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ApeX Protocol x Satoshi Club AMA Recap from the 23rd of April

Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from ApeX Protocol and our guest was . The AMA took place on the 23rd of April.

The AMA session was divided into 3 parts with a total crypto reward pool of $500

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&WebSite

Mary | Satoshi Club

Hello Satoshi Club! We are happy to announce our AMA session with ApeX Protocol! Welcome to Satoshi Club

Gold Rocket | Satoshi Club

Greetings, dear Satoshi Club community!

Today our guest is @JasonApexprotocol

Mary | Satoshi Club

@JasonApexprotocol welcome to Satoshi Club

Jason

Hi, nice to meet all of you here.

Mary | Satoshi Club

Hello! How’s going?

Jason

I am ready, now we can start the ama, thanks.

Mary | Satoshi Club

Awesome! Let’s start it with intro

Mary | Satoshi Club

Could you please introduce yourself and tell us more about ApeX Protocol

Gold Rocket | Satoshi Club

Nice to e-meet you welcome to Satoshi club

Jason

ApeX is a decentralized and non-custodial derivatives protocol that facilitates the creation of perpetual swap markets for any token pair.

Key features of the ApeX Protocol include:

Permissionless cryptocurrency perpetual contract trading with leverage

Elastic Automated Market Maker (eAMM)

Protocol Controlled Value (PCV)

Jason

With ApeX, users can trade crypto derivatives directly on the Ethereum blockchain without any intermediaries. The protocol offers unlimited flexibility as users can create markets on any underlying asset while maintaining control of their private keys.

Gold Rocket | Satoshi Club

Also we would like to know more about your team. Who is on the project team core?

Jason

ApeX protocol is incubated by Davion Labs, a crypto and blockchain impact incubator backed by Bybit.

It has raised significant capital in the Private Funding Round Led by Dragonfly. Alongside Dragonfly, other prominent investors such as Jump Trading, Tiger Global, Mirana Ventures, Kronos, M77 Ventures, and CyberX have also participated and contributed to the funding round. The ApeX project is proud to be backed by such influential and leading investment firms in the industry.

Mary | Satoshi Club

That’s true! Famous VCs

Gold Rocket | Satoshi Club

these influential names speak volumes

Jason

Now we are an anonymous project, and incubated by Davion labs, let’s move to next question, thanks.

Mary | Satoshi Club

Sure!

Let’s start with the questions from our community first part!

Gold Rocket | Satoshi Club

@JasonApexprotocol thanks for your great introduction

Q1 from Telegram user @Asela1112

I heard that $APEX will live on ByBit exchange on 22nd of April to 26th of April. So Can anyone get a chance to buy some $APEX tokens? Or Should users pass the KYC process in order to buy $APEX tokens? Any way, How many amount of $APEX tokens will there be? And also I know that there is a lottery round for the users. Can you tell us more details about this lottery round & the rules of the lottery round? How about the maximum & minimum amount of $APEX tokens for one eligible user? After 26th of April, Will the $APEX tokens be listed on ByBit exchange So that Users can trade $APEX at desirable times?

Jason

Good question. Here is all you need to know about $APEX tokens on ByBit :

STEP 1. Choose between the BIT Subscription and USDT Lottery allocation models: You can either commit BIT to subscribe to APEX allocation or commit USDT. You cannot participate in both at the same time.

Jason

STEP 2. Five (5) — day Snapshot Period

Both the BIT Subscription and USDT Lottery record the daily average balance of the committed tokens for five (5) days.

Starts: 2022–04–22 00:00 UTC

Ends: 2022–04–26 23:59 UTC

Daily average balance = The sum of hourly snapshots of your BIT or USDT balance in a day/24.

Hourly snapshots automatically record the balance of BIT or USDT in your Spot Account, Derivatives Account, and Earn Account.

If you have selected the Lottery model: Your daily average balance of USDT should be equal to or greater than 100 USDT during this period.

If you have selected the Subscription model: Your daily average balance of BIT should be equal to or greater than 50 BIT during this period, and it will determine the maximum allocation of the project token you can access.

