ApeRocket v2: Imminent Launch

We are finally approaching the end of September, and as agreed it is now time for us to introduce the upcoming launch of the long awaited v2 of ApeRocket. Since the launch of the project in May, we have noticed a significant growth in terms of users and support for the project, and we are very grateful for your efforts and dedication, we are proud to consider you as the main driving force behind this great adventure. Thank you from the bottom of our hearts, we look forward to building the future with you.

On our side, we have been working hard these last weeks to provide the best vaults service on the Binance Smart Chain. A solution that is more didactic, intuitive and in line with recent events. Without further ado, here’s what it looks like!

Overview

First of all, please note that our guideline has not changed, this is a project created by Apes for Apes. So, the end user remains our highest priority. However, even if many things have been accomplished in this direction, the road is still long and the opportunities numerous. In order to achieve this goal, we need to reach every DeFi user on the BSC, so they will discover through us the whole growing Ape ecosystem. Never forget, Apes are stronger together!

When V2 launches, users will be able to take advantage of asset-based strategies from:

  • ApeSwap (of course! 😁)
  • PancakeSwap
  • Biswap

Users will be able to stack their assets in these vaults and will receive avTokens in return that match their actions. ApeRocket will manage the staking and auto-compounding of the rewards earned with these assets. This not only saves you time, but also maximizes your earnings.

In addition to the classic single token vaults, the platform will host two other types of vaults:

  • Maximizer: Where you can limit your exposure to an impermanent loss on your main deposit. What does this mean? Like V1, you can deposit BANANA-BNB LPs, and instead of earning the underlying with the protocol selling the rewards for more BANANA-BNB LPs, it will auto-compound the rewards in the Single Banana Pool to increase your banana earnings.
  • Optimizer: Users can deposit their LPs to increase the underlying. What does this mean? As with V1, you can deposit your BANANA-BNB LP, and the protocol will sell the rewards for more LP. The difference here is the frequency of the rewards. That’s why it’s called an optimizer. Instead of selling the rewards on every harvest call and splitting the reward into two tokens making up the LP like most vault services in the Binance Smart Chain, we do things differently. Between each harvest call, it will work as a maximizer, accumulating as much reward as possible, and then, when the harvest is called, it will do an optimized one-sided supply of cash, to avoid dust and maximize returns.

Our code base is audited by Peckshield, and Mutative. Reports and source code will be available and open source at launch.

Fees

Our fee model remains unchanged, but unlike V1, it remains more flexible to allow for lower performance fees depending on the strategies (e.g. GNANA).

  • Performance fee: 30% on profits. In return, a SPACE Token is issued.
  • Withdrawal fee: 0.5% if withdrawn within 72 hours of deposit.

Unlike other platforms, our APYs are significantly linked to our TVL and SPACE Price. Indeed, the more TVL we aggregate, the more revenues we collect from performances fees.

These performance fees are collected in BNB and used to increase the liquidity of the SPACE Token. An optimal percentage of these BNBs are swapped to SPACEs in order to obtain an adequate one-sided liquidity offer, and thus increase the price of SPACEs.

That said, we are introducing a vest and lock for the token.

Vested SPACE

Each new SPACE minted is acquired over 13 weeks. In return, the user will receive xSPACE, the receipt for their locked token. These xSPACE can be stacked into the StakingRewards contract which will redistribute all revenue generated from all ApeRocket vaults.

The benefit of vesting is that it can reduce the dilution of the SPACE token.

Locked SPACE

SPACE token is also lockable. From 1 to 100 weeks. The formula for the ratio of xSPACE minted correspond to:

Ratio :

100 weeks lock → 10 SPACE = 10 xSPACE

50 weeks lock → 10 SPACE = 5 xSPACE

25 weeks lock → 10 SPACE = 2.5 xSPACE

and so on.

By locking your SPACE, you will get many benefits. You will be able to enjoy:

  • Revenue sharing. We think it makes sense to reward users who believe in the project and show their commitment by locking their tokens. The longer you lock, the more revenue you earn from the platform, in the form of WBNB and SPACE.
  • Boosted APYs. Users will be able to enjoy an increase in APY, with many more SPACE earned than the normal unlocked SPACE token. The boosted APY is calculated by taking into account the amount of SPACE locked, the user’s value in the vaults, and the lock period.
  • Governance. Users can participate in the governance process. xSPACE will be the primary governance token that will allow holders to make proposals, vote on them, and participate in decision making to help make ApeRocket bigger and safer.

If you decide to early unlock your tokens, it’s possible but be careful, you’ll have to pay a 50% penalty, meaning if you locked 100 SPACE for any period, if you decide to unlock it before the end of the locked period, you’ll be able to redeem only 50 SPACE.

The new detailed documentation will be available soon.

The Big Picture

We still have a lot in the pipeline. Our goal is to have a fully decentralized product.

A little preview of what’s coming soon:

  • More complex performance strategies.
  • v3 with leveraged vaults.
  • Marketing / Growth Pipeline
  • Educational content

Planning

Between Monday the 27th and Wednesday the 29th, the new user interface will be rolled out and available to migrate to the new vaults. The old website and vaults will still be available for latecomers and until the rewards run dry.

Thursday, September 30th, SPACE token minting activated, official launch of ApeRocket v2.

Boosted APYs will not be activated at launch. We will be launching cautiously, in keeping with our new security policy, activating features over time.

AMAs are scheduled for the week following launch to answer any questions you may have. Feel free to join our Discord as well, and ask your questions there, we’ll be happy to answer all your questions.

You will surely hear about us on the networks with some communication channels. Indeed, the V2 marks the beginning of our communication campaign that will spread over time.

That’s it for today, we hope this overview has convinced you and that you are as excited as we are about the arrival of the new version!

DeFi yield farming aggregator and optimizer for Binance Smart Chain