What Is ApolloX (APX)?
ApolloX (APX) is the native token of the ApolloX exchange. The ApolloX crypto project was launched in December 2021. The token follows the BEP-20 standard, which is a token standard for creating tokens on the Binance Smart Chain (BSC). It works similarly to the ERC-20 standard on the Ethereum network.
Wondering about the current APX price? Check out the ApolloX price chart above.
ApolloX exchange is a hybrid platform offering both – centralized and decentralized exchange (CEX and DEX) services. The name of the exchange is cleverly crafted by combining ‘Apollo’ and the letter ‘X’. ‘Apollo’ stands for Apollo Space Program, the first successful mission to land a person on the moon, while 'X' is short for exchange. The name reflects the developers envisioned rapid and remarkable success of the project.
The Story of ApolloX
The two co-founders of the ApolloX crypto project are Will Li and Jingyi Zhou.
Will Li is the project’s technology lead. The co-founder’s inspiration to start ApolloX arose from the frustration of watching struggling sellers in the traditional centralized e-commerce industry. He believes the conventional system exploits the sellers through high costs and unfair competition. According to Will, building a decentralized e-commerce platform will offer transparency and independence.
Jingyi Zhou is the product head of the AplloX crypto project. She is an experienced e-commerce marketer. Previously, Zhou worked as a market analyst at Google and a Data Engineer at Endicia.
What Can You Do with ApolloX Tokens?
The ApolloX coin is the utility token of the ApolloX ecosystem. It is an essential component of the project as it facilitates many activities.
Firstly, it helps users to facilitate trading on the exchange. Trading fees are paid using APX tokens. Besides, the exchange provides extra discounts for users who pay trading fees in APX. Moreover, the ApolloX token supports the project's reward program, which incentivizes traders with APX tokens for trading on ApolloX. In addition to that, APX tokens are used for staking. Stakers can earn interest, as well as participate in the transaction confirmation process on the network. Lastly, ApolloX tokens can be locked on liquidity pools in order to generate up to 58.66% APY.
Don't forget to check the aforementioned ApolloX price chart. It features both – the current and past APX price.
ApolloX Tokenomics
APX had a fair launch with no tokens allocated for investors or teams. Additionally, there was no pre-mining, which often rewards developers, early investors, and founders. A large portion of the token allocation (50%) went to user trading rewards. The remaining tokens were allocated to the community treasury (26.2%), marketing partnerships (9.5%), retroactive mining rewards (8.3%), and PancakeSwap listing (6%).
The token was launched with a 10 billion APX total supply. However, to avoid inflation, the project adopts a burning mechanism. Burning a token means eliminating some coins from circulation to increase token scarcity. ApolloX charges a 1% fee on every transaction (except for a few use cases, such as staking). All APX tokens used for covering these fees are burned, reducing the number of tokens in circulation. This process makes the tokens scarcer, increasing their demand from the law of economics – the higher the demand, the higher the price. Therefore, burning the token prevents a drop in APX price.