Jason

STEP 3. Subscription Period

During the Subscription Period participants can commit their funds by clicking on the “Commit Now” button. Subscription period lasts for 7.5 hours.

Starts: 2022–04–27 03:30 UTC

Ends: 2022–04–27 10:59 UTC

A couple of things to keep in mind:

You must complete the KYC L1 requirement or business verification to be eligible for the event. Users from restricted countries are not allowed to participate.

The tokens you’ve committed will be locked and cannot be accessed for transfers, withdrawals or trading until after the final distribution of the APEX.

If you have selected the Lottery model: You must commit 100 USDT for a lottery ticket. Each participant can only subscribe to one ticket.

The probability of winning = The total number of the winning tickets / the total number of lottery participants of this Launchpad project *100%

If you have selected the Subscription model: The minimum amount required is 50 BIT and the maximum amount is determined by your daily average BIT balance recorded during the snapshot period. Please be informed that the maximum allocation of APEX token is capped at 7000 and you can’t subscribe to an allocation exceeding the cap. You can subscribe multiple times.

STEP 4. Distribution Period

The Distribution period will last for 1 hour and based on your token allocation result, the BIT or USDT will be deducted from your committed amount, while your APEX tokens and remaining BIT or USDT will be credited back to your Spot Account.

Starts: 2022–04–27 11:00 UTC

Ends: 2022–04–27 11:59 UTC

If you have selected the Subscription model:

Your final allocation of APEX = (the amount of token you’ve committed / total amount of token committed by all participants) * total amount of APEX allocated to Launchpad.

Please note that the max. amount of APEX you can receive is capped at 7000, and the amount that exceeds the limit will be allocated to participants who haven’t reached this hard cap yet. Based on the final APEX allocation result, the corresponding amount of committed token will be deducted from your committed amount, while the APEX tokens allocated to you and the remaining amount of committed token will be credited back to your Spot Account.

If you have selected the Lottery model: Winners will each receive 400 APEX, and the remaining amount of the committed token, if any, will be credited back to their Spot Account. Non-winning participants will get the full amount of the committed token back.

Mary | Satoshi Club

Thank you! Very detailed answer! I want to wish all participants good luck

Satoshiclubbers, you can join this event as well

Gold Rocket | Satoshi Club

Thanks for your great answers and clarification

Mary | Satoshi Club

Jason, thank you for your answers! Ready to proceed?

Gold Rocket | Satoshi Club

Q2 from Telegram user @Blessingchum

ApeX offers some trading features which are; Coin-Collaterized leverage trading, Rebase mechanism and Protocol Incetivization. Could you give a basic description of each of these features? What sort of incentives program does ApeX offer? Speaking of the “Rebase Mechanism”, I haven’t heard about that before; how does this mechanism work? You mentioned that the The “rebase” mechanism serves as a hard-peg; what does this hard peg mean and how is the “Rebase Mechanism” beneficial to the users? Furthermore, how can users leverage the “Rebase Mechanism”?

Jason

OK, very great question.

Jason

Coin-collateralized Leverage Trading

Currently, most DEX platforms offer USDC-collateralized contracts. While ApeX will also offer USDC-collateralized contracts, we aim to focus on coin-collateralized contracts that once dominated the crypto market.

Stablecoins are not native assets of the blockchain system. While the emergence of stablecoins has led to the rapid growth of DeFi and more applicable scenarios for the blockchain ecosystem, they still face challenges such as external audits and regulations, and algorithm-based stablecoins are not mainstream yet. ApeX expects to provide users with coin-collateralized products for leveraged trading using only the BASE assets.

Rebase Mechanism

Funding rate has been widely adopted by perpetual contract markets as a price pegging mechanism as it has proven effective with active market makers and arbitrageurs. To ensure price pegging for less active trading pairs, ApeX proposes a rebasing mechanism.

The “rebase” mechanism serves as a hard-peg and is designed in a way that the virtual QUOTE asset balance can be adjusted according to price fluctuations. Once triggered, eAMMs will dynamically issue or destroy tokens so that the prices of perpetual contracts would closely track the underlying spot DEX markets.

