One of the world’s leading permissionless and non-custodial derivatives decentralized exchanges (DEX), ApeX Protocol (APEX), is marking its first-year anniversary with a two-week celebration and significant rewards in its native token, as well as the USD Coin (USDC) for its community members.
Indeed, as a way to allow its members to celebrate alongside ApeX this important event marking a year filled with important partnerships and other achievements, the exchange is offering 25,000 USDC and 50,000 APEX in rewards, according to the press release shared with Finbold on November 21.
Specifically, the competition will run for two weeks and offer the above assets in a special anniversary trading competition, triple-boosted staking rewards, social media games, as well as in the form of awards to the most active contributors.
Year of tangible results
As the team said, ApeX has managed to stand out and set its position as a leader in the decentralized finance (DeFi) sector in just 12 months, offering both USDC and Tether (USDT) cross-margined perpetual contracts with up to 50x leverage on more than 25 trading pairs.
On top of that, the platform, built on StarkWare’s Layer 2 scalability engine Stark Ex and operating on an order book-based model, has recorded over 17 billion in cumulative trading volume and more than 29,000 traders who witnessed a secure, efficient, and user-friendly experience.
What’s more, ApeX has also launched two passive income solutions through its Staking program and Smart Liquidity Pool (SLP), the latter becoming the first market-making liquidity pool on an order book DEX, earning their participants more than 450,000 USDC since launch.
Finally, the team has also delivered the first self-custodial and decentralized trading bot on Telegram, in addition to growing its reach by forming strategic partnerships with market giants such as Bybit, Arbitrum, Mantle, and others and teaming up with algorithmic trading software like Astrabit.
Commenting on the development, Tekla I, the Head of Business Development at ApeX, stated this first year had outdone the team’s expectations, sharing excitement over the further efforts in pushing the boundaries of DeFi. As she added:
“This anniversary is a testament to the incredible community that has shaped ApeX into what it is today. Our accomplishments and partnerships showcase collective effort and passion driving decentralized excellence, while our roadmap reflects our commitment to innovation and provides users with a seamless, rewarding trading experience.”
Hard work continues
As for its plans for the future, the folks at ApeX are firmly determined to bring significant developments in Web3 social trading through the coming launch of decentralized identifiers (DIDs), the Soulbound Token (SBT) minting event, the introduction of copy trading, and other social trading tools.
Furthermore, the company is getting ready to start a tokenomics restructuring process that would see three critical initiatives, including a strategic reduction of APEX supply from the treasury, the introduction of a Buyback and Burn Mechanism, and bootstrapping APEX-Ethereum (ETH) liquidity pools.