The yet nascent decentralized finance (DeFi) ecosystem has been expanding rapidly over the last couple of years, birthing several novel solutions designed to meet the needs of investors worldwide. One of these offerings is ApeX Pro, a non-custodial trading platform delivering permissionless cross-margined perpetual contracts to its community.
Built using StarkWare's Layer-2 (L2) scalability engine, StarkEx, ApeX Pro aims to provide limitless access to the perpetual swap market with an order book model, prioritizing speed, efficiency, and transparency on every trade.
A key innovation driving ApeX Pro is its upcoming social trading system that integrates Soulbound Tokens (SBTs) — unique digital assets tied to a specific user or account on the blockchain, distinguishing them from traditional non-fungible tokens (NFTs). Introduced by Vitalik Buterin, Glen Weyl, and Puja Ohlhaver, the concept has garnered a lot of traction in recent years and has continued to play a pivotal role in the creation of a decentralized society (DeSoc).
Unlike conventional NFTs that can be traded or sold, SBTs are non-transferable, ensuring enhanced security by preventing unauthorized access or transfer. They are designed to securely and verifiably represent an individual's or entity's personal attributes, credentials, and achievements across various sectors, including education, finance, gaming, and more.
ApeSoul: ApeX Pro's Soulbound Token (SBT)
Capitalizing on the power of SBTs, ApeX Pro has integrated its own SBT, dubbed "ApeSoul," to drive its upcoming social trading ecosystem. To elaborate, ApeSoul SBTs will be used to ascertain users' trading performance and reputation, replacing the need for traditional identity verification methods and centralized entities.
As with all SBTs, users can assume complete control over the creation of their ApeSoul tokens. Linked to a user's Decentralized Identity (DID), these assets include data such as trading volume, number of trades, open interest, ranking, and profits, among other indicators. This verifiable information enables ApeX Pro to select principal traders.
Moreover, in the world of decentralized finance (DeFi), where anonymity is a core principle, establishing credibility and tracking traders' historical performance can be challenging. ApeSoul addresses this challenge by acting as a tamper-proof, on-chain ledger, securely storing and showcasing each trader's trading history, strategies, and overall performance.
Simply put, by examining an ApeSoul, traders can gain insights into the track record of their peers, empowering them to make informed decisions about whom to follow and learn from.
Why ApeSoul?
The non-transferable nature of ApeSoul ensures the integrity of the system, as these SBTs cannot be bought, sold, or transferred between users. This prevents the potential for manipulation or misrepresentation of trading histories and safeguards the credibility of the social trading ecosystem.
In addition to facilitating social trading, SBTs on ApeX Pro are designed to enable users to accumulate ApeX Points, qualifying them to unlock mystery boxes. These boxes unveil exciting prizes, ranging from token airdrops to winning real-world assets (RWA).
Lastly, by leveraging the innovative technology driving SBTs, ApeX Pro aligns with its commitment to decentralization and user sovereignty — such that users can retain full control over their trading data and histories while simultaneously fostering a collaborative and educational environment within the DeFi community.
A Strategy for Sustainable Token Unlocking
ApeX Pro's commitment to sustainability and community benefit extends beyond its innovative products and features. As the project approaches its revised unlock date for APEX tokens allocated to institutional investors and the core team (originally scheduled for April 2023 but postponed due to market conditions) the team has taken strategic steps to ensure a seamless and responsible token unlock process.
The proposed strategy, known as ‘esAPEX12’, revolves around the creation of a dedicated Bonding Curve Token Locking and Sales Pool (esAPEX12 pool) on the Mantle Network. All APEX tokens released according to the unlock schedule will simultaneously be locked in this pool, generating esAPEX12 tokens with a mandatory 12-month lockup period. Liquidity provider (LP) tokens representing the right to receive sales income from esAPEX12 will be distributed to investors and team members based on their initial investment ratio and schedule.
Moreover, third parties will be able to purchase these locked esAPEX12 tokens at a fixed price, while investors and team members can claim harvested USDT from the pool based on their LP token proportion. After the 12-month lockup, LP token holders will receive their promised APEX tokens via a dedicated unlocking dApp. To ensure a controlled token supply, the monthly availability of esAPEX12 for sale will not exceed the initially planned unlock quota.
Lastly, the ApeX team pledges to allocate 40% of funds originally designated for staking pools on a weekly basis for token repurchases, maintaining continuous cash flow income for engaged parties. This strategic approach aims to strike a balance between token liquidity and price stability while simultaneously rewarding early investors and supporting the long-term growth of the ecosystem.
Looking ahead
As the decentralized finance landscape continues to evolve, platforms like ApeX Pro are paving the way for groundbreaking innovations that can redefine one’s trading experience. In fact, the integration of innovations like ApeSoul not only fosters trust and transparency but also unlocks a realm of social trading possibilities. Thus, it will be interesting to see how things continue to shape up for the project moving forward.
