- ApeSwap is quickly becoming the top alternative for PancakeSwap on BSC.
- It aims to welcome newer projects and capture the market share ignored by PancakeSwap.
- ApeSwap offers unique features such as charting, NFTs, and derivative tokens.
Decentralized Exchange ApeSwap emerges as a strong contender for PancakeSwap as the go-to DEX on the Binance Smart Chain. The Automated Market Maker, which is also a Yield Farming and Staking platform, aims to capture the market share which PancakeSwap does not serve as best for their needs.
Challenging PancakeSwap’s lead, ApeSwap looks at forming relationships with newer projects that might not be able to make the cut for the current market leader. It aims to form its own community through its welcoming and responsive team. To facilitate this, the exchange has introduced the ApeSwap BUIDL program. This program exclusively provides coaching and mentorship sections, keeping in line with ApeSwap’s new project focus.
PancakeSwap’s first-mover advantage notwithstanding, ApeSwap wants to become the top alternative for the ecosystem on the BSC. Its community-centered approach reflects in its strong emphasis on accessibility for users through the likes of social media channels like Twitter, Telegram, and Discord.
As part of its efforts to become the top DEX on BSC, ApeSwap wants to provide the advantages of a centralized environment in a decentralized one. For instance, it will become one of the first DEX to have charting, which will make it easier to track price movements. Also, it will offer leveraged trading and limit orders soon. Along with this, its native token is called BANANA, and we all know that’s much healthier than CAKE. Currently, $BANANA is valued at $1.25.
ApeSwap defines itself as a ‘true’ DEX and says that PancakeSwap, its main competitor, compromises on its decentralization as it is backed by Binance and its founders. The platform also refers to the importance of having more than one exchange on a blockchain as a way to separate it from centralized systems.
ApeSwap Offers Unique Features
- GNANA: This is a BANANA derivative token created to help mitigate whale activity. It solves whale problems for pools as well as offerings. Its minting mechanism is simple; burning 1 BANANA earns you 0.7 GNANA, which represents a 28% burn and a 2% redistribution to current holders.
- ApeStats: Users can view their earnings here.
- Non-fungible Apes (NFAs): This is ApeSwap’s NFT project. The NFAs have been consistently making it to the top 10 NFT project lists. It takes a similar approach to CryptoPunks by creating a limited number of NFTs – only 1,000 NFAs exist – which were autogenerated and come in 5 tiers. These tiers reflect their scarcity, as in the tier 5s are the most and tier 1s are the least. Releasing in batches of 100s, the NFTs are intensely popular, selling out within minutes. Only the last batch (of 50) is left. The platform is building out a utility strategy around NFAs by offering users free tokens, early and exclusive access to different areas of ApeSwap.
- Initial Ape Offerings (IAOs): ApeSwap’s version of a token offering. Users can ‘ape’ new projects launching on the DEX by purchasing them with BNB or GNANA.
- Yield Farming: Stake liquidity pool tokens to earn $BANANA. Starting with 5 yield farms, the platform has grown.
- Pools: Users can stake $BANANA to earn other tokens from ApeSwap partners.
Not just this, but as per the latest reports, ApeSwap has also launched on Polygon making it a cross-chain DEX. Currently, it’s running its Summer Campaign “Hot DeFi Summer” which will bring a range of updates to the user-friendly platform.