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ApeSwap Positioning Itself as a Perfect Alternative to PancakeSwap

source-logo  coincodex.com 07 July 2021 12:26, UTC

The advent of decentralized exchanges [DEX] like UniSwap, PancakeSwap, and others have opened up limitless opportunities for developers to create dozens of other projects to rival existing ones. Albeit beneficial and advanced, these decentralized exchanges have a few problems some of which are; cost and speed of processing transactions. If left unsupervised, this could impede the growth of the billion-dollar market. 

Designed for those looking for a faster and cheaper PancakeSwap alternative, the ApeSwap decentralized exchange was launched. Currently the fifth most used DEX on the Binance Smart Chain [BSC] according to DApps Radar, ApeSwap is positioning itself as a perfect and efficient replacement of PancakeSwap. 

Features of the ApeSwap DEX 

Integrating a ton of unique features, the DEX attempts to offer investors an opportunity to earn greatly from farming yields and liquidity pools. On the exchange, users can stake a wide range of liquidity tokens to earn BANANA, ApeSwap’s native token. 

Investors subsequently can begin staking BANANA to earn an array of tokens from all of the decentralized exchange’s certified partners. In an unprecedented move, ApeSwap is enabling cross-chain transactions, an unparalleled feat in the crypto space. Through this, investors can seamlessly access and use the exchange on both the Binance Smart Chain and the Polygon ecosystems, further proof of ApeSwap's commitment to reshaping the DEX market. 

According to a 2019 Investopedia article, over 50% of all ICOs [Initial Coin Offerings] launched since 2017 have failed to raise funds. This makes it incredibly difficult for developers to get the needed capital to fund project ideas. To solve this lingering problem, ApeSwap is introducing the “Initial Ape Offering [IAO] and the BUIDL Program. 

The former is the exchange’s unique token offering where investors can “ape” into emerging projects launched on ApeSwap by purchasing tokens either with GHANA or BNB. The latter, however, is the DEX’s way of offering requisite support and encouragement to new projects that choose ApeSwap as their official decentralized exchange. The BUIDL Program, according to the team, will reward, mentor, and coach these upcoming projects building on ApeSwap. 

The GHANA token is derivative of BANANA and according to ApeSwap, it will help palliate whale activity on the exchange. To get GHANA, users will have to burn a BANANA token, however, there's a 2% and 28% reflect and burn fee respectively. Essentially, for every 1 BANANA token burnt, you get 0.7 GHANA. 

To incentivize investors, 2% of the total GHANA minted will be distributed amongst current token holders. 

The Non-fungible Apes [NFA] 

Piggybacking on CryptoPunk’s existing non-fungible token [NFT] model, ApeSwap is launching a new NFT project tagged “non-fungible apes”. 

According to the DEX, over 1,000 NFAs are in existence currently and have been grouped into five different tiers, with Tier 5, the apex category selling for the highest price. Surprisingly, these NFAs have regularly been released in batches of hundreds with only the last release left, and expected to happen soon. 

Cryptographically generated set of unique, immutable, and rare digital apes, these NFAs according to DApps Radar raked in over $130,000 in 24 hours taking ApeSwap's NFT sales to 1266%, a truly remarkable achievement. 

Committed to creating a project with real-world value, ApeSwap’s unique NFAs will offer holders access to free tokens, early and exclusive entry into the digital areas of the decentralized exchange. Currently running Airdrops for a ton of tokens on the IAO platform, ApeSwap seeks to partner with decentralized finance [DeFi] protocol ChainLink to introduce weekly draws. 

Incorporating NFTs is one of the decentralized exchange's strategies to tap from the $16 billion non-fungible token market. 

coincodex.com