AIP-371: The ApeBlendr - No-loss savings game built on top of ApeCoin and ApeCoin Staking

[0xfusion]

PROPOSAL NAME:

ApeBlendr - No-loss savings game built on top of ApeCoin and ApeCoin Staking

PROPOSAL CATEGORY:

Ecosystem Fund Allocation

TEAM DESCRIPTION:

ApeBlendr will be built by 0xFusion (@0xFusionHQ), a Web3 Product Studio with a focus on building innovative Web3 products and DApps for various communities and protocols.

• Stan Trenev (@sstrenev), Product and Technology. Founder & Lead Engineer of 0xFusion (Web3 Product Studio). Previous experience includes working with Return Finance, Kallis, Sugarverse, and Ledger.

• FE Developer from 0xFusion’s network

• UI/UX Designer from 0xFusion’s network

• External Security Audit Company/Solo Auditor (TBD)

ABSTRACT:

ApeBlendr was born at the ETHOnline 2023 hackathon as a project designed to engage ApeCoin holders and gamify ApeCoin’s current staking program.

In short, ApeBlendr is a no-loss savings game, where users who hold $APE can deposit their funds to the ApeBlendr and earn periodic prizes without losing their principal.

The prizes are awarded from the accrued rewards from ApeCoin Staking for the respective period.

We plan to utilize the ApeCoin-only staking pool and potentially utilize the BAYC/MAYC/BAKC ones in the future in case the ApeCoin-only pool is removed after a DAO vote.

Important considerations

• Users who stake in the ApeBlendr will be able to use their voting power in the ApeCoin DAO.

• There will be a parameter to control the maximum deposit for a user in the ApeBlendr.

• A small admin fee will be charged on every award - for maintenance costs, Chainlink services, and infrastructure.

• The smart contract is permissionless and anybody who holds $APE can participate. The only power the admin has is updating the admin fee on rewards, whereas the max fee will be capped at 10%. The admin will not have any access to move or spend the user’s $APE.

• Awards will be distributed to 3 random winners (50% / 30% / 20% ratio) every week.

You can check the deployed dApp on Vercel here: https://apeblendr.com

You can check the ApeBlendr smart contract deployed on Ethereum Goerli here: https://goerli.etherscan.io/address/0x7a0b69ca7d448266e1b53d26a4b532bd300390a7

Screenshots

BENEFIT TO APECOIN ECOSYSTEM:

• Onboard new $APE holders to the ApeCoin ecosystem.

• Incentivize existing $APE holders to save and hold their $APE, with a chance of winning asymmetric prizes.

• Provide additional utility for $APE holders and a fun way to enter the ApeCoin ecosystem.

• Reduce sell pressure on ApeCoin by incentivizing players to hold and save their $APE through the ApeBlendr.

KEY TERMS:

No-loss game: The no-loss concept refers to games where players use their principal (in a specific coin) to earn prizes without ever losing the amount they entered with.

Chainlink VRF: Chainlink’s Verified Random Function. Used for obtaining verified random numbers in blockchain applications and smart contracts.

The Graph: A decentralized indexing system that allows users to query data from blockchain networks.

PLATFORMS & TECHNOLOGIES:

ApeBlendr will consist of the following building blocks:

• Smart contracts integrated with ApeCoin and ApeCoin Staking.

• Subgraph for indexing blockchain events emitted from the ApeBlendr contract and serving as a backend service.

• Frontend built with React and Next.js and deployed on Vercel.

• Chainlink VRF service for random number generation, used for prize draws.

• Chainlink Upkeep to perform prize draws when the prize period has ended.

STEPS TO IMPLEMENT & TIMELINE:

ApeBlendr is a project created for ETHOnline 2023, and the smart contracts are already developed and deployed on Ethereum Goerli. However, to be production-ready, the project needs to meet the following requirements:

• Polish the smart contracts and write 100% test coverage.

• Go through a security audit from a reputable company and/or solo auditor

• Create a professional-looking design in line with the ApeCoin DAO branding guidelines.

• Implement the UI design in the frontend React DApp.

• Perform full testing of the developed solution.

The implementation timeline is expected to be between 30-45 days.

OVERALL COST:

The total cost of implementing the proposal is estimated as follows:

• UI/UX Design: ~ $10,000

• Development/Implementation/Testing: ~ $10,000

• Security Audit: ~ $30,000

Total: $50,000 paid in $APE.

[felipesilva]

Hello @0xfusion ,
Does it work like an auction system?
The more $APE a person has, the more chance they have of winning prizes?
How are these rewards generated and distributed?

I found it interesting and I had these doubts.

[0xfusion]

Hey @felipesilva

Thanks for your reply!

1. Yes, the more $APE you stake, your chance to win increases proportionally.
2. The rewards are generated from the ApeCoin Staking contract and winner is drawn using Chainlink VRF.

Here is an example how it works:

Player A, B, and C deposit each $1000 APE into the ApeBlendr. The ApeBlendr stakes the $APE into the ApeCoin Staking and starts accruing rewards. After 1 week, these 3000 $APE will have accrued let’s say 100 $APE. When the period is over, a random winner from A, B or C will be drawn (using Chainlink) and will receive the 100 $APE and the non-winning players will keep their stake.

