ApeSwap is a Decentralized Autonomous Organization (DAO) that offers a full suite of tools to explore and engage with decentralized finance opportunities. There are several products available within the DeFi Hub of this platform, and by using them you can be a part of the financial innovation wave while maintaining security and transparency. It was launched by an individual called Obie Dobo and it went live on February 13, 2021. However, we don’t know where the company is based.
Here are the main features of this DEX platform:
- Cryptocurrencies supported
Through this decentralized exchange, you can swap between different crypto tokens on Polygon and BNB chain. Some of the supported crypto coins include AAVE, BNB, ADS, BHC, BUSD, CAKE, DOT, ETC, FTM, KAI, LTC, MOR, OTAKU, SHIBA, etc.
- Native token
The primary native token is known as BANANA. The team uses it to reward users who add liquidity to the DEX and then stake their LP tokens in Yield Farms. It also functions as the reward token on the lending network to incentivize supply and borrow markets.
- Funding methods
For conducting any operation on this platform, you need to have tokens in your wallet. In case there aren’t enough tokens, you need to purchase them from an exchange that supports fiat currency.
How does ApeSwap work?
This platform lets you perform the following tasks:
- Swap tokens
This DEX lets you swap between approximately 200 tokens on Polygon and BNB Chain. It uses smart contracts to coordinate trades between users. This allows for permissionless, anonymous, trading that is free of the constraints of centralized exchanges.
- Add liquidity
You can add liquidity to the DEX by contributing equal amounts of two tokens to create liquidity provider (LP) tokens. The number of LP tokens you receive represents your contribution to the particular liquidity pool. You can redeem your funds by removing liquidity at any time.
- Stake tokens
The staking pools on this platform let you stake your BANANA or GNANA tokens to earn tokens from partner projects. Each pool has an input token and a reward token. Next to each pool, your will be able to view its APR.
- Yield farming
You can stake APE-LP tokens in yield farms after providing liquidity to enhance the LP earning power. Similar to staking pools, the earnings for yield farms are expressed in APR. This is the amount of BANANA tokens that will accrue while your LP tokens are staked.
What can you buy on ApeSwap?
This decentralized exchange operates on the Binance Smart Chain and Polygon. Some of the tradable tokens on the platform include XRP, WITH, USDC, USDT, SUSHI, SHIB, NEAR, MATIC, LINK, etc.
Is ApeSwap safe?
For managing contracts and treasury, the platform uses Gnosis Safes. These multisig wallets require confirmations from multiple partners. The smart contracts of the platform have been audited by DeFiYield, BSC Gemz, and CertiK.
On Trustpilot, ApeSwap has a rating of 2.9 out of 5 based on only two reviews. So we can tell that not many people are currently using this platform.
ApeSwap fees, compatible wallets, and transactions
Each time you conduct swaps on the exchange, the DEX collects a 0.20% trading fee. A certain portion of it is transferred to the treasury and the rest is distributed to liquidity providers. The wallets supported by the platform include Metamask, Trustwallet, Walletconnect, Safepal Wallet, Tokenpocket, Coinbase Wallet, Binance Chain Wallet, Nabox Wallet, Onto Wallet, and Mathwallet.
What are the ways to trade on ApeSwap?
Once you’ve connected your wallet, you need to navigate to the Swap tab on the Exchange page. By clicking on the tokens icons, you can select the tokens you wish to trade. Enter the amount, check the specific, and click on the swap button. From the settings, you can change the slippage tolerance and the transaction deadline.
If you have any questions, you can check out the quick start guide for tutorials. In case you require further assistance, you can get in touch with the community admins. There is a support channel on the official discord server where users can seek help.
Should you trade with ApeSwap?
ApeSwap summaryApeSwap summary
- Low trading fees
- Token lending mechanism
- Large number of compatible wallets
- Lack of vendor transparency