Protocol Incentivization

ApeX offers incentive programs to encourage early adopters and spur organic growth of the protocol. Users and participants will be incentivized as follows:

Liquidity providers on non-PCV pools: Enjoy liquidity mining rewards from swap fees and associated leveraged trading fees (spreads, funding fees & liquidation fees).

Liquidity providers on PCV pools: Users will be able to purchase the governance token, APEX, at a discount.

Referral incentives: Users will also be incentivized when they refer ApeX to their friends. Under the ApeX referral program.

Staking: APEX token holders and APEX-ETH liquidity providers will be rewarded with APEX tokens through staking based on a formula rewarding a combination of amount and lock time. Staked APEX tokens will also provide greater value capture and voting power.

Gold Rocket | Satoshi Club

Great answer. Thanks

Mary | Satoshi Club

Jason, when all this features will go live?

Jason

This will be launched gradually. We can go on to the next question.

Mary | Satoshi Club

Let’s go

Gold Rocket | Satoshi Club

Q3 from Telegram user @captainprice111

When reviewing the philosophies of the ApeX protocol, I saw you say, “It is to empower traders worldwide by providing open and transparent financial tools that can help protect and grow their wealth.” So what is the ApeX team doing to increase financial inclusion and make trading crypto derivatives accessible and easy? I saw that there are 3 philosophies that ApeX is working on; Completely Permissionless, Continuing Liquidity and Full Spectrum Asset Support. Can you tell us about how these 3 philosophies work? Do these 3 philosophies work with each other and with ApeX or do they have different mechanisms of action?

Jason

Fully Permissionless: Open networks that’re available to everyone to participate in the consensus process, which is used to validate on-chain transactions. On ApeX, anyone can create any market and trade any assets.

Liquidity in Perpetuity: Liquidity is a core part of the infrastructure; users do not have to trust the institution to execute trades, all that is required is to trust the code will execute as written, hence worry no more about rug pulls.

Full-Spectrum Asset Support: Liquidity providers can provide liquidity in any asset, which helps create a market for niche investment strategies.

Gold Rocket | Satoshi Club

Thanks for your great answers

Do you want to add something or can we proceed with the next question?

Jason

We can go on.

Gold Rocket | Satoshi Club

Q4 from Telegram User @ghostofcharmeleon

Hello, ApeX team.

You have quite an interesting tokenomics, which allows you not to put significant pressure on the token in the first year, since the team and investors will unlock it in a year. But in order to understand what pressure they will be able to exert at the time of unlocking, it is necessary to understand how many tokens will be issued at the time of the first unlock. Please tell us did you calculate how many tokens will be in circulation at the time of unlocking? What will further encourage investors and large holders to hold their tokens? Are you developing new user cases?

Jason

Good question.

APEX is the native token of the protocol with a maximum supply of 1,000,000,000, and will serve the following utilities:

Governance: Token holders are entitled to submit and vote on protocol governance proposals.

Protocol Incentivization: Users can earn APEX tokens through participation rewards and liquidity mining on the ApeX protocol.

Staking

APEX token distribution is as follows:

Team and early investors: 23% of the total token supply will be allocated to the core team and early investors with a 12-month cliff starting from TGE followed by a 2-year linear vesting.

Core team & advisors (15%)

Early investors (8%)

Strategic DAO Allocation: The remaining 77% will be allocated to the DAO and community. These include allocations for participation rewards, ecosystem building, and liquidity bootstrapping.

100% unlocked at TGE but tokens allocated to the DAO will be locked for 36 months;

Currently, most DEX platforms offer USDC-collateralized contracts. While ApeX will also offer USDC-collateralized contracts, we aim to focus on coin-collateralized contracts that once dominated the crypto market.

Stablecoins are not native assets of the blockchain system. While the emergence of stablecoins has led to the rapid growth of DeFi and more applicable scenarios for the blockchain ecosystem, they still face challenges such as external audits and regulations, and algorithm-based stablecoins are not mainstream yet. ApeX expects to provide users with coin-collateralized products for leveraged trading using only the BASE assets.

