AIP Name: AIP-405: [Resubmission] ApeSwap on ApeChain
Implementation Status: Pending
Implementation Date: N/A
Author: @alexmccurry
Abstract Summary: The ApeCoin DAO is built on the fundamental goal of enabling Yugaverse and ApeCoin holders with value. To date, the focus has been enabling marketplaces, a native blockchain, communications, IRL events/education, physical assets, and more.
With the launch of ApeChain fast approaching in June, a native swap/DEX product is needed in order to enable adoption and competitive functionality on ApeChain. ApeCoin DAO has the ability to establish a first-mover advantage by backing ApeSwap, a native ApeChain DEX powered by Solidity.io and Sushi Labs (Sushi Swap).
Our vision is to launch ApeSwap as a (DEX) to benefit ApeCoin holders. The ApeCoin DAO DEX will enable the decentralized exchange of tokens supported by multi-asset pools that earn liquidity providers fees from market making and swap fees. It should be noted that ApeSwap would not necessarily be the exclusive DEX of the ApeChain ecosystem.
ApeSwap will include a protocol fee for token swaps, with 50% of all protocol fees returning back to the ApeCoin DAO treasury. Immediately upon the launch and accrual of fees the DAO treasury would receive revenue distributions in accordance with the payout schedule established by Sushi Labs. In addition, ApeSwap will undergo a token generation event, and will provide an airdrop of ApeSwap DEX native tokens to ApeCoin token holders, as well as an airdrop directly to the ApeCoin treasury.
Sushi Labs, with development support from Solidity.io , will support strategic and technical efforts with the deployment, ownership, and maintenance of the DEX. In addition to this, ApeSwap will offer a token airdrop to active Sushi Swap ecosystem users to incentivize the growth and adoption of ApeChain by the broader DeFi community. xSushi (Staked sushi) holders will likely be the targets for the airdrop.
Overall Cost: 750,000 ApeCoin
Related AIPs: AIP-378: ApeChain Bid // ApeChain Developed with Arbitrum Technology with Growth Led by Horizen Labs
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