What Makes $APOLLO Different?
A short summary of Apollo’s characteristics includes:
Fixed minting and initial burn
Both the minting and initial burn were designed with the Apollo community in mind. 2 trillion tokens were initially minted. 1 trillion were immediately “burned” by sending them to a burn wallet which irreversibly removed them from supply forever, creating strong stability and deflationary impact on Apollo. No additional tokens can be minted, further stabilizing the token and providing even more deflationary impact. Additionally, an ongoing burn, which is discussed in the Token Design section of this white paper, continues this beneficial impact in perpetuity.
No pre-sales, early access, or developer hold-backs
No one, including the dev team who spent their own time and money building Apollo, received any free or paid tokens before the launch. In fact, the dev team purchased their tokens just like everyone else and weren’t even the first buyers due to the internet’s speedy new-token-launch-buy-bots that constantly crawl the cryptosphere snapping up newly released tokens within seconds of their release. Because of this, the dev team purchased their tokens after roughly 100 others had already bought Apollo. Since the launch, the dev team has purchased more Apollo on the open market on several occasions because they believe in the project and see its future potential.
100% Perfect Score on Anti-Fraud Audit by Major Third Party Audit Firm (Soken)
Apollo received a 100% perfect score on its Anti-Fraud Token Audit performed by Soken, the same firm that performed Shiba Inu's audit, a token with ~$11 billion market cap at the time of the writing of this white paper. The audit checked for any migrators, drains, or backdoors in the source code of Apollo's Smart Contract. The process also includes liquidity analysis, website testing, background checks of the token founder, swap analysis, holder analysis, and several other checks. A link to the Anti-Fraud Audit results can be found here. A link to the Certification can be found here.
No paid interviews or promotions
Apollo has never paid for advertising or interviews of any kind. We feel the best way to grow is to keep our promises and build trust within the community. While some will say this will slow down Apollo’s growth, that doesn't seem to be the case and, more importantly, we feel it is the only way to uphold the promise of true blockchain transparency, build trust within the community and focus our time and resources on helping the Apollo community build great products that help creators. Any positive or negative exposure we receive will have been done at the author’s sole discretion, usually because they either like Apollo’s purpose of giving back or they bought the token like everyone else and want others to believe in the project.
Controlled by a Decentralized Autonomous Organization (DAO)
Apollo's primary utility is controlled by a DAO which is run by the community of token holders. If you own Apollo right now, you are already part of the DAO and have full voting rights. To be clear, there is no central control by the dev team for any part of the token contract. For example, the dev team can not change fees, pause trading, gain control of collected fees, etc. The current DAO contract's address can be found in the Apollo Token Smart Contract by going to this link and clicking on "2. artistDAO" to reveal the address. You can then visit that address to see the contract for the then-current DAO.
Only the community can modify the DAO
Original Apollo Token Smart Contract is fixed
No one, including the dev team, can change any part of the original token smart contract. Some cryptocurrency smart contracts allow the dev team to make a lot of changes without anyone's approval. However, the Apollo dev team chose to lock it down. The only field that can be updated is the address to the then-current DAO, which is also controlled by the Apollo token holders and allows the whole community to make this decision together. However, no one can change anything in the smart contract, not even the dev team. This prevents anyone from changing key elements of the token such as tokenomics and other important characteristics.
Liquidity locking
The initial liquidity for Apollo was provided by Matt Johnson and locked up through a documented “Liquidity Lock Contract” for a minimum of 6 months, after which only small amounts are unlocked daily over the following 6 months for a total of 1 year. Furthermore, any wallet that holds liquidity is not allowed to receive reflections from that liquidity, which means all reflections are sent to token holders, and not the liquidity provider, making Apollo even more generous to its holders. The transaction where Matt provided the initial liquidity can be found here. The transaction that locked the liquidity can be found here. The contract for the liquidity locking is here.
Community-friendly tokenomics (token design)
Apollo was designed to reward long-time holders and provide a constant supply of tokens to be awarded to up-and-coming creators through a weekly community voting system. Apollo's tokenomics provide 3% reflections to reward holders, 2% burn to stabilize token value, and 1% contribution to the "Creator Prize Fund" controlled by the DAO.
Creation of dev donation wallet
The Apollo dev team has set up a Gnosis safe wallet with a 2/2 “multisig” configuration for security and redundancy. This wallet is designed to help subsidize Apollo’s operating costs. The first donation to this wallet required a vote per DAO rules on which any Apollo token holder could vote. On January 25, 2022 the dev team proposed DAO 1.1 which includes a one-time transfer of 10% of the then-current Creator Prize Fund to the dev donation wallet. On February 1, 2022 the proposal passed with 1,001,000 votes for and 0 against. Additionally, anyone can donate to the wallet if they would like to help the developer continue to improve the community and token utility by sending any form of crypto to the following wallet found here.
Funding ongoing development of Apollo
In addition to the one-time 10% transfer into the dev donation wallet discussed above, there are two ways that funds can be transferred into the dev donation wallet on an ongoing basis, both of which are controlled by the rules of the token’s smart contract and all Apollo token holders via the DAO. The two ways that funds can be added to the dev donation wallet on an ongoing basis include:
Anyone can donate to the wallet if they would like to help the developer continue to improve the community and token utility by sending any form of crypto to the following wallet found here.
At the completion of each contest, 2% of the Creator Prize Fund will be transferred to the Dev Donation Wallet to help subsidize operating costs such as new currency listings, future contests, improvements to the token, supporting the community, and other expenses while leaving plenty of value in the Creator Prize Fund for future contests.
Use of funds in dev donation wallet
The Dev Donation Wallet will be used to help offset the cost of further development of Apollo, legal and administrative fees, exchange listing fees, research, software tools and licenses, contest operations, community outreach, employees, and contractors that help advance the vision and ecosystem supported by the community. The dev donation wallet is publically viewable.
Driven by a purpose
Apollo exists to help raise money for up-and-coming creators in need of their first big break. Apollo provides a platform for creators to nominate themselves, gain exposure through the voting process, and have a chance to win the award that may help them afford what it takes to get their big break. The entire process is controlled by the Apollo community voting through the DAO. Results of each contest are written directly to the blockchain for everyone to see and controlled by the DAO and its smart contract running on the Ethereum chain.
Last updated