In addition, liquidity provision usually requires treasury allocation in project native token and quote taken from the protocol team, the decentralized autonomous organization (DAO), or the asset issuer, which may cause a heavy financial burden to the project.

ApeX aims to resolve this pain point by establishing a platform where the protocol team and DAO can provide liquidity using only the project native token while facilitating trades and other application scenarios.

Gold Rocket | Satoshi Club

perfect answer! thank you!

Mary | Satoshi Club

Our live will definitely become easier with your solutions!

Gold Rocket | Satoshi Club

Let’s proceed with the next question

Q5 from Telegram User @KhaleesiKhalee

Obtaining ApeX Predator NFTs are entry tickets for the ApeX NFT Game and the ApeX Loyalty Program. Please explain more on ApeX Loyalty Program, give us instructions on how to get in to the program? What are the opportunities and benefits that awaits for the members? Is this a one-time fee or must it be renewed after a specific period of time to be a member of the program?

Jason

Yes, the 4,560 ApeX Predators NFTs were successfully minted on March 11, 2022, bringing early adopters to the protocol and building the community together. For more insights, visit: https://apexdex.medium.com/apex-nfts-public-sale-round-completed-e917f7e88814

ApeX Loyalty Program enables NFT holders to get the eligibility to grab a tiered transaction fee discount. ApeX predator NFT holders will enjoy a 8% lifetime transaction fee discount when trading on the ApeX protocol, while OG NFT holders will enjoy a 50% lifetime transaction fee discount.The public sale of the ApeX NFT has facilitated the ApeX protocol to communicate and build its brand value and culture to audiences in the Web 3.0 space.

The ApeX NFT gaming phase, known as One Last Ape Standing, is an in-game activity where participants who hold the ApeX NFTs are eligible to receive the ApeX token from the reward pool within a period of time.

In addition, to take part in the in-game activities of One Last Ape Standing, you can purchase Apex NFT on OpenSea at any time. Users have the option to burn their NFT to withdraw from the game anytime.

The entry tickets for the ApeX NFT Game and the ApeX Loyalty Program are the ApeX Predator NFTs. All early holders of Predator NFTs are entitled to exclusive benefits — the longer the holding period, the more rewards received. An amount of 0.2TH will be given to ApeX Predators NFT holders for each NFT held. When the ApeX NFT Game officially starts, all rebate rewards will be issued accordingly.

In short, ApeX NFTs on the ApeX protocol serves the following utilities:

1. ApeX NFTs will serve as the only proof within ApeX’s Loyalty Program in the future.

2. ApeX NFTs will have the subscription interest of the protocol’s governance token.

3. ApeX NFTs holders will be granted more privileges throughout its marketing campaigns, airdrop activities, and major events at the product level.

Mary | Satoshi Club

Can you give us a link to your OpenSea collection?

Jason

Sure.

You can buy NFT on Opensea https://opensea.io/collection/apex-nft-predator.

Mary | Satoshi Club

Thank you for your answers!

Gold Rocket | Satoshi Club

it’s really impressive

Mary | Satoshi Club

Ready for the 6th and last question from this part?

Jason

Yeah

Gold Rocket | Satoshi Club

Q6 from Telegram User @Danylko_UA

Hello ApeX Protocol team!

We all know about the importance of security in the DeFi space. Bad elements (scammers) are tirelessly using for ways to exploit most projects and it’s users. I admire the fact that ApeX has prioritized security as I saw that your bug bounty program is currently live. I am interested in participating in this program: Kindly give more details on the program. How can I participate? What are the requirements needed? Can you talk about the bounty reward system? Is the reward dependent on the threat level of the reported bug? Lastly, could you give details as regards to your smart contracts audits? Is it done yet? If yes, how well did you pass?

