The inception of blockchain technology brought in realistic use-cases laying a strong foundation for the modern financial landscape. Its applicability in DeFi has levelled up the financial game providing users a range of offerings including trading, banking and insurance. This wouldn’t have been possible without Ethereum’s functionality to provide the ability to deploy smart contracts and create Dapps.
With the ever-growing Ethereum ecosystem, DeFi was accessible to the users in that particular ecosystem. However, to bring in adoption, it was important to expand the scope of DeFi to other ecosystems. One such is the Binance Smart Chain. With increased network activity, low transaction costs and EVM compatibility, BSC has been one of the promising chains to drive DeFi adoption.
ApeSwap excels as one of the incredible projects in the Binance Smart Chain ecosystem leveraging its powers to fuel a technological impact through its DEX solution. As a utility based project, its DEX platform is all set to outplay the market.
What is ApeSwap?
Forked from Pancakeswap, Apeswap is a premier DEX trading platform with AMM mechanisms, yield farming and staking on the Binance Smart Chain. It has a unique disposition to bring outstanding technologies to the BSC space, thus a platform built by “DeFi Apes for DeFi Apes”. The platform is backed by its native token $BANANA which is the key incentivization structure to the platform.
It is one of the commonly used DEX platforms on the BSC due to intuitive features of cross chain operability, farming activities, lucrative yields, and innovative derivative tokens.
The core team behind ApeSwap holds extensive experience in the field of crypto and technological innovation, therefore fuelling its celestial mission of driving DeFi adoption in the BSC ecosystem. The project aims to become the ultimate DEX platform in the forthcoming years by driving increased TVL and performance.
ApeSwap’s unique functionalities bring a range of benefits to the platform participants, thus standing out as an ultimate DEX platform for future adoption. Here are some of the striking features of the platform:
- Staking: Users can stake their $BANANA tokens and earn lucrative rewards by participating in the network
- Yield Farming: can participate in various liquidity pools and perform farming activities in order to earn rewards in $BANANA.
- Liquidity Pools: Users can participate in various pools and stake $BANANA in order to earn multiple tokens from partner projects.
- Cross-Chain Interoperability: ApeSwap’s ecosystem has expanded to Polygon Network along with Binance Smart Chain. Users will be able to utilize the cross-chain functionality driving increased adoption for the DEX platform.
- Introducing GNANA: ApeSwap has also introduced an innovative derivative token to limit the whale activity and maintain the token value of $BANANA. To reduce the circulating supply of $BANANA in the network,$GNANA is created by burning $BANANA. In order to mint $GNANA, 28% of a $BANANA is burnt followed by a 2% reflect fee that is instrumental in redistributing it to current token holders.
- Initial Ape Offerings (IAOs): This is a new token offering mechanism provided by ApeSwap to allow projects to raise funds in a decentralized manner. It provides users with a platform to ape into projects launching on ApeSwap. Users can seamlessly participate in the projects launching by purchasing tokens with BNB or GNANA. They have successfully supported five projects so far and there’s definitely a long way ahead.
ApeSwap’s Widespread Ecosystem
ApeSwap’s ecosystem comprises of the following:
Non Fungible Apes(NFAs)
An extension of ApeSwap, NFAs is a native NFT project designed by the stellar team at ApeSwap. There are a limited number of NFAs in existence auto generated in a tier format and released in batches. It comprises 5 tiers ranging from selling the most to that of the least. Currently there are about 50 NFAs pending to be released. In the history of releasing NFAs usually they have outperformed with a quick sellout usually within minutes. This has resulted in bagging a top spot for NFT projects on Dapp Radar. Once these NFAs are completely out in the public domain we are keen on strategizing utilities around NFAs by handsomely rewarding holders with access to exclusive deals, rewards, tokens and airdrops.
One of the major highlights on a DEX platform is its running TVL and volume. In order to drive that, BUIDL is a program that is launched by the forerunners of ApeSwap to attract upcoming project launches on their platforms. For those projects choosing ApeSwap as their de-facto primary DEX platform, ApeSwap will generate value to them in terms of various aspects. One of them would be providing them advisory and mentorship as a part of the program and driving utility to ApeSwap.
ApeSwap Native token – $BANANA
AMM based DEX platform on BSC, ApeSwap has $BANANA as its official token and a central to the incentivization structure. ApeSwap was launched earlier this year in the Q1 of 2021.
$BANANA token details
- Blockchain: Binance Smart Chain
- Ticker: $BANANA
- Token Type: Utility token – Inflationary in future
- Total Supply: 44,858,854
- Total Circulating Supply: 39,023,501
$BANANA Token emissions and utility
The $BANANA token powers the users in the ApeSwap ecosystem with a wide range of utilities imparting extensive value to the community.
First let’s discuss about emissions:
The $BANANA token follows a daily emission of 288,000 tokens. This emission is distributed between farms and pools with a 75% and 25% ratio of the daily supply respectively.
One of the most popular liquidity and staking programs offered by $BANANA token was the Banana Frenzy. As we know, $BANANA is the utility token governing the unique features of ApeSwap. The liquidity and staking program introduced as Banana frenzy has some exciting features rewarding the early adopters of the token. Here’s how it was designed:
- The first 72hrs, 40 $BANANA was minted per block
- The second 72 hrs, 20 $BANANA was minted
- Moving forth only 10 $BANANA is minted per block.
ApeSwap follows a burning schedule to maintain the circulating supply of the $BANANA. It has also introduced the Golden Banana also known as $GNANA uphold the value of $BANANA. The deflationary mechanisms it currently follows includes buying back and burning 100% of trading fees generated on ApeSwap. Moreover, 15% of BANANA spent on lottery tickets is burned. In case of IFOs, 100% of BANANA raised is burned