ApeSwap Review 2021 (BANANA) – [New King of the BSC DEX Jungle?]
Apeswap is a decentralized cryptocurrency exchange which allows users to exchange various cryptocurrencies. After being in operation for almost two years, Apeswap has garnered a respectable user base with over 7000 transactions taking place daily. Apeswap is currently ranked as the third most profitable exchange in the Binance Coin (BNB) DEX-Jungle after Binance Coin (BNB) and Kucoin Shares (KCS).
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ApeSwap is an exchange that provides a decentralized peer-to-peer crypto-to-crypto exchange that is not controlled by any entity.
The race for the DEX, or decentralized exchange, jewel is heating up as WiFi as a whole experiences unprecedented growth. It is also a pivotal moment for the young smart chain Binance, which is trying to step out of Ethereum’s shadow. At the top of the Binance Smart Chain (BSC) blockchain is PancakeSwap. But someone else is certainly worthy of competing with him for supremacy, right? Our test of ApeSwap is to see if it can do this. ApeSwap is not only one of the friendliest and most welcoming names, but it is also more than just a chip swap. You will find ways to obtain crops, use your tokens, participate in lotteries, help fund primary lotteries, or engage in non-sharp goods. ApeSwap is thus an entire financial ecosystem in itself. So, is ApeSwap a good place to put your tokens to work for profit? Read our ApeSwap test to find out.
What is ApeSwap and how does it work?
ApeSwap is a relatively new protocol introduced in February 2021. It is essentially a fork of the popular program PancakeSwap, so some elements of the user interface and functionality are roughly similar to it. ApeSwap is an automated market making and revenue generation protocol and also offers its own set of value-added services such as strike, initial token placement, etc. ApeSwap – or more specifically, ApeSwap.Finance – was initially built on and powered by the Binance Smart Circuit. Looking at some DappRadar-based data, ApeSwap has quickly become one of the top decentralized apps (dApps) on Binance’s Smart Chain, ranking 3rd in the BSC, 3rd in DeFi overall, and 16th overall. And with a user base and popularity that is constantly growing. According to a DEX ranking compiled by CoinGecko based on trading volume, ApeSwap ranks quite high, at 22nd place. Place with over $51 million in 24 hours at the time of writing this review on ApeSwap. Since it is made for DeFi, ApeSwap has no control organization. It works like any other DEX, with its own management token that allows users to participate in the active management of the chain, and the SMP. An automated market maker abandons the usual method of trading according to the order book and instead uses liquidity pools. Users can deposit their cryptocurrency tokens into these pools, from which other users can trade tokens, and depositors can receive a portion of the commission as a reward.
What can you do on ApeSwap?
If you’re familiar with PancakeSwap and other similar DEX (there are many PancakeSwap forks), using ApeSwap will feel like déjà vu. Functionally, the two are very similar, although ApeSwap has a significantly lower total liquidity value in its schedule when you compare its TVL of $300 million to PancakeSwap’s $8.6+ billion. However, it is still a large number. Most of the differences you will notice have to do with tokenomics, which we will look at in more detail. In our article on ApeSwap, we looked at some of the things you can do with ApeSwap:
1. Exchange between tokens
Of course, a decentralized exchange should facilitate token trading, and ApeSwap is no exception. You can choose from many different tokens, including popular cryptocurrencies like BNB, Aave, Ada, COMP, ETH, LINK, and more. The fact that ApeSwap is built on the Binance smartchain also means that it has access to the Binance Bridge, which can be used to trade assets on different blockchains. You can also pool your unused tokens into liquidity pools to become a liquidity provider. A fairly standard 0.3% transaction fee is charged for trading or exchanging tokens. As a liquidity provider – or LP – you can earn 0.25% of each transaction fee, in proportion to the amount you pool. By becoming a lender, you earn LP tokens. This allows you to bet on ApeSwap farms to win even more.
2. Holding yield
Harvesting is another important aspect of ApeSwap and how it works. By harvesting, users can help create money to support projects or tokens. On ApeSwap, users can collect by betting on previously won LP chips. In return, they can earn BANANA tokens held by ApeSwap and earn high annual returns, which in the case of ApeSwap are close to 500%. Nevertheless, crop users should always be aware of the risk of intermittent losses.
3. Fee for receiving new tokens
ApeSwap has partnered with other projects on BSC and is currently working with them to provide ApeSwap users with their newly minted tokens. Those who have already won BANANAs can bet on them in different betting rounds and receive these new chips in return. They are awarded based on the APR, and the yield on some of them – like these SPACE tokens – is as high as 500%. Users can withdraw their BANANA token from the offer at any time.
