Distribution of $APE and NFT Holders
As Parallel we want to allow users to earn maximum staking rewards with their Bored Ape and Mutant Ape NFT’s. In order to do so we will allow users to borrow ApeCoin against their staked NFT’s and stake it to earn high yields.
We know there are more ApeCoin holders than BAYC and MAYC holders combined, and there is a clear mismatch between ApeCoin staking rewards available to those respective groups.
Summary: Across all swathes of BAYC, MAYC, and BAKC holders we see a notable shortfall in ApeCoin holdings. The vast majority of the shortfall both in scale and relative importance is that of users who hold at least 1 Bored Ape Yacht Club token and/or 1 Mutant Ape Yacht Club token. This in itself accounts for 105,193,139 ApeCoin short of the staking maximums. There is a smaller but still-significant shortfall for BAKC holders.
And ultimately there are approximately 134,000,000 ApeCoin in circulation held by users with zero BAYC/MAYC/BAKC—a clear inefficiency.
Question: What is the general distribution of ApeCoin holdings?
There are a total of over 100k ApeCoin holders, though a much smaller 7,248 hold over 1,000 $APE.
ApeCoin Holdings
100,860
0
21,177
100
7,248
1000
5,091
2000
2,707
5000
1,749
10000
Question: What is the distribution of NFT Holders?
BAYC/MAYC/BAKC Holdings
Users with > 0 BAYC
6,446
Users with > 0 MAYC
10,000
Users with > 0 BAYC and/or MAYC >0
3,807
Users with > 0 BAKC
5,540
Users with BAYC AND/OR MAYC and BAKC:
3,807
% of BAYC AND/OR MAYC owners W BAKC:
23.15%
Question: What can we see about the overlap between ApeCoin holders and BAYC/MAYC/BAKC holders?
NB: totals will not sum to whole as there is considerable overlap.
Overlap Between BAYC/MAYC/BAKC Holders and ApeCoin holders
At Least 1 BAYC token
6,446
29,373,559
-90,329,923
At Least 1 MAYC token
9,999
24,905,895
-64,404,933
At Least 1 BAYC or MAYC token
13,856
140,947,980
-105,193,139
No BAYC/MAYC but At Least 1 BAKC token
1,733
924,098
924,098
At Least 1 BAYC or MAYC and BAKC token
3,807
22,736,431
-47,937,237
No BAYC/MAYC/BAKC token but ApeCoin >0
100,000
134,000,000
134,000,000
Question: What can we project in regards to likely ApeCoin Staking yields given on-chain data for holdings?
Projected Yields on ApeCoin Staking
Bored Ape Yacht Club
10,094
29,373,559
16,486,750
450%
300%
230%
Mutant Ape Yacht Club*
2,042
5,460,081
6,671,000
660%
440%
330%
Bored Ape Kennel Club**
856
705,518
1,342,250
1,500%
1,020%
760%
ApeCoin
Uncapped
134,000,000
10,500,000
60%
40%
30%
NB: We assume users will choose to first maximize stake for their Bored Ape Yacht Club NFT’s then Mutant Ape Yacht Club NFT’s though behaviors will very likely vary. BAKC holders may only stake if they likewise associate their BAKC with a BAYC or MAYC token, and we assume users will first maximize their BAYC and MAYC staking amounts before staking against their BAKC tokens.
If users buy further ApeCoin in order to maximize their staking amounts APY’s will be lower than the below projections.
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