMA’s…
And with that we wrapped things up. Thanks everyone who joined, we had a blast with the community and can’t wait for our next AMA! 🐵