We are in the middle of 2021. I must say it has been a great year for the blockchain industry. Starting from fall and surge in the price of Bitcoin to the rapid success growth of DeFI.
DeFI which is otherwise known as Decentralized Finance has been a big blessing to the blockchain industry and the world at large. As we know cryptocurrency serves as a decentralized store of value that is secured, DeFI creates a decentralized financial instrument free from traditional centralized institutions.
The DeFI world has seen rapid growth in 2020, back in 2019 the worth of the DeFI industry was $275M. But by Feb 2020 it value grew significantly totaling $2.5B in early July, $3B by mid-July, and $4B on the 25 of July. This growth rate indicates the rise in interest of the masses in DeFI.
Just like the ICO boom of 2017-2018, they have been a rise in scam project within the DeFI space. These scam project has taken advantage of the rise of popularity of the DeFI industry.
The people most affected are, newcomers, into the DeFI space who haven't or cannot properly research these projects.
As a writer in the blockchain industry, I have decided to create this post to help newcomers in identifying legit and genuine projects.
They are a lot of them out there. Today I would be talking about one of the best I have come across. I must say this project is one of the DeFi project survivors of 2021.
I introduced to you ApeSwap
What is ApeSwap?
ApeSwap is an Automated Market Maker, Yield Farming, and Staking platform on Binance Smart Chain (forked from PancakeSwap). ApeSwap was built by DeFi Apes, for DeFi Apes. We have a dedicated team of experienced monkeys, who have been in the crypto space for years. $BANANA is the native currency of our platform. Stake, pool, and earn $BANANA all on ApeSwap.
What is $BANANA?
$BANANA is the native currency to ApeSwap. It's required to participate in most of our initiatives, liquidity mining campaigns, and liquidity pools
What’s The Vision For ApeSwap.Finance?
- Community — We are DeFi Apes, and we have to look out for each other. A robust, vibrant, and happy community is the #1 priority for keeping ApeSwap thriving. We joke about monkeys and bananas, but at the end of the day, our community is top of mind.
- $BANANA Utility — Our dev apes will continue working furiously to implement new features to get the most use out of your $BANANA! We understand the importance of creating utility, holding patterns, and demand for our dear Apes
- Collaborations —We understand the importance of working with other #BSC projects in the space. We are actively looking and discussing with projects across space to land mutually beneficial partnerships
Binance Smart Chain (BSC) is the place to be in DeFi at the moment, no question about it. You only have to witness the sheer number of pancake-swap style Automated Market Makers (AMM’s) launching every single day to see how fast space is growing.
Secured Code: No Rugs
ApeSwap.Finance was to add a 24 hour time lock to our smart contract and remove all migratory code (ie, the infamous “rug pull code”). This means, even if one of our apes went rogue (they won’t) and tried to maliciously amend the smart contract, you would be able to see the change 24 hours before it was actioned. Therefore, there would be ZERO benefits to anyone in trying to make such a change. Everyone would have plenty of time to leave the jungle with their $BANANAS before the change could be executed. Plus no migrator function!
There will be no rugs
Audits
Smart contract audits cost a considerable amount of money. More than bunches and bunches and bunches of $BANANAS could cover. Still, the safety of our apes’ funds is the most important consideration to us — and we know how important quality audits are to you. So, we’ve had not only one, but TWO audits conducted. One by BSC Gemz and one by Certik.
Partnerships
Apes are friendly creatures — we love a partnership — and we’ve had not one, but TWO huge (socially distanced!) parties in the jungle in the last couple of weeks as we welcomed BakerySwap.org and Beefy.Finance to the Apeswap family.
BANANA Drives
The first $BANANA Drive was opened to accept donations in $BANANA and other tokens over a 3-day period, and we raised over $4,000 for our sweet ape.
Burn
To prove our commitment to the project, we will be using 100% of our revenue to buy back and burn. There is a 0.3% fee on any swap (standard for all DEX’s), 0.05% of each transaction goes to the ApeSwap Treasury. During our first 3 months, 100% of our ApeSwap Treasury will be used to buy back and burn $BANANA. Once this period ends we will reevaluate the best use of these funds with the community.
Aim to deliver regular, consistent, and large burns for you all. As much as apes LOVE $BANANAS, we love our fellow apes even more, and we know token value is important to you. So you keep farming’ and we’ll keep burning
Gamified Burning
Apes, we have a lot of fun $BANANA games coming up! The first is the ApeSwap lottery, in which we will burn 20% of $BANANA each round. Not only will some lucky Apes be swimming in $BANANA, but the entire Ape community will benefit from the burn
Compound Vaults with 0.05%-0.1% Withdrawal Fee that goes towards buyback/burn
What is the ApeZone?
In an effort to continually bring new projects, new pairs, and new farms to the ApeSwap.Finance ecosystem, we’re excited to officially announce the ApeZone.
This ApeZone is designed to bring additional utility to the native $BANANA token, serve as a launchpad for exciting new projects, and create higher levels of community engagement.
