Thread by @0xAlphaRho

🌞 gm to all

1/ I would like to share a small update with #shimmer and #iota community of the idea that few fellow apes from ApeDAO (@iotapes) and I are currently working on.

A short 🧵

⤵️

2/ For those who still haven't stumbled upon ApeDAO, it's a small community-centered & meme-loving joint-investment DAO with its focus on upcoming #DeFi on @iota and @shimmernet networks. We try to take care of our NFT-funded treasury in the best way we know of.

3/ When I first started making the idea of ApeDAO into a reality, I haven't imagined such a great response from the community.

TL;DR limited supply of 1074 ape NFTs quickly sold out and diamond hand holders are not letting them go.

4/ Immediately after the 'floor price' of apes started going up, I realized that we will need some kind of solution for it. Our limited supply of ape NFTs is going to become a blocker for onboarding of new users, and for further growth of our DAO (apes becoming crazy expensive).

5/ Initial motivation was never to make apes crazy expensive or to make this into a pump & dump project, but to allow community members to experience the 'smart degen' DeFi world and have fun while doing it. Not losing money while doing it is also an objective 🦍.

6/ 'Smart degen' you say, what's that? A user who understands the risks of DeFi and willingly makes choices of taking them or not. Not just blindly listening to 'Not-Financial-Advice' crypto twitter influencers.

7/ OK, back to the idea. With all of the written above, we had few challenges to overcome. We needed to think of our current holders and being careful to not dilute their holdings, while also allowing for new users to 'onboard' at 'reasonable prices'.

8/ Since I'm only an ape and I don't write code, I scanned around the DeFi world for potential solutions. After doing some researching and just a bit of thinking that my smooth apeish brain can take, I came up with the 'Liquid Apes & Ape split' idea.

9/ What is 'Liquid Apes & Ape split'? It's a way of making ape NFTs liquid assets by tokenizing them into an APEin token. APEin token will have its liquidity on @ShimmerSeaDEX paired against $SMR token so it can be openly traded. Initial liquidity will come from my own funds.

10/ Besides 'liquifying' ape NFTs we will perform an 'Ape split' by launching additional collection called "Lil' Apes". This collection will not be publicly sold but it will only be available to 'redeem' via APEin token.

11/ Original collection would be renamed into 'OG Apes' and would have higher voting power than "Lil' Apes", on the upcoming voting opportunities that will be presented by ApeDAO.

12/ Here is a simplified graphic of the idea. A small note that the exact supply of "Lil' Apes" is still undecided so take this image only as an example of how it will work.

13/ This 'mechanism' will be available on the upcoming Shimmer EVM. Next to having 'Liquid Apes & Ape split', both "OG Apes" and "Lil' Apes" collections will have their home on the @ShimmerSeaDEX's NFT marketplace.

https://twitter.com/ShimmerSeaDEX/status/1594585149206777862

14/ I hope this sums up some of the thoughts that I wanted to share with you in a clear and non-confusing way, but if not - I'm always around ApeDAO's discord server available here discord.gg/WDxt6xZDDh.

15/ Thanks for the attention if you made it this far and remember: IMO NFA DYOR!