The ApeSwap Review is a cryptocurrency review site that covers the latest and hottest coins in the market. This article will be an analysis of Banana, a new coin that has recently been released by the BANANA team.
ApeSwap is a new cryptocurrency that has been released by the developers of BANANA. With this new release, they are hoping to take over the market share from other competitors like Bitcoin Cash and Ethereum.
As DeFi as a whole is growing like never before, the competition for the crown jewel of DEXes – or decentralized exchanges – is heating up. This is also a critical time for the nascent Binance Smart Chain, which is attempting to break away from Ethereum’s shadow. PancakeSwap is sitting well at the top of the Binance Smart Chain (BSC) blockchain, comfortably leading the way.
But, certainly, there’s someone else out there capable of challenging it for supremacy, right? So, in this ApeSwap review, we’ll examine whether it’s up to the task.
ApeSwap is more than simply a token exchanging exchange, despite having one of the nicest and most inviting names. There are methods to farm for returns, stake your tokens, participate in lotteries, assist finance initial ape offerings, and dabble in non-fungibles buried deep inside it. ApeSwap is therefore a whole financial ecosystem in and of itself. Is ApeSwap, therefore, a decent way to put your tokens to good use? To discover out, continue reading our ApeSwap review.
ApeSwap: What Is It and How Does It Work?
ApeSwap is a relatively young protocol, having debuted in February 2021. It is a derivative of the popular PancakeSwap, which explains why parts of its user interface and functions are identical to those of PancakeSwap.
ApeSwap is a system that automates market making and yield farming, as well as providing a suite of additional services such as staking, initial token offers, and so on. ApeSwap – or, to be more specific, ApeSwap.Finance – is built on the Binance Smart Chain and is powered by it.
ApeSwap has quickly become one of the top decentralized apps (dApps) on the Binance Smart Chain, ranking #3 in BSC, #3 in DeFi overall, and #16 overall, according to DappRadar statistics. This is due to the fact that its user base and popularity have been continuously increasing. ApeSwap is still ranked #22 in CoinGecko’s list of DEXes throughout the whole DeFi based on their trading volumes as of writing this ApeSwap review, with more over $51 million in 24-hour activity.
ApeSwap does not have a governing entity since it was created for DeFi. It functions similarly to other DEXes, with a native governance token and an AMM that let users can participate in active on-chain governance. Instead of using a traditional order book, the automated market maker trades using liquidity pools.
Users may pool their crypto tokens into these pools, from which other users can exchange tokens and depositors can profit from a share of the fees.
On ApeSwap, What Can You Do?
If you’ve used PancakeSwap or other similar DEXes before — there are lots of PancakeSwap forks – ApeSwap will feel quite familiar. When comparing ApeSwap’s $300 million in TVL to PancakeSwap’s approximately $8.6 billion in TVL, they’re functionally quite comparable. However, ApeSwap has considerably less total amount of liquidity locked on its protocol. That is, however, still a sizable sum.
The majority of the changes you’ll notice are due to its tokenomics, which we’ll go into in more depth later.
We’ve looked at some of the things you can do with ApeSwap in our ApeSwap review:
1. Token Token Token Token Token Token Token Token Token
At its most basic level, a decentralized exchange, and ApeSwap is no exception, must enable token exchanging. You may select from a wide range of tokens, including prominent cryptocurrencies like as BNB, Aave, Ada, COMP, ETH, LINK, and others. ApeSwap’s use of the Binance Smart Chain also grants it access to Binance’s Bridge, which allows users to exchange assets across several blockchains.
Alternatively, you may create liquidity pools with your unused tokens to become a liquidity provider. A normal 0.3 percent trading fee is charged when trading or exchanging tokens. You may earn 0.25 percent of each trading charge as a liquidity provider (LP), proportionate to how much you’ve put together.
You may earn LP tokens by becoming a liquidity provider. You may use them to invest in ApeSwap’s farms and earn even more.
2. Aim for Yields When Farming
Another important element of ApeSwap, as well as how it works, is yield farming. Users may assist generate liquidity and therefore aid in the backing of projects or tokens via yield farming. On ApeSwap, users may farm for yield by staking LP tokens they’ve acquired before.
They may earn ApeSwap’s native BANANA tokens in exchange, as well as significant APY returns (nearly 500 percent in ApeSwap’s instance). Users who are into yield farming, on the other hand, should be aware of the dangers of temporary loss.
3. Earning New Tokens by Staking
ApeSwap has collaborated with other BSC projects and is teaming up with them to offer their freshly issued tokens to ApeSwap’s users. Those who have previously acquired BANANA may stake them in a number of staking pools, perhaps earning these additional tokens in the process. They’re distributed based on an annual percentage rate (APR), with some – like these SPACE tokens – having profits of up to 500 percent. At any moment, users may un-stake their BANANA token.
