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ApeSwap DEX Launched on Binance Smart Chain, Introduces BANANA Farming

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Wed, 03/31/2021 - 10:44
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Vladislav Sopov
New decentralized exchange with automated market making engine, ApeSwap, is going to challenge PancakeSwap (CAKE) supremacy in the segment of BSC-based DEXs
ApeSwap DEX Launched on Binance Smart Chain, Introduces BANANA Farming
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ApeSwap, a new decentralized crypto exchange, is changing the landscape of decentralized exchange of assets on Binance Smart Chain (BSC). Besides storage and exchange instruments, ApeSwap pioneers the concept of the "Initial Ape Offering," a new tokensale design.

ApeSwap offers DEX and AMM service on Binance Smart Chain, BANANA farming

Launched one month ago, ApeSwap is delivering decentralized exchange of BSC-based coins and automated market making. ApeSwap utilizes its own liquidity pool so it does not rely on PancakeSwap (CAKE) and other Binance Smart Chain DEXs.

ApeSwap, an AMM on Binance Smart Chain
Image by ApeSwap

ApeSwap's native utility token, BANANA, is utilized as a reward instrument for the majority of ApeSwap's activities. BANANA tokens are distributed between the liquidity providers of ApeSwap pools.

As a result, DEX traders can benefit from their idle cryptocurrency tokens receiving BANANA coins. To get BANANA, crypto enthusiasts should "stake" (lock) tokens in ApeSwap's pools.

Trades on ApeSwap are finalized via a cutting edge automated market making engine. Due to the high speeds and low commissions of Binance Smart Chain, ApeSwap provides its clients with a profitable and intuitive DeFi experience.

What is an "Initial Ape Offering?"

Besides trading and market making, ApeSwap introduces "Initial Ape Offering" a novel tokensale concept. It isn't unlike initial decentralized exchange offering by Polkadot's Polkastarter or DuckDAO, but it provides balanced 'win-win' solution for the team and its supporters.

Meanwhile, 'Initial Ape Offering' looks like DeFi-native style of tokensale. It starts from obtaining liquidity provider's tokens and attracts more tech-savvy purchasers. Therefore, ApeSwap allows early-stage products to raise funds in a next-gen manner with no intermediaries. Also, ApeSwap doesn't charges the teams looking for tokensale organization with eye-watering listing fees of centralizaed exchanges.

To participate in ApeSwap's tokensales, traders should first buy BANANA and Binance Coin (BNB) tokens. Then, BANANA-BNB liquidity will be injected into corresponding pools.

When IAO is launched, users can exchange their BANANA-BNB tokens for the assets of the tokensale. Then, users can claim purchased tokens once the IAO is completed.

Tomorrow, on Apr.2, 2021, ApeSwap is launchind an IAO for JediYield, a one-stop application for 'yield farming'. 7 million JDI tokens are for sale.

BitballBitball

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As covered by U.Today previously, due to the exorbitant fees of the Ethereum (ETH) network, traders and "yield farmers" started to seek viable alternatives. Despite criticism, Binance Smart Chain attracted the vast majority of them.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)