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
| # of Addresses | ApeCoin Holdings of > |
|---|---|
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
| Group | Number of Addresses |
|---|---|
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
| Group | Addresses | ApeCoin Owned | Surplus/Shortfall |
|---|---|---|---|
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
| Tokenholders | Max ApeCoin Staking per NFT | Eligible Stake | Total Staking Supply in First 91 days | 50% Participation APY | 75% ... APY | 100% ... APY |
|---|---|---|---|---|---|---|
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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