Article Summary, Automatically Generated By AI
Here is a summary of the text in HTML format:
About Apeswap
Key Points
- Apeswap is a decentralized exchange (DEX) for BEP-20 tokens on Binance Smart Chain (BSC).
- Offers a complete toolkit for DeFi purposes, including buying tokens, token swaps, providing liquidity, staking, lending, borrowing, IDOs, and margin trading.
- Partnerships with FRAX, LUNR, KAI, and Animoca Brands.
- Mission is to provide accessible financial opportunities for the crypto masses through transparency, security, and support.
Founders
- ApeGuru — Expert Full Stack Developer</li
Embracing the Evolution of DeFi: About ApeSwap
Introducing Apeswap (BANANA): A Revolutionary DeFi Platform
Apeswap (BANANA) is a decentralized exchange (DEX) tailored to facilitate seamless transactions of BEP-20 tokens on the Binance Smart Chain (BSC). This comprehensive platform offers a multifaceted toolkit, catering to diverse DeFi needs, including the purchase of tokens paired against BANANA, token swaps, liquidity provision, staking, lending, borrowing, initial decentralized exchange offerings (IDOs), and margin trading. Furthermore, Apeswap extends an invitation to partners to list tokens on the exchange, while also enabling the creation of staking pools and yield farms, thereby incentivizing users to engage in trading activities.
The decentralized exchange is esteemed as a behemoth within the Binance ecosystem, boasting esteemed partnerships with prominent projects such as FRAX, LUNR, KAI, and Animoca Brands. Apeswap’s raison d’être is to democratize financial opportunities for the crypto masses, predicated on the pillars of transparency, security, and support. Its visionary objective is to decentralize traditional finance, thereby fostering a fair economy through a sustainable, community-driven DAO.
The Visionaries Behind Apeswap: Meet the Founders
Apeswap, launched in 2021, boasts a diverse team of over 15 members, whose bios can be found listed alongside their respective avatars, inspired by iconic characters such as Harambe and Donkey Kong. The entire team, choosing to maintain their anonymity, presents themselves behind these creative personas. The comprehensive list of co-founders includes:
ApeGuru — Visionary Full Stack Developer Extraordinaire
ApeTastic — Visionary Smart Contract Architect
Harambe Nakamoto — Token Economics, Data Analytics, and Engineering Expertise
DK — Pioneering Business Development and Innovative Marketing Strategies
Obie Dobo: The Sovereign of the Vibrant Community Ecosystem
Notwithstanding their anonymity, the profiles are surprisingly comprehensive, and the entire team has been diligently working on the project for nearly a year. Consequently, the likelihood of Apeswap being a rug pull is relatively low.
Notably, Apeswap’s website does not disclose any information regarding its investors.
Unveiling the Unparalleled Apeswap Advantage
Apeswap provides a comprehensive toolkit for DeFi applications, with its flagship product being a decentralized exchange that enables users to seamlessly swap over 150 tokens on both BNB and Polygon networks. Notably, Apeswap imposes competitively low trading fees of 0.20% on token swaps, with 0.05% allocated to its treasury and 0.15% redistributed to liquidity providers. Furthermore, Apeswap is slated to introduce leverage trading in Q1 2022, further expanding its offerings.
One of the standout features of Apeswap is its yield farms, which incentivize users to provide liquidity by staking APE-LP tokens, thereby unlocking a lucrative passive income stream. For investors seeking a hassle-free investment strategy, the platform offers auto-compounding vaults, where tokens are automatically staked to generate farming profits. Additionally, the Burning Vaults utilize a portion of the farming profits to repurchase and burn the native BANANA token, thereby reducing its circulating supply.
IDOs on Apeswap are dubbed “Initial Ape Offerings,” categorizing into two distinct types: official IAOs, which are meticulously endorsed and audited by Apeswap, and self-serve IAOs, comprising unvetted projects that undertake the process independently.
Ultimately, Apeswap unveiled a collection of 1,000 unique, tradable “non-fungible apes” at its esteemed NFA Auction House. Furthermore, the exchange is poised to collaborate with Liquid Collectibles to introduce a series of distinctive “non-fungible bananas.”
