By: David Cox
ApeSwap, a decentralized or non-custodial exchange (DEX) built on the Binance Smart Chain (BSC) and Polygon, aims to provide the best trading experience possible.
ApeSwap users are incentivized to pool liquidity on ApeSwap via yield farming to earn the project’s native cryptocurrency, $BANANA. The platform’s users, affectionately referred to as “Apes,” are able to use their earned $BANANA to stake and earn various other digital tokens and access “exclusive” features.
Developed “by DeFi apes, for DeFi apes,” the initiative has a committed team with many years of experience. The developers are also dedicated to the larger DeFi community and aim to grow the ApeSwap Jungle.
Some of the key features include an improved trading environment when compared to some of the larger DEXes such as PancakeSwap.
Via ApeSwap, users can access an exchange that serves as an automated market maker (AMM). It allows any combination of two crypto tokens to be exchanged via the Binance Smart Chain.
Additionally, users may earn BANANA via yield farms, earn BANANA through digital asset staking, and earn additional tokens through their pools. There’s also an option to win “big” with the ApeSwap Lottery.
Apes can also participate in Initial Ape Offerings (or IAOs) to “catch hot projects early.” Some other exciting options include becoming an “established O.G.” in the ApeSwap community by getting your own “Non-Fungible Ape.”
DEXes like ApeSwap may be considered legitimate alternatives to larger DEX platforms such as PancakeSwap because the team at ApeSwap is “consistently” and “actively” pursuing auditing to ensure that their platform remains a “safe and reliable” platform for all Apes.
Although exchanges like PancakeSwap may have adopted their own security measures, it might be easier to carry out these procedures with the help of a strong community that ApeSwap has managed to establish.
The platform’s developers noted that on June 17, 2021, DeFiYield finalized their audit of ApeSwap. DeFiYield worked cooperatively with the ApeSwap team during the auditing process and offered one of the most detailed audit reports. They identified one risk that was “necessary to fix,” which they were able to resolve fairly quickly.
On March 5, 2021, BSC Gemz completed their audit of the ApeSwap protocol and platform. The audit was quite thorough and came out with just a few “low risks” and “easy fixes.”
On May 5, 2021, CertiK Audit completed their extensive audit of ApeSwap. The audit was “squeaky clean.” According to the report, there were “no critical vulnerabilities found.” And none of the issues found may be exploited, as “preventive measures” were taken to ensure platform security.
As noted by its development team, the ApeSwap bug bounty program has been introduced to cover their smart contracts and decentralized applications (dApps). It’s focused on the “prevention of loss of user funds.”
It’s worth noting that truly decentralized projects like ApeSwap benefit from a strong and very active community. A project is only sustainable when its community members work cooperatively together to engage more users and provide exciting opportunities to earn unique rewards.
ApeSwap.finance recently teamed up with Lympo, a platform initially developed on Ethereum that’s creating a sports-themed NFT ecosystem
centered around high-end NFTs created in official collaboration with world-famous athletes and clubs around the world.
The Lympo ecosystem mainly revolves around the LMT token, which can be used to stake for NFTs, “directly purchase/mint NFTs,” and various other options.
Lympo will be connecting top athletes with their loyal fans in previously “unexplored” ways by using “high-end,” collectible NFTs. Users can stake LMT “to earn different tiers of unique NFTs for each athlete.”
By using these non-fungible tokens, users can take advantage of several opportunities
to interact with their favorite athletes, such as choosing the color of their shorts during a match or even getting a share of their winning profits from a tournament.
ApeSwap has also partnered with REVV Motorsport. REVV is now “gearing up” to join the ApeSwap Jungle.
REVV Motorsport is described as a “play-to-earn” gaming and NFT ecosystem developed on Ethereum. It encompasses some of the “most popular performance motorsports IP in the world.”
Via REVV’s ecosystem of engaging games and unique DeFi experiences, users may get “exclusive access” to unique NFTs and “play-to-earn” opportunities from some of the most notable players in the racing space.
REVV says that it aims to position itself as the leading provider for blockchain or DLT-powered racing games and engaging experiences. Through “exclusive” partnerships with Formula1, MotoGP, and FormulaE, REVV provides an extensive variety of high-quality racing games “all revolving around the use of the REVV token.”