Update: The $APEX total supply reduction is now complete to 700M tokens! Check the transaction here.
This week, we're excited to complete our second token burn as part of our commitment to revamp the tokenomics of $APEX. As detailed in our roadmap, we're taking incremental steps to reduce the total token supply by 50%, from 1 billion $APEX to 500 million $APEX. We initiated the first burn in a series of quarterly burns on January 18, 2024 which reduced the supply to 850,000,000 $APEX. The second burn will see the total supply of $APEX further reduced to 700,000,000 tokens.
These series of strategic burns seek to adjust the tokenomics of $APEX, for it to better reflect the overall project value whilst bringing more benefits for our dedicated community members and token holders.
$APEX : All You Need to Know
The $APEX token is the native token of ApeX Protocol, primarily facilitating revenue sharing via ApeX Staking Program, where participants earn a share of trading fees by staking their $APEX/$esAPEX tokens.
Moreover, coming soon, the token will play a pivotal role in the protocol's governance, influencing the roadmap and other parameters, highlighting a strong dedication to decentralization and active community participation in shaping the protocol's future direction. For more details about the $APEX token and its supply distribution, visit our blog.
How a Reduced $APEX Supply Affects the Market
The reduction of $APEX token supply is a strategy designed to enhance the token to align it with the value of the project. With our community at the forefront, this initiative aims to create a stronger and more sustainable ecosystem that directly benefits ApeXers.
In case you need a quick reminder, burning a cryptocurrency reduces the number of tokens available. This process involves sending tokens to a unique wallet address that is impossible to access. By doing this, the tokens are effectively removed from the overall circulating supply, creating scarcity and driving up value.
Stay tuned for all the details on the token burns in forthcoming quarters, as we remain comitted to developing an ecosystem that is fully aligned with the values of Web3 space and decentralization.