Update: The $APEX total supply reduction is now complete to 500,000,000 tokens! Check out the transaction here.
We are excited to announce the completion of our final token burn as part of our commitment to revamp the tokenomics of $APEX. In this quarterly burn, we burnt 10% of token supply, decreasing the total supply of tokens to 500,000,000 $APEX. This marks the completion of the goal set out in our roadmap to systematically reduce total token supply by 50%, from 1 billion to 500 million $APEX.
These burns pave the way for our latest tokenomics update, which will focus on controlled token release via esAPEX12 pool, strategic buybacks via the upcoming Buy-Back and Share (BBS) program, and foster a deflationary environment to drive long-term growth and stability within the ApeX ecosystem. For more details, head to our blog.
A Recap of $APEX Burns
The supply reduction has been achieved through a series of quarterly burns:
January 18, 2024: The first burn reduced the total supply from 1 billion to 850,000,000 $APEX.
April 5, 2024: The second burn further decreased the supply to 700,000,000 $APEX.
July 12, 2024: The third burn lowered the supply to 600,000,000 $APEX.
October 2024: This week's final burn completes the reduction, bringing the total supply to 500,000,000 $APEX.
For a comprehensive overview of the $APEX token supply distribution and tokenomics, refer to our blog.
$APEX: Comprehensive Token Overview
In case you need a refresher, the $APEX token serves as the native token of the ApeX Protocol, playing a crucial role in our ecosystem. Its primary function is to facilitate revenue sharing through the ApeX Staking Program. Participants in this program, earn a share of trading fees by staking their $APEX or $esAPEX tokens in respective pools, allowing our community to directly benefit from the protocol's success. 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 our blog.
In Q4 of 2024, $APEX is set to be utilized as the trading fee token on ApeX Omni where users can choose to pay their trading fees with $APEX, benefiting with fee discounts. Moreover, $APEX tokens collected from trading fees will be burnt. This deflationary mechanism reduces the circulating supply of $APEX, contributing to its value appreciation over time by systematically decreasing the total token supply.
The Impact of Reduced $APEX Supply on the Market
The reduction of $APEX token supply is a strategic move, designed to enhance the value of the token that better aligns with the value of the project. With our community at the forefront, this initiative aims to create a stronger and sustainable ecosystem to directly benefit the stakeholders.
This initiative marks an important milestone for us, reflecting our dedication to enhancing the tokenomics of $APEX. By implementing token burns to reduce the total supply of $APEX, we aim to strengthen its intrinsic value, aligning with our long-term vision of maximizing benefits for our dedicated community.
Stay tuned to ApeX Blog and our official social media channels for more updates on tokenomics.