4. Participation in an initial public offering (IAO)
Ape’s core offering is a fundraising tool integrated with ApeSwap to help raise money and attention for newFi projects. Users must use Binance’s Golden BANANA (or GNANA) or BNB tokens to participate in the ILO, where they essentially exchange these tokens for any new token prior to its public launch. Previous CAIs on ApeSwap have been very successful, raising over 500%, 800% and 1,300% of the targeted funds respectively.
5. Trade in non-volatile primates (NFA)
Following the trend of NFTs (or non-playable tokens), ApeSwap has its own special NFA collections of 1,000 rare and immutable pixelated monkey avatars to collect. They are categorized into five levels of rarity, ranging from common chimpanzees to primitive orangutans, waving monkeys, primitive primates and rare magic monkeys. Each of the 1,000 pieces has a different, randomly generated appearance. Their design and ethics are similar to those of the CryptoPunks.
6. Trying to win the lottery
ApeSwap offers a raffle where each entry ticket is worth two BANANA coins. You can win prizes if two, three or all four of your numbers match the winning number and in the correct order. A raffle is currently taking place with a total prize of 24,219 BANANs. Users who match the four numbers will receive 12,110 BANANA. However, this unique lottery system means that some users may not find all four numbers.
What are ApeSwap’s own cryptocurrency tokens?
The proprietary cryptocurrency token of the ApeSwap protocol is the BANANA token. They act as token managers and also provide a form of liquidity and encourage users to obtain that liquidity to trade tokens, increase returns, etc. At the time of writing this ApeSwap test report, there are 29,163,863 BANANAs in circulation. There are currently no plans to introduce a delivery limit, making BANANA an inflationary token. This is to ensure maximum liquidity and rewards on ApeSwap. However, there is a buy back and burn action. All trading fees collected that are not paid to LP, as well as 15% of lottery ticket sales and 100% of BANANA collected in the Primary Monkey Offering, will be used to redeem and burn BANANA. In addition to the BANANA, a unique aspect of ApeSwap tokenomics is the Golden BANANA or GNANA. They are awarded to regular members of the ApeSwap community. You can use them to gain additional benefits. By simply keeping GNANA tokens in your wallet, you can earn passive farming with a 2% referral fee, as well as gain special access to IAOs and specialized betting pools reserved for GNANA holders. GNANA will also conduct a burn campaign and fully cover its reserves with BANANA tokens. Back to BANANA : At the time of this ApeSwap review, the price is $3.69. This is a significant improvement from the historic low of late March, when the stock rose more than 560%.
What will a future update of the ApeSwap route map look like?
At the time of this ApeSwap post, they’ve created a roadmap for 2021, but it’s not very comprehensive. Within a month, in May 2021, the new pools for ApeSwap should start, as well as the start of the NFA. Later in June we will be able to see how they improve and complete the network management system. By September 2021, ApeSwap will add new products such as farms and warehouses with automated processing to maximize revenue and profits for users.
ApeSwap Overview – Conclusion
At the end of our discussion of ApeSwap, we concluded that the time spent with the protocol was quite enjoyable. It is very easy to use and it is easy to understand how everything works. If you’re familiar with protocols like Pancake Swap, you’ll feel right at home here. There’s also no limit to the number of activities you can do, whether it’s trading chips, growing crops, or drawing lottery numbers. There are many different investments to choose from and the returns are doubly attractive. Their BANANA and GNANA token concept is also quite fascinating. However, we wonder how they will be able to prove themselves, as the company is entering a very crowded market. Why choose an unknown protocol like ApeSwap when there are more established and proven protocols like PancakeSwap? Only time will tell if ApeSwap can break through and make a name for themselves, but there is definitely room for DEX #2 at BSC. All in all, it’s worth keeping an eye on ApeSwap.
Many different services are offered – token trading, cash farming, lotteries, betting, NFAs, IAOs, etc.
A diverse set of different assets/cryptocurrencies initially supported.
Unique native tokenomics with the introduction of GNANA tokens with BANANA, and a burn mechanism to control supply.
Loyal and active members can earn more with GNANA tokens – passive returns, special access to betting communities and CAIs, etc.
(At the time of writing) Farm Returns has a very attractive annual rate.
Overall, the ApeSwap platform is very easy to use and navigate.
The future remains uncertain due to strong competition from other BSC protocols such as PancakeSwap and a rather thin roadmap.
The big day is finally here, and we will be releasing the final version of our ApeSwap (BANANA) official review! I feel like this is the most complete ApeSwap review I have ever written, and it is my first complete ApeSwap review ever. So, without any further delay, let’s get started!. Read more about what is ape swap and let us know what you think.
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