Jason

Good question. Yes, we consider that security is first thing for a DeFi product, if there are no security to support the project, it will be dangerous for users. All smart contracts on the ApeX protocol have been audited by professionals to ensure high security. You may click here to view the audit report. The time-weighted average price (TWAP) algorithm has also been employed to minimize a large order’s the impact on the market. Stay tuned for our upcoming bug bounty programs.

https://github.com/ApeX-Protocol/apex-protocol/blob/master/docs/audit_report.pdf

Ongoing Campaigns:

ApeX 10,000 USDT Giveaway Campaign: https://gleam.io/CVUTJ/apex-10000-usdt-giveaway

🪂ApeX Airdrop events- R1 (4.11 WARM-UP, 4.12 officially starts): https://apexdex.medium.com/apex-protocol-airdrop-bonanza-round-1-1630d7895131

Welcome all join the airdrop Campaigns

Mary | Satoshi Club

Satoshiclubbers, use your chance

Jason! Now we came close to the live part of our AMA

Ready for it?

Gold Rocket | Satoshi Club

Thanks for this amazing first part of AMA. Can you please share most important links for your social media?

Jason

Yes.

Follow ApeX Protocol on social media to stay up to date with all the latest developments.

Website: https://app.apex.exchange/

Twitter: https://twitter.com/OfficialApeXdex

Medium: https://apexdex.medium.com/

Discord: https://discord.gg/366Puqavwx

Official Community Telegram: https://t.me/ApeXdex

Official Announcement Telegram: https://t.me/ApeXdexANN

Mary | Satoshi Club

Let’s go

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Camila571

Community loves airdrops and campaigns. Do ApeX have any airdrops or giveaways running for the community?

Jason

To celebrate the launch of our new product features and show our warm welcome to all new traders on ApeX Protocol, we are launching the first round of ApeX’s Airdrop Campaign now.
This campaign will start on Apr 12, 2022 9:00 pm SGT, and last till Apr 30, 2022 11:59 pm SGT. We will be giving away more than 200,000 $APEX Tokens as a total prize pool to our community within this round.
The Total prize pool will be divided into 5 categories (A-E) with corresponding thresholds.

Read the details here
https://apexdex.medium.com/apex-protocol-airdrop-bonanza-round-1-1630d7895131

Q2 from Telegram user @Shiva_shivi

What is the main Aim of “Protocol Controlled Value”?
Can You Please explain, why is it needed?

Jason

Traditionally, DeFi protocols employ a user-owned Total Value Locked (TVL) model, in which liquidity providers deposit an equal amount of two tokens to form a market. To incentivize liquidity, DeFi protocols typically offer token distribution rewards with lucrative yields. While this can result in massive liquidity, it also brings the unintended consequence of ‘mercenary capital’. Liquidity incentivization requires DeFi protocols to offer lucrative rewards to maintain it. Such strategies may be viable in the short term, however, they are not sustainable in the long term as yields will normalize over time.

Q3 from Telegram user @hana4544

You sold 4,560 NFTS in March. What are the benefits for ApeX Predators NFT owners? When and how can we get a new sale?

Jason

The remaining 4,560 ApeX Predators NFTs were successfully minted on March 11, 2022, bringing early adopters to the protocol and building the community together. For more insights, visit: https://apexdex.medium.com/apex-nfts-public-sale-round-completed-e917f7e88814

ApeX Loyalty Program enables NFT holders to get the eligibility to grab a tiered transaction fee discount. ApeX predator NFT holders will enjoy a 8% lifetime transaction fee discount when trading on the ApeX protocol, while OG NFT holders will enjoy a 50% lifetime transaction fee discount.The public sale of the ApeX NFT has facilitated the ApeX protocol to communicate and build its brand value and culture to audiences in the Web 3.0 space.

The ApeX NFT gaming phase, known as One Last Ape Standing, is an in-game activity where participants who hold the ApeX NFTs are eligible to receive the ApeX token from the reward pool within a period of time.

In addition, to take part in the in-game activities of One Last Ape Standing, you can purchase Apex NFT on OpenSea at any time. Users have the option to burn their NFT to withdraw from the game anytime.

