ApeX Completes Burn Of APEX Tokens, Reducing Total Supply To 600M
In Brief
ApeX completed APEX token burn, lowering supply to 600 million tokens, and marking third phase in its plan to decrease APEX supply by 50%.
Perpetual derivatives protocol ApeX (APEX) announced the completion of a token burn, lowering the total supply to 600 million tokens. The cryptocurrency burn aims to potentially increase its scarcity and value. Additionally, this action is expected to positively impact the token’s market dynamics by establishing a more favorable supply-demand balance.
This action marks the third phase in its plan to decrease APEX supply by 50%, lowering it from 1 billion to 500 million to increase token value. ApeX commenced the token burns in January and conducted another tranche in April. These burns are crafted to adjust ApeX’s tokenomics with its core values.
The APEX token is integral to the ApeX Protocol, facilitating income allocation via the ApeX Staking Program, in which holders of APEX or esAPEX tokens gain a portion of trading fees. In addition, the asset will be critical for governance purposes, allowing holders to influence the roadmap and various settings.
According to the project’s tokenomics, 63.6% of the total supply is allocated for strategic DAO purposes, 14% is designated for the team, and 8.6% is reserved for early investors. Additionally, 5% is evenly split between the ApeX Trade-to-Earn program and community incentives and partnerships, 4.2% is equally divided between OG non-fungible token (NFT) holders and predator NFT holders, 2.2% is set aside for liquidity incentives, 1.1% is allocated to the BitDAO Token Swap, and 1% is allocated to the Bybit Launchpad.
ApeX Partners With zkLink To Launch ApeX Omni
ApeX Protocol represents a permissions and non-custodial decentralized exchange (DEX). Its initial offering, ApeX Pro, enables decentralized derivatives trading using an orderbook model. It facilitates access to cross-margined perpetual contracts throughout 45 trading pairs with up to 50x leverage.
Recently, the project collaborated with zkLink, a developer of zero-knowledge blockchain solutions, to release ApeX Omni. This new product is a modular, intent-centric, and chain-agnostic DEX. It incorporates an aggregated multichain liquidity trading framework and aims to improve the DEX trading experience with its new features and strong performance.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
