$BANANAS tokens, Bunch of Bananas NFTs, and now BANANASWAP… you might think that GLMR APES DAO went truly Bananas!

Well, relax, sit down and let us guide you through all this potassium to help you understand it more clearly!

🍌 $BANANAS Tokenomics

We are now still in the early stages of the $BANANAS Tokenomics, meaning that they will be subject to change in order to cater to the needs of the DAO as the project develops.

✅ Current Use-Case##

$BANANAS is the token of our DAO . It currently serves two main functions: one on the short term and one on the long term.

On the short term, it will allow people to mint their GLMR JUNGLE NFTs (2nd generation NFTs) ahead of everyone during a **“$BANANAS-only” mint session from March 30th to April 2nd. **

During those 3 days, anyone will be able to exchange 35 $BANANAS for GLMR JUNGLE NFTs without any limitations. It means that if you have 70 $BANANAS you can get 2 GLMR JUNGLE and so on (105 $BANANAS = 3 NFTs etc.…).

You don’t need to hold GLMR APES to participate in the BANANA mint session. As long as you have enough $BANANAS you can redeem as many GLMR JUNGLE NFTs as you wish (you can purchase the tokens on BANANASWAP).

In the long run, $BANANAS will be the game currency. It means that to play the P2E Game, you will not only need to have a GLMR JUNGLE NFT, but you also be required to pay a small $BANANAS fee for each game session.

The cost in $BANANAS per session remains to be decided and voted by the community before the launch of the P2E Game (August 2022). The price will be periodically adjusted through community votes each month to guarantee good tokenomics depending on how the community reacts to the price and/or to adjust to the inflation of the $BANANAS supply.

🤩 Future Use-Case

As the DAO keeps on growing and developing, the community will work on adding extra functions to the $BANANAS (by voting on strategic decisions concerning the tokenomics every three months, starting from June 1st).

It could include using $BANANAS to purchase extra boosters in the game, purchase seasonal NFTs, or to get extra time for your game sessions.

It could also consist in having great merch, only purchasable in $BANANAS, or in having our DAO collaborating with other NFTs collections and organizing Raffles for WL and Free NFTs with a ticket in $BANANAS.

There are many possibilities that remain to be explored by our community. We will gradually work together to add more use case to $BANANAS so it won’t just be the game currency but a strong and useful token.

📈 Supply/emitting ratio##

Initial $BANANAS emission rate

Until the BANANASWAP DEX opening, the only way to create $BANANAS is by staking your GLMR APES NFTs.

The staking rate is currently the same for anyone: 1 $BANANAS/day/NFT (It might be subject to change in the future as the community will vote on the staking rate on April 12th).

The staking rate will be subject to a vote every 3 months and might change in the future if the community wants it.

Staking your NFT is an easy process. You can stake and unstake your NFT (usually within seconds) with only minimal GLMR gas fees (less than 0.02 GLMR per transaction).

As there are about 730/1001 NFTs staked at the moment, there are roughly 730 new $BANANAS created every day.

Total Supply

The Staking system we described above theoretically makes for an unlimited $BANANAS supply. However, it might not be much of a problem. Here are three important things to consider regarding the future value of the token:

First of all, the $BANANAS fee per game session will periodically increase to catch up with the inflation of the supply, that way the token will remain valuable. As the Reward Wallet for the GLMR JUNGLE Game grows, the rewards offered to players will grow and make it increasingly attractive for newcomers to join and purchase $BANANAS.

Secondly, as we build more and more use cases for $BANANAS, it will put some buying pressure on the token which would limit the devaluation of the token price as the supply grows. The buying pressure might also increase as our project grows, since newcomers or non-DAO members (not holding GLMR APES) will have to purchase $BANANAS on the DEX to play the Game.

Last but not least, it is very likely that our community might vote to end the staking system and put an end to $BANANAS emission. As the DAO votes on the $BANANAS tokenomics every 3 months, it can lower the staking rate or even stop it in order to make sure that the tokenomics remain good.

There is one more thing that makes us confident that $BANANAS will remain at a decent price: the JUNGLE BANK.

🌴 The JUNGLE BANK

The JUNGLE BANK is community owned and refers to the wallet collecting the $BANANAS from the “$BANANAS-only” mint session and also from the game fees once the P2E Game starts operating.

The JUNGLE BANK will act a little bit like a central bank to ensure good $BANANAS tokenomics and help the DAO to function well.

It will be in charge of:

• Distributing the $BANANAS airdrops to Bunch of Bananas (B.o.B. holders)
• Distributing $BANANAS LP Rewards to Liquidity providers
• Periodically purchase or sell $BANANAS on the DEX to protect $BANANAS price
• Providing liquidity for BANANASWAP DEX (only if required to act) in order to keep a satisfying level of liquidity and allow for a smooth swapping process with a reasonable price impact (the reasonable level will be subject to a community vote in order to set a range of acceptability, for example: 5 to 10% etc.…)
• Burning a part of its $BANANAS treasury and/or distributing a portion of it to GLMR APES holders
• Allocating a % of the weekly game fees to offer in-game rewards
• Collecting $BANANAS from Merch sales or additional game sales
• Rewarding active/useful community members
• Other functions as the project develops (as long as the community agrees).

The JUNGLE BANK will act on the DAO’s members best interest and will also help keep healthy $BANANAS tokenomics.

💰 BANANASWAP (GLMR APES DAO’s very own experimental DEX)

BANANASWAP allows anyone to swap $BANANAS/ $GLMR

▶ Concept

The whole system is based on having people depositing both currencies ($GLMR and $BANANAS) in a GLMR-BANANA LP pool in order to benefit from LP rewards (paid in $BANANAS token).

