BAYC and Ape Staking

    Introduction

    • In this Dashboard, You will read about BAYC and Ape staking activities. I divided my findings into two categories.
    • First, I looked at the Ape token Airdrop. We want to know how Ape distributed and what users did with their tokens.
      • Claimers
      • Claim Amount in Ape and USD
      • Holders Vs. Sellers
      • Ape User’s Activities
    • Second, I looked at Ape staking and analyzed different pools.
      • Total Stake and Unstake
      • Total/Average/Median/min staked Ape
      • Pools and rewards

    Analyzed by Hess - Reading Time Almost 12 Min.

    What is Ape token?

    • ApeCoin is an Ethereum-based token governed by ApeCoin DAO, a decentralized autonomous organization (DAO) tasked with making decisions around things like ecosystem fund allocations, governance rules, projects, partnerships and more. All holders of APE are eligible to be members of ApeCoin DAO
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    Claiming Activities

    We’ve seen the Airdrop distribution in previous charts. Now it’s time to examine how users claimed their Airdrops.

    • The highest number of users claimed their Ape token in the first hour. About 85% of total users claimed their Apes in the first three hours.
    • As you can see, Users had 90 days to claim their Airdrop. Until June 15, Users had time to claim. Because of that, 3.96% of the total ape amount remained unclaimed.
    • Overall, 15.03K Unique wallets claimed their Airdrop in 90 days. Interestingly, users didn’t claim their tokens or claimed after two months.
    • Like any other Airdrop, Anyone tries to claim Airdrop in the first hours. Because they know because of Selling pressure, The token price will drop. So, Users try to claim at first hours to sell them in highest price.
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    Ape user’s Activities

    • I looked at Ape user’s activities since January in two parts. One based on projects and one based on chains.
    • Since June 2022, The highest number of transactions was for Opensea by Ape users. After that, time decreased, and it wasn’t in the top 10 weekly projects.
    • After Opensea, Their highest activities were on Uniswap. Their Activities decreased over time, especially after May.
    • Based on Activities on Chains, The highest number of Ape user transactions was on the Ethereum chain. About 80% of their daily transactions were on the Ethereum chain.
    • With a huge difference, The second top chain was Polygon, with 392K transactions, and the third chain was BSC, with 297K transactions.
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    Stakes and Unstakes

    Before we look at staking activities per pool, let’s see overall staking stats first.

    • Until now, After two days, the Ape token has 1.6K unique stakes that staked 9.7M Ape tokens in 3.1K transactions.
    • Most users staked their Ape tokens in the first hours when they launched.
    • The value of the total stake is 39M US dollars.
    • The highest amount of Ape staked at the first hours. After one day, The total hourly stake amount decreased, and right now, it is around 132K per hour.
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    Staking Per Pool

    It seems the Ape pool is the most popular pool among Ape users. The highest number of users staked their Apes on the Ape pool. The second popular pool is MAYC pol. After a half day, The total daily number of stakers per pool decreased. BAKC Pool is less popular among Ape users.

    • The daily share of transactions shows 30-50% of transactions were for the Ape pool. The second top pool was MAYC, with 19-40% of transactions. BAKC Pool, with less than 20% of total transactions, is less popular compared to other pools.

    It is too soon that we talk about unstake activities. But if You wonder how users unstake their stakes, You can see the below charts. Only 6-7% of users unstaked their stakes based on transactions and Ape amount.

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    db_img

    What is BYAC?

    • Bored Ape Yacht Club, often colloquially called Bored Apes, Bored Ape or BAYC, is a non-fungible token collection built on the Ethereum blockchain. The collection features profile pictures of cartoon apes that are procedurally generated by an algorithm. The parent company of Bored Ape Yacht Club is Yuga Labs.

    Staking Ape

    • Horizen Labs, the blockchain infrastructure company in charge of creating the ApeCoin staking system, is deploying the open-source smart contract, and anyone can interact directly with it to stake their $APE or to build services or solutions on top of it. 

      The company is also launching a front-end interface for staking at the site, ApeStake.io, accessible to all who are not geoblocked. This will have a "user-friendly" interface and is meant for those who prefer not to interact directly with the smart contract.

      Additionally, third-party interfaces are actively being built by several entities to allow for $APE staking across the world (and as a means of avoiding the geoblock). Some high-profile exchanges are reportedly setting up services, as well as Tessera. More information on active third parties involved in staking can be found here.