What Is the Circulating Supply of Apeswap (BANANA) Coins?
Apeswap operates on a dual-token paradigm, featuring two primary utility tokens: BANANA and GNANA. While BANANA tokens serve as an incentive for liquidity providers, GNANA tokens grant users access to governance and exclusive privileges. The multifaceted BANANA token has four primary applications:
- Unlocking additional BANANA rewards through staking
- Purchasing GNANA with it
- Generating rewards by lending BANANA on a lending platform
- Exchanging it for alternative tokens
BANANA is an inflationary token, characterized by an uncapped total supply. Presently, a daily emission of 316,800 BANANA tokens is distributed accordingly:
- Yield Farms (BNB Chain): 39.5% of the total allocation is dedicated to this endeavour.
- The BANANA Pool commands a significant 22.7% stake.
- Lending Network (Ola) accounts for 9.09% of the overall distribution.
- Meanwhile, Yield Farms (Polygon) also claims 9.09% of the total.
- Bonds constitute an additional 9.09% of the allocation.
- The Dev Wallet holds a 6.36% stake in the project.
- A modest 2.73% has been burned, removing it from circulation.
- Lastly, the $GNANA Pool accounts for a mere 1.36% of the total.
BANANA is poised to evolve into a deflationary token, prompting Apeswap to integrate a series of deflationary mechanisms:
- Quarterly, 50% of trading fees are allocated towards buying back and burning BANANA, ensuring a consistent reduction in supply.
- Weekly burns are scheduled for Thursdays, providing a regular cadence for token removal.
- Funds raised during IDOs are strategically utilized to buy back and burn BANANA, further reducing the circulating supply.
- Partner projects are incentivized to burn BANANA, fostering a collaborative approach to token management.
- A portion of GNANA reflect fees is dedicated to burning BANANA, promoting a deflationary token economy.
- A 10% allocation of fees collected through Burning Vaults is used to acquire stablecoins, which are then locked in vaults permanently. The rewards generated from these vaults are, in turn, utilized to buy back and burn $BANANA, creating a self-sustaining token burn mechanism.
The Apeswap Network’s Robust Security Framework
BANANA is a BEP-20 token native to the Binance Smart Chain (BSC), where Apeswap seamlessly operates in tandem with Polygon.
The Binance Smart Chain (BSC) leverages a proof-of-stake (PoS) consensus mechanism to ensure its security. Every 24 hours, a cohort of 21 validators is elected to validate transactions and maintain the integrity of the blockchain. To be eligible for this role, these validators must stake a predetermined amount of Binance Coin (BNB) with Binance.
Polygon, a cutting-edge layer-two scaling solution, is specifically designed to optimize the Ethereum network.
Apeswap has undergone rigorous audits by esteemed entities, including DeFi Yield and Certik in 2021, as well as BSC Gemz in 2022. Notably, these comprehensive examinations did not uncover any critical vulnerabilities.
In Which Exchanges Can You Acquire Apeswap (BANANA) Tokens?
BANANA is proudly listed on esteemed exchanges, including Apeswap, Pancakeswap (V2), MEXC, and Bitrue, ensuring seamless accessibility for users worldwide.
For those seeking to delve into the world of cryptocurrency investment, our comprehensive guide provides a wealth of information on how to initiate your cryptocurrency-buying journey.
ApeSwap Undergoes a Transformation: Introducing ApeBond!
For further insight, please refer to our Medium publication.
Discover the Dawn of a New Era in Cryptocurrency
Associated Resources:
Discover Dodo (DODO), a pioneering decentralized exchange built on the Binance Smart Chain (BSC).
Discover Uniswap, a pioneering decentralized exchange built on the Ethereum blockchain.
Delve into the world of decentralized exchanges (DEXs) and discover their transformative potential in the realm of cryptocurrency trading.
Stay ahead of the curve with the latest cryptocurrency news and expert trading insights, all in one place, on the CoinMarketCap blog.