BANANAS ($GLMB) were originally created on February 17th 2022 to serve as the currency of our ecosystem. On that day, the Core Team pre-minted 3735 $GLMB token on the Jungle Bank address. The Jungle Bank acts as a central bank for our DAO and is owned by the GLMR Apes community.
From this time on, the only way to create $GLMB was to stake GLMR Apes and receive in exchange 1 $GLMB per day and per NFT.
The creation and functions of the $GLMB token are intimately linked to the development of the DAO. The token was created to initially serve two main functions, one on the short term (now over) and one on the long term.
On the short term, it was used to allow holders to pre-mint their GLMR JUNGLE NFTs ahead of everyone during an early “BANANAS-only” mint session from March 30th to April 2nd, 2022.
During those 3 days, people were able to exchange 35 $GLMB for GLMR JUNGLE NFTs without any limitations; they could buy as many NFTs as they wished provided that they had enough $GLMB to pay for them.
Our DAO’s very own experimental DEX, BananaSwap was launched on March 27th in order to allow people to swap $GLMR for $GLMB in order to collect enough tokens to obtain their GLMR JUNGLE NFTs ahead of everyone else. This skyrocketed the price of $GLMB during the pre-mint days up to $6.
On the long term, $GLMB were to be used as the game currency and part of the rewards system. The P&E Game would require the players to pay a small $GLMB fee for each game session.
GLMR Apes will be able to sell their excess $GLMB tokens to GLMR Jungle holders wishing to play the P&E game and needing to purchase the token to pay for their game sessions. Bunch Of Bananas also play a key role here, as they are used to redistribute $GLMB holdings from the Jungle Bank back to the economy.
As the project started to develop even further, it was decided that $GLMB would also be used to purchase merchandise and goodies produced by the DAO, such as custom paintings for which there were “Bananas auctions” held in the Discord server. $GLMB holders are also incentivised to provide their $GLMB along with $GLMR as LP in our DEX, so tokenomics are permanently in the making.
The future of the token is in the hands of the DAO.
<aside> 👉 **Whats next?
💱** BananaSwap
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