Automated Market Makers (AMM), agriculture and participation continue to expand on the Binance Smart Chain (BSC) network. These concepts were introduced into the Ethereum DeFi landscape and have exploded ever since.
Many projects are getting involved in space. One of the newer protocols is Apeswap, which joins the other Yield and AMM cultivation platforms.
Apeswap sees itself in a unique light, far from the conventional arrangement of the norm. According to the team, the platform was built by “DeFi Apes for DeFi Apes”. DeFi Apes are well endowed and experienced in the industry.
ApeSwap's native currency is the $ BANANA token. It's easy to earn $ BANANA by staking and joining liquidity pools to receive the token as an incentive.
Apeswap is betting on the fact that the market is moving towards the provision of liquidity and AMM. These types of protocols create what we know as yield agriculture. Traditional liquidity incentives, coupled with a share and profit program, prepare ApeSwap to offer innovative products.
The $ BANANA token is used to facilitate such performance incentives in conjunction with exposure to the success of ApeSwap within the BSC ecosystem.
The Apeswap platform includes an automated Market Maker where traders can execute a trade with ease and with limited slippage. The protocol also offers performance agriculture with a total value lock (TVL) of $ 35 million and an annual percentage return (APR) of up to 1,000% on its farms.
Frenzy $ BANANA
As mentioned above, the $ BANANA token is the native currency of the Apeswap platform. This token has all the benefits built into the use of the Apeswap.finance platform. One of the biggest benefits of the $ BANANA token was the Banana frenzy that offered a unique program of liquidity and participation. This is how it worked:
- In the first 72 hours, 40 $ BANANA minted per block
- The second 72 hours, 20 $ BANANA minted
- Forever $ 10 BANANA minted per block.
This system was implemented to reward the first users of the platform. Users who were quick to pluck liquidity were the most rewarded as it was vital to the success of the platform. It is also important to note that 10% of all block rewards will go to the development fund to be burned or used for expansion.
The main offering is the exchange that allows users to trade tokens and earn BANANA. As with all exchanges, there are fees to consider. Each token exchange comes with a 0.3% exchange fee in BNB, 0.05% of the exchange fee will go to the development wallet. The rest go back to the community.
ApeSwap runs on the Binance Smart Chain (BSC) network, so it requires users to have a BSC-compliant wallet like Metamask in order to use ApeSwap. The main function of ApeSwap is to provide users with token exchange, gambling and a pooling platform similar to Ethereum's Uniswap platform, but also designed to reward user activity with BANANA tokens.