    • ApeCoin rewards, known as $APE staking emissions, will represent 17.5 percent of the total supply of the token and be distributed over a three-year period.

      In the first year of staking, 100 million $APE will be released across all the staking pools. 

      There are four primary staking pools, to which holders of the Yuga Labs NFTs and $APE will have access.

      Note that all pools require at least some amount of $APE. The four pools, and their respective first-year token allocations, are below:

      • BAYC Pool: 47,105,000 tokens (47.1%)
      • MAYC Pool: 30,000,000 tokens (30%)
      • BAYC/MAYC + BAKC Paired Pool: 19,060,000 tokens (19.06%)
      • $APE-only Pool: 3,835,000 tokens (3.83%)

      There are staking caps in place as well, to be voted upon by the ApeCoin DAO ahead of each staking period. For the first staking period, those caps are as follows, on a per NFT basis:

      • BAYC: 10,094 $APE
      • MAYC: 2,042 $APE
      • BAKC: 856 $APE

      Thus a holder with three BAYC can stake and earn rewards on no more than 30,282 $APE

    Method

    I divided my findings into two parts. First Ape Airdrop and second Ape staking.

    • Ape Airdrop
      • The Ape token contract address is 0x4d224452801aced8b2f0aebe155379bb5d594381. All I needed was to find the address that sent the Ape token to eligible users. I used Etherescan, and after looking at some contracts, I found the address sent Ape token, which is 0x025c6da5bd0e6a5dd1350fda9e3b6a614b205a1f. I Used ethereum.core.ez_token_transfers table and put that address as from_address. Now I have users, Ape amount, and its value in USD.
    • Ape Staking
      • Ape Staking is activated on December 5. To understand charts better, I set hourly time frames. Also, I found each staking sent to this address 0x5954ab967bc958940b7eb73ee84797dc8a2afbb9. First, I calculated all staking activities and added staking per pool.
      • origin_function_signature '0xd346cbd9' then 'BAKC Pool'
      • origin_function_signature = '0x9dcaafb4' then 'APE Pool'
      • origin_function_signature = '0x8ecbffa7' then 'MAYC Pool'
      • origin_function_signature = '0x46583a05' then 'BAYC Pool'

    For APY and rewards, I used this Dune dashboard and ALi3 codes.

    Full Analysis

    Ape Distribution

    From , I extracted Ape distribution and Ape token Airdrop criteria.

    • Overall, about 150M $Ape was distributed to eligible users. Based on NFTs that users hold, They get a specific amount of Ape. For Example, Board Ape yacht club holders got 10.094K Ape tokens per NFT.
    • Eligible users had 90 days to claim their tokens. Based on-chain data, 96% of Apes, were claimed by users, and 3.96% of Apes remained unclaimed. Overall, Users claimed 144M Ape tokens from 150M Airdrop amount
    • The highest amount of Airdroop was 1.4M Ape tokens which were claimed by one wallet. The average amount of Airdroped Apes was 8.7K.

    As we know, There were 150M Ape tokens that eligible users could claim.

    • About 70% of the total available Ape tokens were claimed in the first hour. After that, day by day, The total claimed amount decreased. After two months, Users still had unclaimed amounts.
    • In the first hour, Users claimed 100M Ape tokens worth 746M US dollars. Unlike other tokens, The average price of the Ape token didn’t drop too much and, at some point, increased. For Example, Users claimed 928K Ape tokens on March 28, which is worth 13.9M US dollars. But users that claimed 725K Ape tokens on April 30 were worth 16.4M US dollars.
    • Overall, The total claimed Ape token is worth 1.29B US dollars.

    Average/Median/Max Ape Amount in USD

    • The average amount of airdrop per user was 79K US dollars. The Max claimed an amount worth 10.6M US dollars.

    • Due to the Ape token, The average airdrop amount in USD in April increased significantly. Unlike other Airdrops that we have seen before, Those users that claimed their Ape tokens after one month, Their Ape tokens worth much higher than those claimed in the first hours and sell it.

    • Based on these charts, It seems the top user claimed its Airdrop in the first hour.

    Top Claimers

    I extracted the top 30 claimers based on their Ape amounts and their value in USD when they claimed it.