Initial Ape Offering: These will take place in a variety of ways. Some will be structured like traditional offerings, where we burn half of all $BANANA raised for the offering. Others will have more creative mechanics
Partnership deal fees for buyback and burn: We will be listing new high yield pools for all you hungry apes to ape into. To reduce the supply of $BANANA we will be introducing a listing fee that will be used to buyback and burn $BANANA
What is APOyield?
APOyield is a deflationary yield product on the Binance Smart Chain with its token called SOUL and DSL. APOyield works by applying a total of 10% fee to each transaction where 8% is instantly split among all token holders, where the remaining 2% is used to decrease the SOUL total supply. Thus, APOyield smart contract allows earning additional tokens by simply holding SOUL tokens.
With a unique user interface, strong token economics, and a rapidly growing community, APOyield makes for an excellent partner and ApeZone candidate
Here’s exactly what the partnership entails
- 3 new trading pairs will be opened on ApeSwap: SOUL-BANANA, SOUL-BNB, and SOUL-BUSD pairs.
- A new pool for SOUL-BANANA LP tokens will be opening up, which rewards in SOUL.
- Lots of memes, community engagement, and fun behavior in the ApeZone. Be on the lookout for contest specifics!
What does an ApeSwap + CafeSwap Partnership Mean?
Well, there will be two phases to this partnership, all designed to give you more utility for your BANANA and BREW tokens. Specifically, the first phase looks like this:
ApeSwap will open up 3 new trading pairs on our DEX: BREW/BANANA, BREW/BUSD, and BREW/BNB pairs.
ApeSwap will open a farm for BREW/BANANA LP tokens that rewards BANANA at a 4x multiplier
CafeSwap will open a farm for BREW/BANANA LP tokens that rewards BREW at a 4x multiplier
Once the CafeSwap DEX opens up, they will create 2 new trading pairs on their DEX for BNB/BANANA and BUSD/BANANA. With these CafeSwap LPs, users will be able to stake in two new farms to earn even more BREW! So many uses for BREW and BANANA
BANANA Insurance
Soteria Mutual is officially providing coverage for ApeSwap
Using Soteria’s cover mechanism, apes now have the option to buy cover for their $BANANA, protecting them against any hacks or exploits. Soteria only covers tokens that have gone through their comprehensive independent auditing process, ensuring that only the best and safest projects are eligible for coverage. This should give all apes additional peace of mind regardless of if they have purchased cover or not.
Jetfuel Security
ApeSwap & Jetfuel perform due diligence on every project to make sure we’re bringing the best for our communities. But that can only go so far. Each one of our partners is a separate project and we must trust them to deliver, do the right things, and be responsible for their own investors and communities.
- Jetfuel & ApeSwap are co-developing a much stricter vetting process for our new partners. We are aiming to form a vetting standard for new projects in the BSC space. Program details will be released as soon as we have them available.
- Any new projects that we add will be flagged with warnings to ensure new entrants understand the potential risks involved.
- Jetfuel & ApeSwap will work with exchanges and other authorities in an attempt to recover any lost or stolen funds for those impacted.
Non-Fungible Apes (or NFAs) is a cryptographically generated set of 1,000 unique, rare, immutable, digital apes. Each ape is created by hashing a string (such as “Strong Ape”) to randomly generate a set of 6 characteristics: Base, Face, Frame, Mouth, Eyes, and Top
Each characteristic has a different likelihood of occurring in each ape generation, making some characteristics much more rare than others. For instance, only 32 apes have laser eyes and only 107 apes have sunglasses. Each ape has a score generated based on the combined rarity of its characteristics
Non-Fungible Apes will be released and sold in batches of 100, with the first batch having a listing price of 0.25 BNB for Common Chimps, with increasing pricing for apes with more rare characteristics and specialized names. There will only be 1,000 Non-Fungible Apes ever released.
ApeSwap NFT holders may receive benefits such as airdrops, early access, and more
Roadmap
- March 2021: Introduce Lottery System, Non-Fungible Apes, and additional UI enhancements
- April 2021: Advanced burning mechanics (More to come on this soon!) and UI revamp, NFA marketplace
- May 2021: Additional utility and gamification for NFA holders, CEX Listing
- June 2021: Add $BANANA Governance
- September 2021: AutoFarm and Vaults
- November 2021: Variable Yield Farms - gamified pools where the yields grow with liquidity and participants.
The popularity of the DeFI industry has been on the rise since the beginning of this year. And a lot of DeFI project has been developed but not all are in existence till today. Those projects that have survived are called DeFI survivors which ApeSwap Finance is one of them.
Read More Here:
- Website: https://apeswap.finance/
- Twitter: https://twitter.com/ape_swap
- Telegram: https://t.me/ape_swap
- Medium: https://ape-swap.medium.com/
Proof of Author
- Bitcointalk User Name: lani123lani
- Bitcointalk Profil link: https://bitcointalk.org/index.php?action=profile;u=1220105
- Telegram: @lani123lani
- Wallet: 0xa811fEa9DbB8C331cad33447e387AcdE2A9a0F6D
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