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News

ApeCoin Proposal Intends To Create New DEX But Faces Strong Opposition

203 days ago - Around 2 mins mins to read

Key Points:

  • A new proposal from the ApeCoin community intends to create an APE DEX.
  • It plans to do a decentralized exchange of ERC-20 tokens backed by a multi-asset pool and LP Fees swap.
  • The voting deadline for the proposal is May 18, and the current number of votes against it has reached 86.81%.
A new proposal from the ApeCoin community intends to create APE DEX, which plans to realize the decentralized exchange of ERC-20 tokens supported by multi-asset pools.
ApeCoin Proposal Intends To Create New DEX But Faces Strong Opposition
ApeCoin Proposal Intends To Create New DEX But Faces Strong Opposition 3

As suggested, ApeCoin is traded on the majority of major CEXs and DEXs (centralized exchanges and decentralized exchanges). These exchanges charge a variety of fees for opening and closing positions as well as executing swaps.

As well as an ApeCoin DAO DEX for ApeCoin holders, the ApeCoin DAO DEX will allow for the decentralized exchange of ERC-20 tokens, which will be backed by multi-asset pools that will pay liquidity providers fees from market making and swap fees. It expects to contribute to the creation of the lowest feasible trading costs in all of DeFI for APE holders, stakers, and purchasers.

Its main contract functionality will involve compensating LP suppliers in APE, offering a crucial use case for APE while also putting strong deflationary pressure on the token.

These asset pools will earn from market-making and swap fees LP fees, core functionality will include using APE to reward LP providers. The deadline for voting on the proposal is May 18, and the current proportion of negative votes has reached 86.81%, while the proportion of support is 13.19%.

ApeCoin Proposal Intends To Create New DEX But Faces Strong Opposition

ApeCoin (APE) is a utility and governance token in the well-known NFT ecosystem of the Bored Ape Yacht Club (BAYC). The ongoing fall in global NFT markets has resulted in three consecutive months of price declines for APE.

Apecoin has a total quantity of 1 billion tokens, of which 36.86% are in circulation. According to APE on-chain statistics, holders may become more difficult to sell owing to unrealized losses.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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