Update: The $APEX total supply reduction is now complete to 600,000,000 tokens! Check out the transaction here.
This week marks the completion of our third token burn, a significant milestone in our ongoing effort to revamp $APEX tokenomics. In this quarterly burn, we burnt 10% of the supply, decreasing the total supply of tokens to 600,000,000 $APEX. As outlined in our roadmap, we're systematically reducing the total token supply by 50%, from 1 billion to 500 million $APEX. The process began on January 18, 2024, with our first quarterly burn decreasing the supply to 850,000,000 $APEX, while our second burn on April 5, 2024, further reducing the total to 700,000,000 tokens.
These strategic burns aim to align $APEX tokenomics more closely with our project's overall value, ultimately benefiting our dedicated community members and token holders. To delve into all the details of the $APEX tokenomics revamp strategy, head to this blog. For a comprehensive overview of the $APEX token supply distribution tokenomics, refer to our blog.
A Refresher on $APEX
$APEX is ApeX Protocol's native token primarily facilitiating revenue sharing through the ApeX Staking Program, where participants earn a portion of trading fees by staking $APEX and/or $esAPEX tokens in respective pools. For more details on ApeX Staking 3.0, visit our blog. Should you need a step-by-step guide on how you can buy and stake $APEX and $esAPEX, head to this blog.
In the near future, the token will also play a crucial role in protocol governance, allowing holders to influence the roadmap and other relevant parameters. This development underscores our commitment to decentralization and community involvement in shaping the protocol's future. For detailed information about the $APEX token and its supply distribution, visit our blog.
The Impact of Reduced $APEX Supply on the Market
Decreasing the $APEX token supply is a strategy aimed at better aligning the token with the project's value. This initiative prioritizes our token holders, aiming to create a more robust and sustainable ecosystem that directly benefits them.
What Does Burning a Token Mean?
In case you need a refresher, burning of cryptocurrency involves sending tokens to an inaccessible, unique wallet address, effectively removing them from circulation. This permanently removes the tokens from the circulating supply, potentially increasing scarcity and value. Moreover, this action is expected to positively impact the token's market dynamics by creating a more favorable supply-demand balance.
The $APEX supply reduction initiative is a significant step forward for the ApeX Protocol, demonstrating our commitment to revamping the tokenomics of our native token. By reducing the total supply through token burns, we aim to enhance the intrinsic value of $APEX, aligning with our long-term vision to maximize the benefits for our dedicated community.
Keep an eye on the ApeX Blog and our official social media channels for more updates on the upcoming quarterly token burn.