Just a couple of years ago a majority of crypto investors across the globe hadn’t even heard of the term decentralized finance (DeFi), however, as things stand today, the total value locked across within this relatively nascent space stands at over $63 billion. As a result of this monumental expansion, this sector has helped birth several unique avenues designed to maximize investor gains.
ApeSwap is one such solution, boasting of a DeFi ecosystem that comes replete with an Automated Market Maker (AMM) module, yield farming framework, and staking platform. The offering has been built atop the Binance Smart Chain (BSC) as a result of which it is able to quite easily mitigate issues related to high gas fees and low transaction throughput fairly easily.
Just to put things into perspective, it bears mentioning that earlier this year in April, the average cost of facilitating a transaction on the Ethereum blockchain rose as high as $70, making the ecosystem useless for smaller traders and investors. On the other hand, transactions taking place on BSC can be completed for way less than $0.1, making the DeFi market more accessible to everyone.
Lastly, while PancakeSwap is considered to be one of the premier decentralized exchanges (DEX) operating on the BSC blockchain today — thanks in large part to it being an early mover within this space — in recent months, a number of amazing alternatives (such as ApeSwap) have emerged and garnered an increasing amount of mainstream market traction.
Making passive income available to everyone
As knowledge regarding the DeFi sector has continued to grow over the years, people all over the world are beginning to realize that the gains being offered by avenues such as yield farming, staking are considerably higher when compared to those delivered by traditional savings bank accounts. In this regard, ApeSwap serves as a one-stop shop for all of one’s DeFi needs, allowing investors to reap handsome returns on their locked liquidity in a seamless manner.
Furthermore, ApeSwap currently has one of the largest communities of backers in the DeFi world today, with the platform currently boasting 115k followers on Twitter. Not only that, the project also has a good presence across other social media channels including Telegraph, Discord, and the all-important Reddit.
This commitment to community building is further bolstered by ApeSwap’s BUIDL program that is designed to help support upcoming projects that have chosen ApeSwap as their primary DEX. Lastly, startups involved with the program are provided with technical coaching, mentorship along with certain monetary rewards/incentives for meeting their milestones.
Decentralization lies at the heart of everything
Straight off the bat, it bears mentioning that ApeSwap seeks to help users gain all the functional benefits offered by DeFi platforms while maintaining an extremely high level of transparency and operational decentralization. For example, ApeSwap is one of the first DEX’s to feature a “charting option” that makes it easier for users to make smarter investment choices. Not only that, the platform also has on offer other useful tools including a leveraged trading module, a limit order option.
Also, while DEXs like PancakeSwap have openly admitted to being backed by Binance — with the founders being directly linked with the exchange in a working capacity — such operational setups seem to go directly against the central ethos of cryptocurrency, i.e. a framework without a power hierarchy. Therefore, it is important that the BSC ecosystem continues to feature multiple established DEXs (like ApeSwap) to promote a sense of decentralization amongst its growing community of backers.
The future is already here
In recent months, discussions surrounding cross-chain interoperability have continued to garner an increasing amount of mainstream traction, especially as projects like Polkadot, Binance Smart Chain, Cosmos, etc have become more and more prominent globally. As such, ApeSwap has recently gone cross-chain by integrating support for Polygon, a digital framework designed to help build/connect various Ethereum-compatible blockchain networks with one another.
Lastly, Apeswap has also made its way into the NFT market via offerings referred to as Non-Fungible Apes (NFA). Simply put, there are a total of 1,000 NFAs in existence today, with some being more unique than others. The project is similar to CryptoPunks in its design, such that there are only a fixed number of NFAs that users can purchase in all — thus helping build their value over time.
In closing, with the crypto sector evolving the way it is — DeFi in particular — the introduction of independent, open-source projects like ApeSwap can help this budding market remain transparent and efficient. Therefore it will be interesting to see how the future of this space plays out from here on end.