Golden Banana is coming 🏆🍌
The time has come Apes 🐵 we are soon ready to release the long-anticipated Golden Banana ($GNANA)! 🤤
As you have been diligently clicking the Ape Harder button, we have been tirelessly working to bring you something that has never been seen before in the Decentralized Exchange space 🚀
We have designed the Golden Banana specifically to reward loyal community members, who stick with us through thick and thin. Golden Banana holders are true ApeSwap Apes, and we anticipate on treating them like V.I.Ps in our ecosystem.
Introducing the $GNANA
How does it work? Pretty simple. The Golden Banana (or better known as it’s ticker symbol — GNANA) has a number of properties:
Passive Farming 🌴
GNANA is a reflect token with a 2% transfer fee. GNANA holders get a share of the fee proportional to their holdings just by having it in their wallets!
Exclusive IAO Access 🐵
Gain access to exclusive token allocations for Initial Ape Offerings. The purpose of this is to increase the BANANA being burned and combat the whale problem in the current overflow model IAO’s. We have seen a lot of potential solutions for this, but nothing that truly works in our opinion.
Any whale that wants to come to ApeSwap for the IAO, but not remain a long-term holder will get penalized when they swap back to BANANA from GNANA through the burning fee (details below).
For the upcoming BitFresh IAO on April 24th at 03:00 UTC, you will be able to participate by staking GNANA. For this first test run we allocated 100,000 BFT of the 1,100,000 being sold. We will increase this allocation as our users get more comfortable with GNANA. Note: you still spend the GNANA for the IAO!
Exclusive Pool Access 💧
On top of the exclusive IAO access, we will have GNANA-only staking pools for all our most loyal apes. Stake GNANA and enter exclusive pools to earn other tokens!
Could it get juicier? YES it can. Our intent is to use GNANA as the core governance token of ApeSwap.
This won’t happen immediately and will be progressive over time as we continue to integrate GNANA into the ApeSwap ecosystem. Our long term goal is to give power to our community, the Apes that matter the most of course.
We do not have this fully baked out yet, and need to prove out the GNANA concept with our community first. Additionally, we plan to use snapshots to handle governance, like most DeFi platforms.
Apetastic wouldn’t let us release something without a pyromaniac feature to burn BANANA. To purchase $GNANA there is a 28% burn fee + the 2% reflect fee, resulting in a 30% cost when going from BANANA → GNANA.
Backed 1:1 by BANANA 🍌
The GNANA is ultimately backed 1:1 by BANANA’s. You can always swap your GNANA back to BANANA. This would all come after the 30% fee so be mindful if you’re thinking of going back!
If someone was to sell their precious GNANA, that supply is locked up in a treasury fund and ultimately available for purchase from the next person that wants GNANA. As a user you get 1 BANANA per GNANA when you sell. If someone was to purchase GNANA and there was none in the treasury, new GNANA is minted.
Note: ApeSwap does not control or own the treasury supply! It is a smart contract that controls all the above mechanics 😃
Let's walk through an example. If DK wanted to spend 100 BANANA to get the incredible GNANA, he would ultimately receive 70 GNANA. This is due to the 2% reflect fee and the 28% burn fee. REMEMBER you DO NOT get those fees back if you were to swap back to BANANA down the line.
DK could then go stake those GNANA to earn other tokens, use them in upcoming IAO’s and eventually vote to contribute to the DEX he calls his home jungle.
Other items to note
P.S. — We may increase the burn fee down the line so get those GNANA while they are cheap!
P.S.S. — the GNANA does not have a price nor will we open up a trading pair or farm for it. Its core utility will be the functions outlined above. The only time there is a price referenced is for IAO’s, where GNANA would be valued at 1.389x the current BANANA price.
We couldn’t be more thrilled to release the GNANA, and we will continue to integrate it into ApeSwap.