AR★IP#2: Rebrand and Tokenomics
This is a proposal to rebrand ApeRocket and rebuild its tokenomics. The goal is to make the platform more attractive.
As ApeSwap have released their own vaults, our platform (in its current state) no longer serves any purpose in the ApeSwap ecosystem. And even if our APYs are higher than the ApeSwap one, we need to expand and clearly identify ourselves as a platform serving the DeFi ecosystem as a whole. Therefore, we propose to change our name to YieldRocket.
There will be no impact on staking, users will not have to migrate to new vaults other than planned Mercury vaults.
Rebuild the tokenomics
SPACE Depreciation & STAR Implementation
As we communicated at the time of the announcement of Mercury Update, we want to give a new impetus to SPACE and make it more unique and limited. This includes the implementation of a maximum supply as well as very low emissions, in order to not only reduce the selling pressure on the token but also to incentivize its holding. The SPACE supply reached almost 2M with a current trade price of approximately $0.26. The incentives for adding liquidity for SPACE are coming to an end on the ApeSwap side. And above all, the lock system put in place with v2 prevents some people from investing.
With all this, it gets complicated to attract new investors, so we propose a new tokenomics with all the advantages of the lock system but without the lock.
- SPACE will be replaced by a new token called STAR, which have in max supply the current SPACE supply and a distribution of 0.03 token per second.
- The exchange rate will be 20 SPACEs for 1 STAR, 20 SPACEs value in SPACE-BNB for 1 STAR.
- Users who have SPACE locked or vested can exchange their xSPACE for STAR. The amount of SPACE locked or vested will then be considered and exchanged at the same rate of 20 SPACEs for 1 STAR.
- STAR can be staked to earn a part of the platform revenues. An initial reward of $100k in BNB will be added to the revenue’s redistribution pool.
Earn STAR: esSTAR
The STAR Distributor will work exactly like the SPACE Distributor conceptualized in the AR★IP#1, except for one difference: users will gain esSTAR.
esSTAR can be used in two ways:
- Staked for rewards like regular STAR tokens
- Vested to become actual STAR tokens over a period of one year
Each staked esSTAR token will earn the same rewards as a regular STAR token in the revenue’s redistribution pool. Note that esSTAR is not meant to be transferrable. The amount of STAR required to vest esSTAR is unique per account and capped to the rewards received by that account.
When vesting is initiated, the average amount of STAR tokens that was used to earn the esSTAR rewards will be reserved. For example, if you staked 100 STAR and earned 10 esSTAR tokens, then to vest 10 esSTAR tokens, 100 STAR tokens will be reserved. To vest 5 esSTAR, 50 STAR tokens will be reserved. Note that this is an example, and the actual ratio depends on the average staked amount and rewards earned for your account.
esSTAR tokens that have been unstaked and deposited for vesting will not earn rewards. Staked tokens that are reserved for vesting will continue to earn rewards. After initiating vesting, the esSTAR tokens will be converted into STAR every second and will fully vest over 365 days. esSTAR tokens that have been converted into STAR are claimable at any time.
In addition, to lower the supply, all SPACE of the team (about 230,000 tokens) will be burned and not converted to STAR. Considering a SPACE supply of 2M, this would give the following results:
Here is how the STAR supply will be spread:
Minting beyond the max supply of 2 million is controlled by the DAO. This option will only be used if more products are launched and liquidity mining is required, a governance vote will be conducted before any changes.
Revenue’s redistribution pool: Multiplier Points
The revenue’s redistribution pool will now redistribute rewards over 90 days. With the initial $100k injected by the team, this represents an initial APR of at least 70% in BNB.
80% of the fees coming from the vaults and the zap will be redistributed in this pool, 10% will be used to increase available liquidity and 10% will go to the team.
We are also introducing a Multiplier Points system, which will reward long term holders without inflation and without lock. When you stake STAR, you receive Multiplier Points every second at a fixed rate of 100% APR. 100 STAR staked for one year would earn 100 Multiplier Points.
Multiplier points can be staked for fee rewards, each multiplier point will earn the same amount of rewards as a regular STAR token.
When STAR or esSTAR tokens are unstaked, the proportional amount of Multiplier Points are burnt. For example, if 100 STAR is staked and 50 Multiplier Points have been earned so far, then unstaking 30 STAR would burn 15 (30 / 100 * 50) Multiplier Points. The burn will apply to the total amount of Multiplier Points which includes both staked and unstaked Multiplier Points.
Since Multiplier Points can only be acquired with time they are also a useful way to provide bonus benefits to long term holders.
For example, if the APR is 100% and you have $10,000 worth of STAR and esSTAR, then your rewards would be $10,000 annualized, if you additionally have an amount of Multiplier Points equivalent to 20% of your total amount of STAR and esSTAR, your “Boost Percentage” would display as 20%, and you would get an extra $2000 of rewards annualized.
If this proposal passes, you will have nothing to do except until we say so. The migration to STAR and the STAR Distributor will be launch within a few days of each other.
Approve the rebranding and the new tokenomics.
Reject the rebranding and keep the old tokenomics.