ApeXers, we're sure you have plenty of $esAPEX on hand after several months of jam-packed, bountiful events — and now you can put that $esAPEX to good use. ApeX Pro just unveiled a new Vesting program, where you can lock up your $esAPEX for a fixed period of time (typically six months) and convert it to $APEX at the end of the lockup period.
$esAPEX is the escrowed version of ApeX Protocol's native governance token $APEX; it is minted by staking $APEX on Ethereum at a 1:1 ratio. The difference between both tokens is that $esAPEX holders will need to vest their $esAPEX over a fixed term before they can exchange their $esAPEX for $APEX.
On the new Vesting page, traders can check out their $esAPEX balance and proceed with the vesting process. Throughout the vesting period, they will be able to see how much withdrawable $APEX they have, all on one page.
Vested $esAPEX will be released gradually at monthly intervals per vesting session. For example, if you vest 6,000 $esAPEX over a fixed period of six months, 1,000 $esAPEX will be released every month. You can choose to claim all your withdrawable $APEX in a single go at the end of the vesting period, or at intervals.
Here's how you can successfully vest your $esAPEX tokens:
Step 1: You'll need to have some $esAPEX balance. ApeX Pro is constantly running events and campaigns where traders can receive $esAPEX for completing tasks. Check out our Twitter or blog for ongoing campaigns.
Step 2: Head to https://pro.apex.exchange/esapex and if you have available $esAPEX, click on "Vest" to begin. The earlier you vest your $esAPEX, the sooner $APEX can be released to you!
Step 3: Check for your released, withdrawable $APEX every month (if any) and claim them.
Forced Withdrawal of $APEX
You may apply forced withdrawals on unreleased $APEX tokens (i.e. $esAPEX that are still within the stated vesting period), but please do note that penalties will be incurred. For example, if you vested 1,000 $esAPEX and waited for the vesting period to end, you would receive 1,000 $APEX tokens in exchange. If you withdraw them early, you will get less than 1,000 $APEX tokens.
Only the unreleased portions of vested $esAPEX per session will be penalized. For example, if you vested 6,000 $esAPEX over six months and decide to engage in forced withdrawals in the fourth month, penalties will only be incurred on half of the total vested $esAPEX (3,000 $esAPEX already released and claimable, the other 3,000 $esAPEX still in lockup and therefore subject to penalties).
The calculation for how much you will receive is as follows:
$APEX Received After Forced Withdrawal on Unreleased Tokens = [Locked amount (forceWithdrawMinRemainRatio + [(10000 - forceWithdrawMinRemainRatio) (block.timestamp - info.startTime)] / vestTime)] / 10000
forceWithdrawMinRemainRatio is fixed at 1,666
Where to Trade $APEX
You can trade $APEX freely on Bybit or Uniswap. On top of that, ApeXers can stay tuned to ApeX Pro's upgraded staking program that's due to be released in January 2023.
Find out more about $APEX here and, in case you missed it, ApeX Pro recently debuted on CoinGecko's decentralized exchanges (DEXs) list in the Top 10.