APYSwap Foundation explained
Following APYSwap Foundation’s introduction last week, we would like to explore its relation to our token holders and discuss the details about the projects we are going to incubate. We begin by taking a closer look at Solbridge, as this is the first project launching under Foundation’s guidance.
When we created the Foundation, we set out to support APYSwap community. Our main goal is to reward the most valuable community members — our token holders. APYS holders will be offered a staking opportunity to farm the incubated project’s tokens. Later down the line, you will be able to bridge your APYS tokens to Solana, and stake them in exchange for receiving the Solbridge tokens.
Every project we onboard is going to be community-oriented. This is ensured by allocating its tokens to community members, rather than raising in seed or private rounds. And of course, some share of tokens will always be reserved for the APYSwap token holders.
Starting with Solbridge, we are introducing the snapshot mechanic. When a project launches from Foundation’s incubator, we are going to snapshot our holders’ token balance on every supported chain and offer them an opportunity to claim the new project’s tokens. The times will be chosen at random to reward only the true believers in APYSwap. This way, community members are incentivized to participate in the life of the ecosystem by the means of additional token rewards.
In the future, we plan to make more snapshots with every new project coming to APYSwap Foundation. On May 28, we’ve made a snapshot of the following blocks:
BSC block — 7800474; Ethereum block — 12522435; HECO block — 5102043.
Thus, depending on the amount of APYS you held on that day, you will be rewarded with the appropriate amount of Solbridge tokens — BRDG. At the moment, we are still polishing the tokenomics, and we will share the details with you as soon as they are finalized.
On a final note, we invite any project who is working on creating a cross-chain-related product within the DeFi field to apply to Foundation’s incubator. We would be happy to assist you in bringing your idea to life. Any applicant will be considered, and we will reach out to you if you’ve made the cut.
Over the course of the next few weeks, we are going to highlight more of the Solbridge features. We understand that the turn the market has taken concerns some of you, but rest assured we are implementing multiple features to bring value to APYS holders. Stay tuned to our announcements as we have more to share soon.