ApeSwap is a decentralized Financial (DeFi) exchange platform on the Binance Smart Chain (BSC), Ethereum, and Polygon. It is a DeFi platform that provides a comprehensive toolkit that allows users to take advantage of decentralized financing possibilities such as token swaps, providing liquidity, lending, borrowing, staking, and even buying tokens that trade against BANANA.
Trading on the ApeSwap ecosystem is done by buying its native token – BANANA. This project aims to decentralize traditional finance and create a fair economy through a sustainable, community-driven decentralized autonomous organization(DAO), which implies that the community has the power to decide the future of the project. Its goal is to establish a global economy that is not under the control of any central authority. ApeSwap operates as an automated Money Maker(AMM) and Liquidity is gotten from a network of liquidity pools for different trading pairs.
Yield farming is one of the services that the platform offers. AMM platforms use yield farming to generate liquidity, Users get rewarded for the liquidity they provide by depositing funds in liquidity pools. The bigger the stake of the users in terms of percentage, the bigger the reward they would get. Users who take part in Yield farming on the platform are known as liquidity providers and they get rewarded as soon as they deposit funds to the liquidity pools.
With the widespread adoption of Defi technology globally, ApeSwap is attracting the attention of investors because, on its protocol, investors no longer have to spend time, effort, and money interacting with conventional financial industry intermediaries. The protocol enables you to lend and borrow crypto assets with other users on the platform. This is a great way to earn interest in your digital assets.
Even though the protocol was originally built on the Binance smart chain, the developers have integrated it with the polygon and Ethereum network. Users will also benefit from the speed, security, and low transaction fees those networks offer.
Who are the founders of ApeSwap (BANANA)?
ApeSwap was created in 2021 by a group of people who are highly experienced in cryptocurrency trading, farming, and other crypto initiatives.
The project was co-founded by 5 individuals who prefers to be pseudo-anonymous. They represent themselves with characters such as Harambe and ApeGuru.
-ApeGuru is a highly experienced full-stack developer who later focused on the blockchain/crypto space
-ApeTastic is a well-experienced smart contract developer and blockchain developer
-Harambe Nakamoto is an expert on tokenomics, analytics, and engineering
-Donkey Kong is a business development and marketing guru
-Obie Dobo, the face of the ApeSwap community, is an expert community manager (King of the community jungle)
The founders, after participating in the DeFi ecosystem for some time, came together to introduce ApeSwap, a more equitable, open, and community-driven decentralized exchange.
What is ApeSwap (BANANA) used for?
ApeSwap is a decentralized exchange (DEX) platform that was created to counter the irregularities and lack of trust characterizing centralized exchanges (CEX). The project aims at providing a safe and transparent financial break for cryptocurrency users and a world with a more balanced economy.
The team behind the project wants to ensure that all members of society, including those in the lower class and even those in underdeveloped countries, have access to services like insurance, credit, and other similar services that centralized exchanges have denied or restricted their access.
How is ApeSwap (BANANA) Unique?
ApeSwap was built as a decentralized defi exchange platform to address issues faced by its centralized counterparts, issues which include the risk of hacking, mismanagement, and arbitrary fees. It is designed to eliminate the need for centralized intermediaries in financial applications such as derivatives, insurance, and loans.
The protocol provides its users with several ways to make money and receive rewards on the platform, including staking and locking tokens in its liquidity pool. Yield farming is a profitable activity that allows users to deposit cryptocurrency into the ApeSwap liquidity pool for a predetermined amount of time.
How many Apeswap (BANANA) are in Circulation?
This project works on a double native token model with two primary utility tokens – BANANA and GNANA.
BANANA is the BEP-20 token used to motivate liquidity providers, it is an inflationary token without a limit on its total supply, while GNANA enables users to have access to governance and absolute benefits as rewards.
It currently has a circulating supply of 205,282,350 BANANA coins and a maximum supply of 420,000,000 BANANA coins.
How is the ApeSwap network secured
According to their official website, ApeSwap’s highest priority is to ensure the safety of the funds of the users, of their partner projects, and of the community as a whole. The core platform and all subsequent features have been built with security at the forefront of all of our efforts.
The protocol uses Gnosis Safes to manage their contracts and treasury. These multisig wallets require confirmations from multiple parties.
As mentioned above, ApeSwap is a token that operates on the Binance Smart Chain. BSC is secured using proof-of-stake (PoS) consensus mechanisms, meaning validators are chosen every 24 hours to validate transactions and maintain blockchain security.
How do I buy ApeSwap (BANANA)?
The ApeSwap token (BANANA) can be used for a wide range of purposes, like staking and payments.
ApeSwap tokens can be easily purchased by following the steps below.
* Open an account with the crypto trading platform of your choice.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy ApeSwap through your trading account.
Which cryptocurrency wallet supports ApeSwap (BANANA)?
The PTPWallet platform supports many cryptocurrencies, with ApeSwap soon to be included. Because of its vast use case, PTPWallet has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform offers a simple user interface, is supported by both Android and iOS devices, and comes with its own mobile wallet app.