I will also prepare a diagram, which I believe it can be beneficial for understanding.

[furiousanger]

Sounds great however you may have a problem incoming - some people are proposing to remove the apecoin only staking pool and replace with an otherdeeds staking pool - so I wonder if/when this happens, what would happen here and how easy would it be to adapt or would it be the end?

Worse ways, it’s potentially something to keep in mind, as I have heard this mentioned a few times over the last year (long before the one below was presented).

Reference:

Replace Apecoin Only Staking Pool w/ OtherDeed Staking

Proposal Name: Replace Apecoin Only Staking Pool w/ OtherDeed Staking Proposal Category: Ecosystem Fund Allocation Abstract: We seek to reallocate the 15mm in Apecoin staking year 2 and 7.5mm in APecoin staking year 3 to an Otherdeeds Expanded staking pool that targets roughly ~69% APY (if 52,000 deeds are staked with 420 apecoin each). Author & Team Description Feld is the founder of Boring Security, and long-time BAYC and crypto enthusiast. The implementation team of this project has not been…

[0xfusion]

Thanks for your feedback, @furiousanger Indeed, this is something important to keep in mind.

The reason we’ve chosen to use ApeCoin-only staking is because of the low barrier to entry (no need to hold BAYC/MAYC/BAKC), but just $APE.

However, in the case there is no ApeCoin-only staking pool, we can easily modify ApeBlendr to be gated only for Yugaverse NFT holders.

Actually, both are not mutually exclusive and can coexist - an ApeBlendr instance for Yugaverse NFT holders and an ApeBlendr instance for $APE-only holders (until there is such a pool).

We’d be happy to hear the thoughts of the community on the topic of having an ApeBlendr exclusively for Yugaverse holders as well.

Hope this answer gives you a better understanding, and thanks for your thoughts.

[furiousanger]

Thanks for the information. GL with this.

[felipesilva]

@0xfusion

Hey @felipesilva

Thanks for your reply!

1. Yes, the more $APE you stake, your chance to win increases proportionally.
2. The rewards are generated from the ApeCoin Staking contract and winner is drawn using Chainlink VRF.

Here is an example how it works:

Player A, B, and C deposit each $1000 APE into the ApeBlendr. The ApeBlendr stakes the $APE into the ApeCoin Staking and starts accruing rewards. After 1 week, these 3000 $APE will have accrued let’s say 100 $APE. When the period is over, a random winner from A, B or C will be drawn (using Chainlink) and will receive the 100 $APE and the non-winning players will keep their stake.

I will also prepare a diagram, which I believe it can be beneficial for understanding.

I understood better with this example you used, I really liked it, very interesting!

[0xfusion]

@felipesilva Thanks for the feedback, much appreciated!

[Chris.Admin]

Hi @0xfusion,

The community feedback period for your proposal would be ending in less than 24 hours.

• If you’re content with the feedback received, your next steps are to finalize your proposal using the AIP Draft Template.

• A moderator will reach out to the author to finalize the AIP Draft. Upon receipt of the final Draft, we will review and provide instructions on the next steps.

• Are you ready to proceed to the next phase or do you wish to extend community discussion for another 7 days?

We look forward to hearing from you.

-@Facilitators

[0xfusion]

Hi @Chris.Admin Yes, we’re content with the feedback received and ready to move to the AIP Draft stage.

[Chris.Admin]

Hi @0xfusion,

Thank you for your ideas [and the ApeCoin DAO community for the insightful discussions].

A moderator will reach out to the author to finalize the AIP Draft using the appropriate template.

• Once the AIP Draft is confirmed by the author and meets all DAO-approved guidelines, it will receive an AIP ID number and move forward for Draft Analysis Review.
• @0xfusion please see your messages for the next steps.

Follow this Topic as further updates will be posted here in the comments. In accordance with DAO-approved guidelines, if the author does not respond within 30 days, the proposal will be automatically transferred to the Withdrawn category, and the author can re-submit the idea.

-@Facilitators

[Lost.Admin]

Hi ApeCoin DAO Community,

@0xfusion has completed editing their AIP Idea to be their AIP Draft.

Follow this Topic as further updates will be posted here in the comments.

Kind Regards,

-@Facilitators

[Lost.Admin]

Hi ApeCoin DAO Community,

@0xfusion has responded to our questions. This AIP is now under Administrative Review.

Follow this Topic as further updates will be posted here in the comments.

Kind Regards,

-@Facilitators

[bigbull]

As you are offering prizes. Where are you legally going to be setup for this?

Also I see you X account is quite small 147 followers, how are you going to get people to Trust your contract. What is the minimum to stake as people might want to put in a dedicated wallet to limit potential contract risks.

[0xfusion]

Hey @bigbull , thanks for your questions!

1. We have a legal entity registered in the European Union, which will comply entirely with all regulations. We are also currently in discussion with our layers potentially if there’s a need to set this somewhere else. This is yet to be determined.
2. This is exactly the purpose of getting an audit from a reputable audit firm. This will ensure trust in the security of the contract, not having a large following.
3. The minimum amount is 1 $APE ( the same as the ApeCoin Staking contract)