What is ApeSwap?
ApeSwap is a decentralized exchange (DEX) built on the Binance Smart Chain and Polygon. It's a community-driven project. ApeSwap uses its own AMM algorithm called "Jungle AMM." AMM-based DEX is a type of DEX that relies on mathematical formulas to price assets rather than on an order book.
Aside from providing a crypto exchange, ApeSwap also provides a lending network, an NFT marketplace, margin trading, and liquidity pool staking possibilities. Besides, members can take part in IDOs known as Initial Ape Offerings (IAOs).
Moreover, due to the new integration of ApeSwap and MoonPay, members are now capable of purchasing crypto using fiat via credit or debit card on ApeSwap’s site.
ApeSwap has two native tokens: BANANA and GNANA, both based on the BEP-20 token standard. The primary ApeSwap crypto asset is BANANA, whereas GNANA is a special token accessible only to the most loyal community members.
If you are interested in knowing the current BANANA price, you can check the ApeSwap price chart featured above.
Use Cases of ApeSwap Tokens
For starters, the BANANA token can be used to add liquidity by being paired up with other tokens – thus, creating liquidity provider tokens (APE-LP tokens). This action is rewarded with trading fees that can be staked in Yield Farms or BANANA Maximizers to generate passive income.
When it comes to APE-LP tokens, they can also be used to purchase Treasury Bills – by doing this, members can earn BANANA. Another way of earning BANANA is through staking. Moreover, ApeSwap's primary token is eligible for lending and borrowing.
Besides that, GNANA can be acquired with BANANA.
The GNANA token, on the other hand, is exclusive to ApeSwap’s most loyal community members. Because of that, GNANA is 1.389x more valuable than BANANA within the ApeSwap ecosystem.
With GNANA, members are able to participate in governance. Other benefits of owning GNANA include passive farming, exclusive pools, and access to special IEO allocations.
Don’t forget you can check the live ApeSwap price above.
Who Founded ApeSwap?
ApeSwap has five co-founders. All of them are pseudonymous – ApeGuru, ApeTastic, Harambe Nakamoto, Donkey Kong, and Obie Dobo.
Ape Guru is a full-stack developer with 10 years of experience as a developer. ApeTastic is a smart contract developer, with several years of experience as a blockchain developer. He is responsible for critical tasks such as smart contract calls and burning tokens. Harambe Nakamoto is deeply immersed in crypto economics, analytics, and engineering of ApeSwap. Donkey Kong is mainly involved with ApeSwap’s Business Development. Lastly, Obie Dobo is responsible for managing the community of ApeSwap.
Tokenomics of BANANA
The ApeSwap crypto project has a max supply is 420 million BANANA. Yield Farms on the BNB Chain and the BANANA-BANANA pool make up more than half of the distribution rate of BANANA. Smaller amounts were used to supply the Lending Network (Ola), Yield Farms on Polygon, Treasure Bills, and so on. Besides, only 1.36% was reserved for the GNANA Pool.
Fixed supply implies that no new tokens will be minted, which might reflect positively on the BANANA price as the token supply gets more scarce.