4. Participate in the first ape offerings (IAO)
Initial Ape Offerings are a fundraising mechanism integrated into ApeSwap that is intended to assist new DeFi initiatives get liquidity and attention. To participate in an IAO, users must utilize Golden BANANA (or GNANA) or Binance’s BNB tokens, which they are effectively exchanging for the new currency before it is released to the public. Previous IAOs on ApeSwap have been very successful, raising more than 500, 800, and 1,300 percent of their respective goal amounts of money raised.
5. Apes That Aren’t Fungible (NFAs)
ApeSwap offers its own unique NFA collections, where you may acquire 1,000 rare and immutable collectable pixelated ape avatars, following the pattern established by NFTs (or non-fungible tokens). Common Chimps, Original Orangutans, Alluring Apes, Prime Primates, and the rare Magic Monkeys are divided into five different rarity categories. Each of the 1,000 has a unique look that was created at random. CryptoPunks’ design and spirit are comparable to theirs.
6. Make an attempt to win the lottery
ApeSwap offers a lottery game in which each ticket costs two BANANA tokens to enter. If two, three, or all four of your numbers match the winning number and are in the correct sequence, you may win rewards. A lottery is now underway with a total prize pool of 24,219 BANANA. Users that correctly match all four digits will get a total of 12,110 BANANA. However, because of the unique lottery method, some users may not be able to match all four numbers.
ApeSwap’s Native Cryptocurrency Tokens: What Are They?
BANANA coins are the ApeSwap protocol’s native cryptocurrency token. They serve as governance tokens while also providing liquidity and encouraging users to keep that liquidity for token swaps, yield farming, and other uses.
There are 29,163,863 BANANA in circulation as of this ApeSwap assessment. BANANA is currently devoid of any intentions for a supply limit, making it an inflationary token. This is done to guarantee that ApeSwap has the most liquidity and rewards.
There is, however, a buyback and burn campaign. 100% of trading fees that aren’t going to LPs, 15% of lottery ticket sales, and 100% of BANANA raised in Initial Ape Offerings will all go towards buying back and burning BANANA. Apart from BANANA, the Golden BANANA, or GNANA, is a unique feature of ApeSwap’s tokenomics. These are given to the ApeSwap community’s most devoted members. With them, you may gain additional benefits.
Simply having GNANA tokens in your wallet entitles you to passive farming with a 2% reflect fee, as well as unique access to IAOs and specific staking pools reserved only for GNANA holders. GNANA will also have a burn campaign and is completely backed up by BANANA tokens in its reserves.
Returning to BANANA, its price at the time of this ApeSwap assessment was approximately $3.69. This is a significant improvement from its all-time lows in late March, with a gain of more than 560 percent.
What Will ApeSwap’s Roadmap Updates Look Like in the Future?
They have some roadmap timeframes set out until 2021 as of this ApeSwap assessment, but they aren’t particularly comprehensive. ApeSwap should have added additional pools and released its NFAs in May 2021, according to the calendar. We’ll be able to watch them improve and expand their on-chain governance later in June. ApeSwap will introduce additional products including auto-compounding farms and vaults by September 2021 to help customers optimize their yields and profits.
Conclusion of the Review of ApeSwap
To wrap up our ApeSwap review, we had a great experience following its procedure. It’s very simple to use and comprehend how everything works. If you’re accustomed to utilizing protocols like PancakeSwap, you’ll feel right at home with this.
Plus, there’s no limit to what you can do, whether it’s trading tokens, farming for harvests, or selecting lottery numbers. There are a plethora of assets to select from, and the returns are doubly appealing.
Furthermore, their BANANA and GNANA tokenomics concepts are very interesting. However, considering that they’re joining a saturated market, we’re curious how they’ll perform. Why go with an unknown like ApeSwap when there are more well-known, tried-and-true protocols like PancakeSwap right there?
Only time will tell whether ApeSwap can break through and create a reputation for itself, but a No. 2 DEX on BSC has plenty of space. Overall, ApeSwap is a site worth keeping an eye on.
- Values of the Project
- Model of Tokenomics
- Sustainability in the Long Run
- Token exchanging, yield farming, lottery, staking, NFAs, IAOs, and other services are all available.
- A wide variety of assets and cryptocurrencies are supported natively.
- With the introduction of GNANA tokens alongside BANANA, as well as a supply-controlling burning mechanism, BANANA has a unique native tokenomics.
- With GNANA tokens, loyal and active users may earn more – passive yield farming, exclusive access to staking pools and IAOs, and so on.
- Farm yields offer extremely excellent APY returns (at the time of writing).
- The ApeSwap platform is simple to use and navigate as a whole.
- With significant competition from competing BSC protocols like PancakeSwap and a poor roadmap, the future remains unclear.
The is apeswap safe reddit is a question that has been asked by many people. ApeSwap is the new King of the BSC DEX Jungle, and it’s time to find out if it’s worth your time or not!
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