The decentralized exchange (DEX) ApeX Protocol announced yesterday (28th) through the X platform that it has launched a buyback program for its native token $APEX and pledged to invest $12 million in an initial investment to enhance the value of the token and improve community trust.
Buyback plan details
According to ApeX Protocol’s announcement, the repurchase program will officially launch this week. Specific details include:
First, fund allocation: In addition to a one-time $12 million contribution, ApeX Protocol stated that it will also use 50% of its daily revenue to repurchase $APEX tokens from the open market, and this proportion will gradually increase in the future, up to a maximum of 90% of the protocol's daily revenue.
Second, repurchase frequency: repurchase tokens from the open market every week to ensure continuous operation.
Third, the mechanism is transparent: all repurchased $APEX tokens will be transferred to a public on-chain address and locked, which the community can check at any time.
ApeX Protocol stated that this plan aims to increase its scarcity and long-term value by reducing the supply of $APEX circulating in the market.
What is ApeX Protocol?
ApeX Protocol is a decentralized exchange offering financial products such as perpetual contracts, spot trading, tokenized stocks, and prediction markets. Publicly available information indicates that the protocol runs on the Ethereum blockchain and utilizes StarkEx, StarkWare's Layer 2 scaling engine, to deliver high-performance, low-fee (even zero gas fees), and up to 100x leverage trading.
ApeX, incubated by Davion Labs, launched ApeX Pro in November 2022 and upgraded to ApeX Omni in June 2024, supporting multi-chain liquidity aggregation and cross-chain asset trading. The project has received support from investors such as Dragonfly, Jump Crypto, and Tiger Global.
$APEX jumps
Inspired by this news, $APEX rose 32% in the past 24 hours, and the cumulative increase in the past 7 days was as high as 760%. At the time of writing, it was temporarily reported at US$2.4, and its market value rose to US$323 million.
