ApeCoin <> OmniDex Staking

Abstract

The OmniDex community wishes to partner with ApeCoin to provide both farming and staking oppertunities on the Telos Network.

Motivation

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.

Key Terms

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.

Timeline

Once approval has been made, implementation will take 3-5 days.

Overall Cost

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.

10 Likes

Link to OmniDex: https://omnidex.finance/
Link to Telos Network: https://www.telos.net/

This topic was automatically closed after 7 days. New replies are no longer allowed.

Thank you @TJ for your ideas and the ApeCoin DAO community for the thoughtful discussions. A moderator will get in touch with the author to draft the AIP in the appropriate template. Once the AIP is drafted and meets all the DAO-approved guidelines, the proposal will be posted on Snapshot for live official voting at: Snapshot

Follow the here as further updates will be posted here in the comments. @TJ please see your messages for the next steps.

Hi ApeCoin DAO Community,

This Topic has been rejected based on the DAO-approved guidelines due to no response in the last 30 days. The Topic may be submitted again by any user and upon approval, will be open for 7 days for community discussions.

This Topic will move and remain in the Withdrawn AIPs category.

-moonkt