The entry tickets for the ApeX NFT Game and the ApeX Loyalty Program are the ApeX Predator NFTs. All early holders of Predator NFTs are entitled to exclusive benefits — the longer the holding period, the more rewards received. An amount of 0.2TH will be given to ApeX Predators NFT holders for each NFT held. When the ApeX NFT Game officially starts, all rebate rewards will be issued accordingly.
A Protocol Controlled Value (PCV) model aims to solve these problems in a peculiar way. PCV was inspired by the Total Value Locked (TVL) model, whereby all assets locked in smart contracts are ultimately owned by the protocol and not redeemable by users. This approach guarantees liquidity of each perpetual contract market and users can rest easy knowing that no liquidity provider can pull out the protocol-owned liquidity. ApeX uses the PCV model to retain liquidity in perpetuity to solve the ‘mercenary capital’ issue. Additionally, ApeX also supports user-owned TVL liquidity for users who prefer the traditional DeFi TVL model.

Q4 from Telegram user @Pokerlight

I noticed that your ecosystem charges a 0.1 percent cost on each transaction; could you explain why this tax is charged? What is the purpose of the money that has been collected?

Jason

All trades occurring on the ApeX protocol will incur a 0.1% transaction fee. Of which, transaction fees will be distributed as such:
10% will be allocated back to the eAMM in its respective BASE asset;
30% will be allocated as $APEX staking reward;
The remaining 60% will be deposited in the DAO treasury.
Liquidated trades on the ApeX protocol will incur a Liquidation Fee which is calculated from the remaining value of the liquidated position. Liquidation fees will be distributed as follows:
95% will be allocated back to the eAMM in its respective BASE asset;
The remaining 5% be rewarded to protocol liquidator.

Q5 from Telegram user @YRUSelling

What is Elastic Automated Market Maker? What are the features of it?

Jason

The Automated Market Maker (AMM) plays the role of a central counterparty on DeFi protocols, allowing assets to be traded in a permissionless and instant manner by using liquidity pools instead of a traditional order-book model.

Q6 from Telegram user @………..IL❤️🥀ov………e@

Do you allow suggestions and feedback from the community? Are we allowed in decision making, do you put community into consideration ?

Jason

Yes, community is important for project, if there are no good community, it means there are little users, so we are looking forward to listening from community.

Q7 from Telegram user @kalam4i

Staking programme is very important for any project,? Can i stake your token,? Do you have any plan of starting staking programme??

Jason

APEX token holders and APEX-ETH liquidity providers will be rewarded with APEX tokens through staking based on a formula rewarding a combination of amount and lock time. Staked APEX tokens will also provide greater value capture and voting power.

Q8 from Telegram user @Prithvi200

Have You Performed the KYC and the AUDITS because
It helps to Increse TRUST Between the FOUNDERS and INVESTOR , If Yes Please tell me ?

Jason

All smart contracts on the ApeX protocol have been audited by professionals to ensure high security. You may click here to view the audit report. The time-weighted average price (TWAP) algorithm has also been employed to minimize a large order’s the impact on the market. Stay tuned for our upcoming bug bounty programs

Q9 from Telegram user @Camila571

Community loves airdrops and campaigns. Do ApeX have any airdrops or giveaways running for the community?

Jason

Part 3 — Quiz Results

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.

For more information and future AMAs, join our Social Media channels:

English Telegram group: https://t.me/Satoshi_club/
Russian Telegram group: https://t.me/satoshi_club_ru/
Spanish Telegram group: https://t.me/satoshi_club_spanish/
Telegram Channel: https://t.me/satoshi_club_channel/
Twitter: https://twitter.com/realsatoshiclub/
Website: https://esatoshi.club/

Our partners:

Website: https://app.apex.exchange/

Twitter: https://twitter.com/OfficialApeXdex

Medium: https://apexdex.medium.com/

Discord: https://discord.gg/366Puqavwx

Official Community Telegram: https://t.me/ApeXdex

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Satoshi_storyteller

Storyteller for Telegram community @satoshi_club