With the expansion of the Decentralized Finance (DeFi) market people are searching for different ways to trade and exchange their currencies. ApeSwap is one of the latest projects launched on top of the Binance Smart Chain (BSC).
In the next sections, you will have information about what is ApwSwap, how it works and how you can start using it. Moreover, you will learn what is $BANANA and how this digital asset works on this platform.
Disclaimer: the information shared by AltSignals and its writers should not be considered financial advice. This is for educational purposes only. We are not responsible for any investment decision you make after reading this post. Never invest more than what you are able to lose. Always contact your professional. financial advisor.
What is ApeSwap?
ApeSwap is a decentralized exchange (DEX) that runs on top of the Binance Smart Chain (BSC). The network has attracted thousands of users in recent months and it is offering a wide range of services.
The platform works with the $BANANA digital asset. This coin is necessary for users to participate in most of the services offered by this platform. Moreover, users would have the possibility to engage in a wide range of activities.
This platform was created as a fork of PancakeSwap, one of the largest DeFi projects currently running on top of the BSC. Due to the large number of services offered, ApeSwap continues to attract new users on a daily basis.
ApeSwap Services
Now that we know what ApeSwap is, let’s have a look at the different services offered by this platform.
Decentralized Exchange
The main service offered by ApeSwap is the decentralized exchange (DEX). Compared to other platforms, ApeSwap works as an automated market maker (AMM) solution. That means that there are no order books in this exchange. Liquidity is provided through a network of liquidity pools for different trading pairs.
Liquidity pools will reward users that provide liquidity with part of the fees that are paid by investors that exchange their coins on the main ApeSwap exchange. The larger your stake, the larger the rewards you receive.
In order to start engaging with this service, you can use the MetaMask Wallet and start receiving and sending assets. This is one of the easiest ways to get connected to the platform.
Yield Farming
Yield farming is one of the ways to provide liquidity to AMM platforms and get rewarded for this. In this example, users would deposit funds on different liquidity pools and get rewarded for the liquidity they provide.
The larger their stake in percentage terms, the larger the rewards they would receive. If your funds account for 20% of the liquidity pool, you will receive 20% of the rewards from the fees paid by users on the platform.
Users participating in Yield Farming on ApeSwap are considered liquidity providers (LQ) and can easily get rewarded as soon as they deposit funds to the liquidity pools.
Staking Platform
The staking program offered by the platform incentivizes users to bring liquidity to the platform. Users get reward with the $BANANA cryptocurrency that is the native digital asset to this platform.
The platform is usually offering different types of offers that aim at bringing more stakers to this platform. The site became very popular in recent months and the $BANANA coin is also a hot gem that became available for investors in recent weeks.
Users can stake their $BANANA coins in order to earn new tokens and other coins. Users can stake and unstake their funds at any time. Moreover, the rewards that you receive are calculated per block. Some of the rewards are as high as 100% for staking funds. However, there is a high risk on these new projects that have been growing over the last months.
Other Services
These are not all the services offered by ApeSwap. Indeed, there are many other solutions offered by this platform. Some of the extra services include a Lottery, Initial Ape Offerings (IAO) and more.
With this variety of services, users get access to a wide range of financial tools that before were not available. Moreover, compared to other blockchain networks such as Ethereum, the Binance Smart Chain has definitely lower fees and makes it easier for users to get access to DeFi solutions.
Moreover, ApeSwap has a wide range of pools where users can stake $BANANA and earn new tokens. As we mentioned before, this is one of the most promising solutions of the platform.