    To understand better, you can look at the below chart. The top users based on Ape amount claimed 1.4M Ape tokens worth 10.6m US dollars. But the other top user claimed 856K Ape tokens worth 12.3M US dollars. The difference is that users claimed its Airdrop at a different time.

    • All these top users claimed above 100K Ape tokens. Some of them have similar Ape amounts, but their value in USD was different.

    Users Breakdown

    • A large group of users claimed the minimum amount of Airdrop. About 6.3K Users claimed 2042 Ape tokens. This group of users is 42.4% of total users.

    • The second large group of users claimed 10950K-25K Ape tokens. This group of users is 19.4% of total users.

    • The third top group of users claimed 5.7K-10.950K Ape tokens. This group of users is 18.7% of total users.

    • 81 unique wallets claimed more than 100K Ape tokens.

    Holders Vs. Sellers

    Among those users claiming Ape Airdrop, 35.9% of total users hold their Ape tokens, and 64.1% sold their Apes.

    Where did users sell their Apes?

    • Based on the total number of users, It seems most users sold their Apes on Uniswap. The second top platform was Metamask which Ape users used. I can see some other top platforms like 0x, 1inch and Sushiswap.

    64% of users sold their Airdrop, but it seems some bought the Ape tokens again. I examined the total daily number of swaps and volume from and to the Ape token. At some point, The total daily number of buyers was higher than that of sellers. In the middle of April, users bought more Ape tokens and sold less.

    Overall, The total number of sell swaps was 34K, and buy swaps was 22K. Users have bought 418M Ape tokens and sold 974M US dollars.

    The average staked of Ape amount is 3K Apes. Since the staking was activated, The average stake amount was 4.5K, but over time, The average stake amount decreased and reached 2.8K right now.

    The highest amount of staked ape tokens is 123K Apes, and the minimum amount is 1 Ape token.


    I didn’t filter Airdrop users and normal users in the previous chart. But it is interesting to know which type of users are staking the most.

    • Among all stakers, 418 Unique wallets were those who claimed Ape token Airdrop, and others were normal users.
    • Overall, 41% of the total Ape amount was staked by Airdrop users, and 59% was staked by normal users.
    • The amount of Stake by Airdrop users is 2.2% of the total Airdrop amount.

    Unlike the total number of transactions and stakers, The most popular pool based on Volume or Ape amount is the BAYC pool. The highest amount of staked APE was on Ape Pool but overall, most Ape amount staked on BAYC pool. After 593K staked Ape on Ape Pool on December 6 at 16:00, The total hourly stake amount decreased in all pools. Recently, The total hourly stake amount increased again, but it was for a short time.

    Stakers:

    :1st_place_medal: APE Pool :2nd_place_medal: MAYC Pool :3rd_place_medal: BAYC Pool

    Transactions:

    :1st_place_medal: APE Pool :2nd_place_medal: MAYC Pool :3rd_place_medal: BAYC Pool

    Ape Amount/USD:

    :1st_place_medal: BAYC Pool :2nd_place_medal: APE Pool :3rd_place_medal: MAYC Pool

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    users Breakdown per Pool

    • The large group of stakers staked one time on of these pools.

    • This group of users staked 1K-10K Ape tokens.

    • BAYC pool has the highest number of stakers that staked more than 10K Apes.

    • MAYC pool has the highest number of stakers that staked 1K-10K Apes.

    Rewards

    • BAYC pool has the highest rewards, and BAKC has the lowest rewards per quarter.
    • Among these pools, MAYC has the highest APY, and the Ape pool has the lowest APY.
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    THANK YOU FOR READING!

    ALL CODES AND CONTENTS WERE WRITTEN BY HESS.

    :bird: Twitter: @hessaminanloo

    :t-rex: Discord: hess#0890

    :calendar: Analyze Date: 2022/DEC/08

    Conclusion

    • I always respect what BAYC has done and doing over time in the Crypto world. Even their community is different from others. When a project distributes its token, So many users sell their Airdrop, which causes a huge drop in Price. So many Ape users indeed sold their Airdrop, but it seems they bought again, or at least the project convinced the normal users to buy Ape tokens. Due to that, The Ape token didn’t drop too much and recovered too soon.
    • Now, Ape staking is activated, and in less than 2 days, Users staked 9M Ape tokens worth 39M US Dollars. Fewer users are unstaked, and they still are staking.