What Is ApeSwap? | Notum
Mar 14, 20225 min read
What is ApeSwap?
Apeswap is an AMM protocol that is a decentralized exchange built on Binance Smart Chain. It provides users with access to various financial markets and services — from payments and transactions to lending, staking, tokenized assets, to alternative savings.
Apeswap aims to decentralize all financial services using blockchain platforms and crypto tokens.
Apeswap is trying to solve centralized counterparts’ drawbacks, including the risk of hacking issues, arbitrary fees, and replacing centralized third parties in financial applications such as derivatives, insurance, and loans. Their key points are
We build together through community-driven governance and transparent processes that ensure our users understand our collective goals.
We create tools for users to leverage DeFi opportunities, regardless of background, wealth, or experience.
Our highest priority is to maximize the safety of our users' funds, our partner projects, and our community.
ApeSwap also offers its own native currencies called BANANA and GNANA. Let’s find out more about it!
What is BANANA?
BANANA is a token that a user provides to the platform in order to gain more value by yield farming. Users stake tokens and provide them to liquidity pools so that other users can make trades in a decentralized form and the platform itself can pay for development.
$GNANA is created by burning $BANANA to decrease the circulating supply of $BANANA.
To mint $GNANA, 28% of a $BANANA is burnt followed by a 2% reflect fee that is instrumental in speading it to current token holders.
How does ApeSwap work?
ApeSwap gives you lots of different tools to tap into decentralized finance opportunities. The platform allows you to:
- Become the ApeSwap ecosystem user by buying a native token, BANANA
- Swap between different crypto tokens on Binance Smart Chain and Polygon using ApeSwap decentralized exchange
- Become an LP provider to receive liquidity provider tokens that earn trading fees through liquidity mining
- Stake BANANA or GNANA in Staking Pools to earn tokens from partner projects
- Stake LP tokens in Yield Farms to get BANANA
- Lend and borrow crypto assets with our Lending Network
- Participate in Initial Ape Offerings to have an inpact on crypto projects
How ApeSwap is different from other yield farms?
It differs because, in general, yield farming platforms don’t have their own decentralized exchange, but ApeSwap does. This means the platform has its own liquidity. Plus, ApeSwap focuses on highlighting new projects to their users that allow them to widen their horizons. Above all, it is they can be proud of the loyal and engaged community they have attracted, which takes the project to the next level.
The team worked really hard, and as a result, they achieved lots of things that could be helpful for their users. So, now they have 30 new trading pairs, 16 new farms, and 16 new pools. There were also launched a burning page lending network and introduced a unique collection of Non-Fungible Bananas, started collaborating with TrustNFT, and integrated with such prominent players as CoinGecko, Moonlight, Crypto.com, 1Inch, and many others.
Where can you find ApeSwap?
Let’s point out the main features of the ApeSwap platform:
- Cross-chained with Polygon
- Farming activities
- Profitable yields
- Innovative tokens BANANA and GNANA
As Apeswap uses Initial Ape Offering, its users can literary ape into projects integrating on ApeSwap. Thus ApeSwap users participate in the projects launching by buying tokens with $BNB or $GNANA.
AMM features include:
- Non-Fungible Apes (NFAs), ApeSwap based NFTs
- Burning 100% of trading fees
- BUILD Program to offer support and mentorship to new projects