The Great Ape Migration

It had been a long road. Captain Nape was exhausted and his purse empty, all his precious APEIN spent on tolls and gas to get across the Empire of Eth. He knew he needed to keep moving forward, but the costs were just too great to bear. Something had to change.

In that moment of desperation, he racked his brain trying to find an answer to his question — with the Empire of Eth no longer safe for Apes to travel.. where would he go? What new kingdom should he call home? There couldn’t possibly be a place where roads were safe, travel fast, tolls and gas fees low….

All of the sudden a red coin fell from the sky, hitting him with such force it spun him round and pushed him to the ground. Captain Nape shook himself off and picked up the coin, reading the word emblazoned on its ruby-red back, “AVAX.” Captain Nape looked up and saw a new fork in the road he hadn’t seen before, small Ape footsteps pressed deeply into the earth. Not far down that new path there was a small stream and in that stream, a raft. The path was now clear, Captain Nape knew where he had to go.

___

Ape In Finance is officially migrating all assets from Ethereum and to Avalanche. As Captain Nape’s journey illustrated above, Ethereum’s gas fees have made building and operating a platform on top of the network untenable. Our goal is to create and build an expansive metaverse for our players and community members and until we make the migration, there’s really no way for us to make this happen.

Avalanche is fast, secure, and most importantly affordable. As many of you already know, simple acts like vaulting and un-vaulting an Ape cost a fortune on Ethereum but cost little on Avalanche. To make sure everyone is compensated appropriately for any inconvenience this migration may cause, every Ethereum APEIN holder will receive Avalanche APEIN calculated as follows:

((Ethereum APEIN Held X Ethereum APEIN Price) + 5%))/(Avalanche APEIN Price)

An example of this transaction can be visualized as follows:

Variables:

• Ethereum APEIN Held = 1,000
• Price of Ethereum APEIN = $0.50
• Value of Ethereum APEIN Held: $500.00
• Value of Ethereum APEIN Held + 5% = $525.00
• Price of Avalanche APEIN = $17.50

Conversion:

((1,000 Ethereum APEIN X $0.50) + 5%)) / ($17.50) = 30 Avalanche APEIN

In short, if you hold Ethereum APEIN, you’ll be able to claim an amount of Avalanche APEIN equal to the value of your Ethereum APEIN + 5%. We will open the claim vaults in January of 2022.

To help make this process as fair and equitable as possible, we are using a two (2) snapshot process to determine your current holdings as well as your holdings once the claim vaults go live. The first snapshot was taken on December 16th, 2021 at 6:00 PM EST and the second will be taken in early January. We will compare the two snapshots to make sure that token holders have not sold their Ethereum APEIN between the time of this announcement and the time at which claim portals go live. Any wallets that have a markedly lower balance at the time of claim will have their claim amount reduced proportionately. In other words, if you sell your Ethereum APEIN before claiming your Avalanche APEIN you will receive LESS Avalanche APEIN than you would have had you held your Ethereum APEIN until the claim portal went live!

We are using this two (2) snapshot process to help protect those who have provided liquidity to the SushiSwap pool from suffering increased impermanent loss. If you have provided liquidity to that pool, we encourage you to remove your assets as soon as possible and to hold your withdrawn Ethereum APEIN until the claim portals go live.

In addition to your Ethereum APEIN tokens, your Ethereum Apes will of course also be migrated. We plan to re-create Avalanche Apes for all Ethereum Ape holders by copying the metadata and minting fresh, identical apes on the new chain. There will be no need to unstake any of your NFTs or incur any Ethereum gas fees to facilitate the NFT migration — we have calculated your unclaimed APEIN balance in the vaults and these amounts will be credited to you during the claim process. Please do, however, be aware that all of the Ethereum Ape In vaults have been shut off and are no longer emitting new Ethereum APEIN tokens. The gas fee-savings plus the 5% kicker will more than compensate for the time Apes spend unvaulted.

We will be providing you with further details in the coming days explaining how to create your Metamask C-chain wallets and later, how to claim your tokens and NFTs on Avalanche. We anticipate having the claim portal up and running shortly after the holidays. We sincerely appreciate your patience and continued support throughout this process and want you all to know that we are doing everything we can to deliver a top-notch experience to everyone in the community.

WAGMI fam,

JamaicApe

P.S. Wen Avalanche Roadmap wen Avalanche Gamefi? #Soon ;)