Enable ALP/BNB (0.25% fee tier) V3 gauge on BNB Chain

Overview

Proposal to enable ALP/BNB 0.25% gauge on BNB Chain

Background

APX Finance is the top decentralized exchange (DEX) for perpetuals on BNB Chain in TVL and fees. APX version 2 (V2) offers trading of perpetual futures with up to 1001x leverage. Liquidity is provided by the ALP pool. Liquidity providers (LPs) who mint ALP earn 50% of APX’s trading fee income plus $APX staking rewards. ALP is minted by depositing stablecoins or cryptocurrencies to the ALP pool on APX v2.

APX seeks to incentivize LPs to mint ALP, thus ensuring deeper liquidity for APX and PancakeSwap Perpetual traders. The ALP-BNB gauge will also generate additional yield for LPs, aside from existing incentives. To ensure attractive APR for ALP-BNB LPs on PancakeSwap, APX will work through the Cakepie bribery market.

Total CAKE emission per epoch: 401,600
Expected CAKE emissions for ALP-BNB LPs: 401,600 * 1% = 4,016 CAKE maximum

Details

  1. Boost Multiplier and Emission Cap %: 1.00x boost multiplier and 1% emission cap

  2. Audits: Audits from Certik, Peckshield and Salus Security

  3. Token Utility: ALP is the liquidity provider token for APX v2 on-chain perp DEX. ALP provides liquidity for all V2 perpetual trading pairs and can be staked on the platform to earn 50% of platform trading fee income and $APX staking rewards.

  4. Volatility: NIL

  5. Oracles: APX v2 utilizes a dual-oracle model. We adopt a combination of Binance Oracle and Chainlink where price feeds from these two oracles are compared to deduce the most accurate real-time aggregated prices. Using Binance Oracle’s price as the anchor, if the price from Binance Oracle differs from Chainlink’s price by more than 1%, a circuit breaker will be triggered and the user will not be able to complete the transaction.

  6. Control: Multisig: 0x60EdE4402a34762D608AD9bA7bD3797f5bFE544c
    3 out of 6 signers needed

  7. Merit: Bring more TVL, volume, users and fees to PancakeSwap Perpetual.

  • PancakeSwap Perpetual leverages APX’s trading infrastructure. Attractive APRs for ALP-BNB LP will entice LPs to mint ALP and increase TVL, supporting larger order sizes and deeper liquidity for PancakeSwap Perpetual traders.
  • LPs already earn from platform trading income and staking rewards. ALP-BNB LP on PancakeSwap will open a secondary channel for LPs to obtain yield and maximise their rewards.
  1. Vault Strategy (for Position Managers only): NIL

Links

  1. ALP address: 0x4E47057f45adF24ba41375a175dA0357cB3480E5
  2. Liquidity pool address: Not deployed yet
  3. Position manager vault address (if applicable): NIL
  4. Website: https://www.apollox.finance/en
  5. Socials: X (Twitter): https://twitter.com/APX_Finance, Telegram: https://t.me/apolloxchange
  6. Documentation: What is APX Finance? | APX Finance
  7. Github: apollox-finance-api-docs/apollox-finance-api.md at master · apollox-finance/apollox-finance-api-docs · GitHub
  8. Any other relevant links: https://www.apollox.finance/en/ALP
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