Auto-Compounding Burning Vaults 🔥🤑
Time to Burn some BANANA 🍌
ApeSwap will be releasing a new set of vaults. These vaults will auto compound a wide range of assets to maximize APY returns. On top of that, these vaults will burn BANANA! Burning vaults use 50% to 100% of staking profits to buy and burn $BANANA.
Thanks to the recent passing of Governance Proposal 8 on this topic, ApeSwap will now direct 10% of DEX fees to burning vaults that will burn $BANANA in perpetuity!
Launch: Tuesday, 31st of August, 20:00 UTC
What are Vaults? 🏦
Vaults are smart contracts that help automate the process of yield farming to help users maximize and optimize their strategies!
With ApeSwap auto compounding vaults, tokens staked will be used to generate farm profits, which will then be used to buy more staked tokens and grow the staked balance. Burning vaults take auto compounding vaults a step further 🚀
Introducing Burning Vaults 🔥🍌
Burning Vaults use a high percentage of farming profits to buy $BANANA and burn it! These will be implemented first for core BANANA pairs, then for all our Jungle partners that utilize ApeSwap LP tokens!
With burning vaults, 50% — 100% of the profits are used to buy $BANANA then sent straight to the fiery depths of the banana abyss. 🔥
While we are opening up the burning vaults for anyone in the community to use, these will partially be funded with ApeSwap DEX fees. By using our DEX fees in these vaults, we are able to create an everlasting burn mechanism. The truest of true apes may also help stake in these vaults to give up some of their rewards in exchange for helping us burn more BANANA. ❤️
We want to take a moment to thank TakoDefi for helping us build the vaults UI, they will also be the first partner integrated for our burning vaults.
Burning Vault Proposal 🗳
Last week the ApeSwap community passed Governance Proposal 8 which allows us to use 10% of DEX trading fees for $BANANA burning vaults moving forward. For complete details, you can find the entire proposal here: Burning Vault Allocations. 🔥
Since then, the ApeSwap team has been hard at work setting up the smart contracts and user interface to make this a reality!
Launch Calendar 🗓
We are fully committed to continually finding new ways to remove $BANANA from circulation through innovative DeFi burning techniques. This is the newest of those finds, and we couldn’t be more excited to make burning vaults a reality!
As always, HODL hard, Ape Harder. ❤️