Thanks to the liquidity providers, anyone can then simply swap $GLMR for $BANANAS and vice-versa.

The more liquidity there is in the pool, the lesser the price impact when someone swaps the coins.

You don’t need to be a member of the DAO to swap some GLMR on the BANANASWAP DEX to get some $BANANAS. Providing Liquidities

⚠ Disclaimer: WE WOULD LIKE TO ATTRACT YOUR ATTENTION ON THE FACT THAT DEX FARMING IS A HIGH RISK/HIGH REWARDS ACTIVITY.⚠

Our DEX is still at a very early experimental stage and $BANANAS is a tiny micro-cap token making it potentially EXTREMELY VOLATILE.

EXTREME VOLATILITY can potentially result in important Impermanent Losses (IL). If you aren’t knowledgeable about Farming, we strongly recommend that you DYOR before even thinking about providing liquidity.

If you do provide liquidity, please keep in mind that we’re at an experimental phase with a micro-cap, so don’t go full degen’ and don’t put in more money than you can afford to lose!

💧 Providing liquidity

With these elements in mind, anyone with both $GLMR and $BANANAS can become a liquidity provider. You don’t need to be a DAO member to engage in farming activities on the DEX.

As we’re still in an early phase of the DEX, there will initially only be one pool ($GLMR/$BANANAS) available.

The only initial option available to provide liquidity will be to put both $GLMR and $BANANAS (with a 50/50 ratio) in the pool. You will start earning $BANANAS LP rewards as soon as you will have provided liquidity. You are free to enter or to leave the pool at any time

During the first week, the LP rewards will amount to 2800 $BANANAS (distributed from March 27th to April 2nd), that liquidity providers will share according to the size of their share of the pool.

Example: If on a given block your share of the pool is 1%, you will receive 1% of the rewards for that given block.

After the first initial week, the LP rewards (set by the JUNGLE BANK) rate might change in order to guarantee good $BANANAS tokenomics.

🎊 BUNCH OF BANANAS#

🗳 Initial Distribution

Bunch of Bananas NFTs were dropped to GLMR APES holders (Happy Apes) who took part in our first Snapshot vote in January 2022.

Voters received a different type of B.o.B. NFT based on how many GLMR apes they held at the time of their vote:

Those who held:

🥉 1 to 2 NFTs received a Bronze Bunch of Bananas. (x61) 🥈 3 to 4 NFTs received a Silver Bunch of Bananas. (x44) 🥇 5 to 9 NFTs received a Golden Bunch of Bananas. (x15) 💎 10 or more NFTs received a Diamond Bunch of Bananas. (x5)

These Bunch of Bananas can be sold or bought on the second-hand market and their perks are cumulative (meaning that if you hold several B.o.B. you will get several $BANANAS drop).

🎉 First Drop (April 1st):

On April 1st, Bunch of Bananas holders will receive a first drop of $BANANAS coming from the JUNGLE BANK (the DAO’s central Bank in charge of $BANANAS tokenomics).

For each:

🥉 Bronze Bunch of Bananas you hold, you will receive 15 $BANANAS 🥈 Silver Bunch of Bananas you hold, you will receive 30 $BANANAS 🥇 Golden Bunch of Bananas you hold, you will receive 60 $BANANAS 💎 Diamond Bunch of Bananas you hold, you will receive 120 $BANANAS

⛏ BANANAS Mint Drop

In addition, Bunch of Bananas holders will also share the 25% of the $BANANAS collected by the JUNGLE BANK during the BANANA mint (open from March 30th to April 2nd).

The holders of B.o.B. will receive this extra drop by increments of 25% over the next four months: on May 1st, on June 1st, on July 1st and August 1st.

✨ Regular Weekly Drops

Last, but not least, holding a B.o.B. will also guarantee you a weekly drop of $BANANAS!

From the time the P2E Game is launched (beginning of August 2022 at the latest),B.o.B. holders will share among themselves 12.5% of the $BANANAS collected in game fees by the JUNGLE BANK each week.

This 12.5% ratio is valid from the first 3 months (or 12 first weeks) after the launch of the game and will be re-voted the community each 3 months (to keep it at the same rate, decrease it or increase it).

⁉ Purpose

GLMR APES Holders will also be invited to vote every 3 months on what to do with the $BANANAS collected by the JUNGLE BANK during the past quarter.

They will decide on whether to burn a fraction of them, redistribute a different % for LP rewards, or have the JUNGLE BANK selling them for $GLMR to players of the P2E Game (the GLMR collected will then go fund the DAO’s treasury and/or be directly redistributed to GLMR APES Holders.

The purpose of the Bunch of Bananas drop was to reward early supporters who took the pain of voting. As GLMR APES is a DAO, it requires the active participation of its members to thrive in the long run.

That’s why it was important to show early on that voting is a good thing, and that good things happen to Apes who vote frequently.

If you missed it, don’t despair, take part in all the weekly votes (starting each Tuesdays at 18:00 UTC and open until Thursdays 18:00 UTC) and **YOUR TIME WILL COME TOO! **

There will be other reward mechanisms for frequent voters in the future (either a B.o.B v2.0 or something serving a similar function).

To sum up: The more you vote, the better it is for the DAO and yourself!

Thank you for your time and attention, we hope that you can now understand the fundamentals behind the $BANANAS tokenomics and that you’re ready to go Bananas with us!

Join us

➡ Twitter: https://twitter.com/GLMRApes

➡ Discord: https://discord.gg/H9DH3z2bTV

➡ Telegram: https://t.me/+qGh0InPSPc1iMTNk

❤ & 🍌

The GLMR APES Team