ON THE BALLOT: This AIP Aims To Build An Ape Decentralized Exchange
Updated: May 11
The ApeCoin DAO is voting on an Ape Improvement Proposal this week that aims to make an $Ape powered decentralized exchange like Uniswap.
AIP-223 titled “A Community-First ApeCoin DAO DEX,” is an ecosystem allocation proposal written by Bored Ape Yacht Club member and SolidityIo CEO Alex McCurry.
McCurry explained that $Ape is currently trading on almost every major centralized exchange and decentralized exchange in the world; but these CEXs and DEXs charge high fees to $Ape holders whenever they buy, sell, or trade.
“Our vision is to create an ApeCoin DAO decentralized exchange (DEX) to benefit ApeCoin holders,” McCurry wrote. “The ApeCoin DAO DEX will enable the decentralized exchange of ERC-20 tokens supported by multi-asset pools that earn liquidity providers fees from market making and swap fees. We expect to help create the lowest possible trading fees available in all of DeFI for $APE holders, stakers, and buyers.”
Further, McCurry wrote that an ApeCoin Dex would have a positive impact on the $Ape ecosystem because it would give $Ape holders a commercial incentive to support $Ape back infrastructure.
“1.DEX will attract $APE liquidity, thus pulling $APE off of the market. 2. Lowest possible trading fees on ANY DEX for buying/selling $APE with lower fees for $APE holders/stakers. 3. Lowest possible trading fees for other assets for $APE holders, thus creating demand for $APE.4. LP rewards in $APE cause more $APE to be taken off of the market as LP fees are generated. 5. Fee switch for $APE DAO to vote to monetize the DEX and direct funds as they choose.”
In total, McCurry is asking the ApeCoin DAO to allocate 39,000 $Ape or $125,580 USD to fund the creation of an ApeCoin DEX.
The window to vote on AIP-223 opens tonight at 9 P.M. EST and $Ape holders will have until next Wednesday, May 17th, to cast their coins.