The OmniDex community wishes to partner with ApeCoin to provide both farming and staking oppertunities on the Telos Network.
ApeCoin has quickly grown into a cultural movement that is helping to encapsulate the minds of the next generation of crypto users. OmniDex holds many of the same core beliefs and values as the ApeCoin community, as such, we would like to provide a new set of earning oppertunities to the Ape and Omni community members via our farming and staking initiatives. By leveraging the OmniDex platform, the APE community will be able to expand their reach to a new L1 network with the assistance of OmniDex to onboard a new set of users into the APE ecosystem.
Telos Network: High Performance L1 network on which the OmniDex platform has been built.
OmniDex: Comprehensive Defi platform that provides exchange, farming, lending, and borrowing services.
TLOS: Telos EVMs network token
CHARM: OmniDex platform token
KARMA: An interest-bearing receipt token users receive on OmniDex for staking CHARM
Steps to Implement
OmniDex has taken the initial steps to implement the proposal by working with MultiChain to provide an APE bridge from Ethereum to Telos EVM. Once the bridge is complete, OmniDex will set up an APE-TLOS farm which will be incentivized with the platform’s token CHARM. In parallel, we will set up an APE Partnership Pool (aka a Syrup Pool). The initial duration of this pool will be set to 90 days. Users that stake KARMA in the APE Pool will receive rewards paid out in the APE token.
Once approval has been made, implementation will take 3-5 days.
During the initial duration, OmniDex will reward $10k to the APE-TLOS farm. These rewards will be paid out in CHARM token. An equivilant amount provided will be rewarded in APE token to users that stake in the APE partnership pool. To provide this service OmniDex will need $10k in APE which will be rewarded to end-users.