Blockchain technology was born out of real-world use cases, laying the foundation for modern financial markets. Its application in DeFi has raised the financial game, offering users a variety of options including trading, banking, and insurance. Without Ethereum’s ability to create Dapps and deploy smart contracts, this would not have been possible. DeFi was easily accessible to users of the Ethereum ecosystem. To increase adoption, however, it was important that DeFi be made available to users in other ecosystems. Binance Smart Chain is one such. BSC is one of the most promising chains for driving DeFi adoption. It has high network activity, low transaction costs, and EVM compatibility. ApeSwap is a remarkable project in the Binance Smart Chain ecosystem. It leverages its power to make a technological impact with its DEX solution. Its DEX platform, which is utility-based, is ready to outplay the market.
What is ApeSwap?
Apeswap was forked from Pancakeswap. It is a leading DEX trading platform with AMM mechanism, yield farming, and stakes on the Binance Smart chain. It is unique in its ability to bring innovative technologies to the BSC space. This platform was built by “DeFi Apes” for DeFi Apes. The platform’s native token $BANANA is the incentivization structure.
It is one the most popular DEX platforms on BSC because of its intuitive features of cross-chain operability, farming activities and lucrative yields.
ApeSwap’s core team has extensive experience in crypto and technological innovation. This is what fuels its celestial mission to drive DeFi adoption within the BSC ecosystem. The project’s goal is to be the best DEX platform by driving higher TVL and better performance in the coming years.
Unique Features
ApeSwap’s unique functionalities offer a variety of benefits to platform participants and make it stand out as the ultimate DEX platform for future adoption. These are some of the most striking features of the platform.
- Staking: Participants can stake $BANANA tokens to earn lucrative rewards for participating in the network.
- Yield Farming: Can participate in liquidity pools and perform farming activities to earn rewards in $BANANA
- Liquidity pools: Users can join different pools and stake $BANANA to earn multiple tokens from partner project.
- Cross-Chain Interoperability. ApeSwap’s ecosystem now includes Polygon Network and Binance Smart Chain.
- ApeSwap introduces GNANA: ApeSwap also introduced a derivative token to limit whale activity and preserve the token value of $BANANA. $BANANA is burned to create $GNANA. This is done in order to reduce the $BANANA supply. To create $GNANA, 28% is burned from a $BANANA. A 2% reflect fee is added to ensure that token holders get it back. Cross-chain functionality will allow users to make use of the DEX platform’s increased adoption. It allows users to participate in ApeSwap-launched projects.
ApeSwap’s Initial Ape Offerings (IAOs), a new token-offering mechanism, allows projects to raise funds in an anonymous manner. You can purchase tokens with BNB and GNANA to seamlessly take part in project launches. They have supported five projects to date and there is still much to do.
Non Fungible Apes(NFAs)
ApeSwap’s native NFT project, NFAs, is an extension of ApeSwap. It was created by the talented team at ApeSwap. Only a few NFAs are available. They are auto-generated in tier format and then released in batches. It has five tiers, ranging in price from the most popular to the least. They have always outperformed other NFAs in the past with a quick sellout, often within minutes. There are currently 50 NFAs that are awaiting release. This has helped Dapp Radar to claim the top spot for NFT projects. We are eager to strategize utilities around NFAs once they are fully out in the open. This will be done by rewarding holders with exclusive deals, tokens, and airdrops.
BUIDL
Running TVL and volume are two of the most important features on a DEX platform. BUIDL, which is launched by ApeSwap’s forerunners, is a program to help drive this. ApeSwap will provide value to projects that choose ApeSwap to be their primary DEX platform. They would receive mentorship and advisory services as part of the program, which will also drive utility to ApeSwap.
ApeSwap Native token
ApeSwap is a DEX platform based on AMM and BSC. It uses $BANANA as its official token, and it is a central part of the incentive structure. ApeSwap launched in the Q1 2021.
$BANANA token details
– Blockchain Binance Smart Chain
– Ticker: $BANANA
– Token Type : Utility token – Future inflation
– Total Supply: 44.858,854
– Total Circulating Supplies: 39,023,501
$BANANA Token emissions, utility
The $BANANA token powers users in the ApeSwap ecosystem. It provides a wide range utility options that provide extensive value to the community.
Let’s start with emissions. The daily emission of 288,000 tokens is the basis for the $BANANA token. This emission is divided between farms and pools, with a 75% & 25% respective ratios of the daily supply.
$BANANA Frenzy
The Banana Frenzy was one of the most popular liquidity programs and staking programs offered in $BANANA token. As we all know, $BANANA token is the utility token that governs the unique features of ApeSwap. The Banana frenzy introduced liquidity and staking programs that reward early adopters. Here’s how it works:
- In the first 72 hours, 40 $BANANA was minted for each block.
- In the second 72 hours, 20 $BANANA was minted
- Each block is minted with 10 $BANANA.
BURN Mechanism
ApeSwap has a burning schedule to ensure that the $BANANA is always available. It also introduced the Golden Banana, also known as $GNANA to maintain the $BANANA’s value. It currently follows the following deflationary mechanism: 100% of ApeSwap trading fees are bought back and burned. 15% of BANANA that was spent on lottery tickets is also burned.