Ape In Expands to Avalanche With APEIN-AVAX Pool Launch

Published on: 07.09.2021

They are excited to announce that Ape In has officially expanded its NFT-based virtual world to the Avalanche network.

With the expansion, they are first bringing the APEIN token to the new low-fee environment via an APEIN-WAVAX pool on Trader Joe.

Here’s what you need to know:

Avalanche Pool Launch

When Apes are both staked and un-staked in PolyientX Vaults + Farms, the protocol charges a small 3% inflationary fee on generated rewards in the form of APEIN tokens. These tokens are kept in the treasury to support the development of the Ape In economy and will also eventually plug into the larger fee mechanisms of the PolyientX platform when live.

As you know, APEIN follows an inflationary schedule and was launched with no pre-mine — team members were given no initial allocation and are buying into the economy the same as you! We believe this to be a key element of the decentralized nature of Ape Island.

Therefore, they only manner to create initial liquidity in the token and help it move forward is to directly earn APEIN and use it accordingly. This is how the community was able to seed liquidity to the APEIN-ETH pool on SushiSwap that now boasts ~$270K in total liquidity. They believe that this pool has successfully been launched and, thanks to the liquidity rewards in place, can fly on its own.

Now they would like to extend the APEIN token to the Avalanche network and allow users to find a liquid market in which to trade the APEIN-AVAX pair. In order to do this, they need to find the tokens to seed the initial liquidity.

More than 3k tokens have already been captured via the APEIN fee model on Ethereum and we plan to use these for this purpose. However, the current treasury amount would not suffice to create a deep enough pool and we fear that this, in addition to the challenging arbitrage between the Ethereum and Avalanche networks, could create a notable dissonance between the price of APEIN in the two markets.

To help ease this issue and as part of their efforts to create enough liquidity for the easy trading of the APEIN token, they have decided to launch and create a pool of similar size to the one available on SushiSwap, one with 37,500 APEIN tokens against AVAX. They have chosen Trader Joe as the venue for this new liquidity.

Now, where would the rest of APEIN tokens come from? Future fees. Every first day of the month we will burn the fees earned in Ethereum to compensate for the tokens minted in Avalanche to seed this liquidity until the difference is made up.

Ethereum-Avalanche Bridge

Currently, the market cap of APEIN is too small for it to be eligible for whitelisting on the Ethereum-Avalanche bridge.

Therefore, they need to launch APEIN natively on Avalanche and allow it to function in that capacity until APEIN grows to the level of bridge eligibility (given the high potential of their economy, they believe this to be a fast process overall).

About Ape In

Ape In is an NFT-driven experience that features a series of mini-games that are designed to offer a consumer-friendly approach to decentralized finance (DeFi). These games function to introduce crypto-centric concepts such as farming and vaulting to a broader audience while forwarding the industry’s thinking around the utility of NFTs.