ApeSwap: Registration and reviews. How to use it?
This is a decentralized exchange, it will not suit a beginner; There are few cryptocurrencies; Not very large trading volumes.
High percentages in staking (up to 100%); Yield Farming; not difficult to set up (for DEX)
With the expansion of the DeFi market, people are looking for different ways to trade and exchange their currencies. ApeSwap is one of the latest projects launched in the Binance Smart Chain (BSC).
In the following sections, you will get information about what ApwSwap is, how it works, and how you can start using it. In addition, you will learn what $BANANA is and how this digital asset works on this platform.
Disclaimer: This article should not be considered as financial advice. It is written for educational purposes only. We are not responsible for any investment decision you make after reading this article. Never invest more than what you may lose.
What is ApeSwap?
ApeSwap - is a decentralized exchange (DEX) that operates within the Binance Smart Chain (BSC). In recent months, the network has attracted thousands of users and offers a wide range of services.
The platform works with the digital asset $ BANANA. This coin is required for users to participate in most of the services offered on this platform.
In addition, users will have the opportunity to participate in a wide range of activities.
This platform was created as a fork of PancakeSwap, one of the largest DeFi projects, which is currently also running in BSC.
Thanks to the large number of services offered, ApeSwap continues to attract new users on a daily basis.
Important! Since this is a decentralized exchange, in order to get coins on it, you need to link a wallet to it!
Now that we know what ApeSwap is, let's take a look at the various services offered by this platform.
ApeSwap Decentralized Exchange (DEX)
The main service offered on ApeSwap is a decentralized exchange (DEX). Compared to other platforms, ApeSwap works as an automated market maker (AMM) solution.
This means that there are no order books on this exchange. Liquidity is provided through a network of liquidity pools for various trading pairs.
The liquidity pools will reward users who provide liquidity with a portion of the fees paid by investors who exchange their coins on the main ApeSwap exchange. The higher your bet, the greater the reward you will get.
To start using this service, you can use the MetaMask wallet (and other wallets) and start receiving and sending assets. This is one of the easiest ways to connect to the platform.
Yield Farming - is one of the ways to ensure the liquidity of AMM platforms and get rewarded for it. In this example, users will deposit funds into various liquidity pools and receive rewards for the liquidity they provide.
The larger their share in percentage terms, the more rewards they will receive. If your funds account for 20% of the liquidity pool, you will receive 20% of the remuneration from the commissions paid by users on the platform.
Users participating in Yield Farming on ApeSwap are considered to be Liquidity Providers (LQ) and can easily be rewarded once they deposit funds into the liquidity pools.
The staking offered on the platform encourages users to bring liquidity to the platform. Users are rewarded with the $BANANA cryptocurrency, which is the native digital asset on this trading platform.
The platform usually offers various types of offers that are aimed at attracting more players to this platform. The site has become very popular in recent months, and the $BANANA coin is also a hot gem that has become available to investors.
Users can bet their $BANANA coins to earn new tokens and other coins.
Users can participate in staking and withdraw their funds at any time. In addition, the rewards you receive are calculated for each block.
Some of the coins offer up to 100% rewards for placing funds. However, there is a high risk for these new projects – the risk of a scam!
Register for ApeSwap
Registration for ApeSwap is not required. Simply link your wallet by clicking on the "Connect" button in the upper-right corner of the screen.
Then you can start trading.
Learn how to connect a wallet to ApeSwap in the official manual of the exchange!
How to trade on ApeSwap?
Here's how you can make a trade on ApeSwap. Finance!
Go to the main page of the exchange.
Next, you need to link your wallet to the exchange. To do this, in the upper right corner, click on the "Connect" button. A list of wallets that can be linked to the exchange opens:
- Binance Chain Wallet
- ONTO Wallet
Next, you need to select the token that you will trade and specify the amount.
- Select a token for sale. For example BNB
- Enter the amount of coins you want to sell (in the example 12 BNB).
- Select the coin you want to buy (for which you want to exchange BNB). In our case, this is the BANANA token.
- The exchange will automatically show the amount of coins that you will receive (after you have entered the number of coins that you give away – point 1).
- General information: how many coins you will receive, commission.
- Click on the button! In our case, the wallet is not linked yet, as soon as you link the wallet, the "Swap" button will appear in step 6.
After you click on the "Swap" button, a pop-up window will open. Check the details of the transaction and click "Confirm Swap".
Now you need to confirm the transaction in your wallet.
Congratulations! You made a trade on ApeSwap. You can click "View on bscscan" to see the transaction details.
Commission on ApeSwap
The exchange commission for the transaction is - 0.3%!
1/6 of the commission of 0.3% charged on each transaction (Swap). That is, the exchange takes for itself-0.05% of each transaction.
During the first 3 months, 100% of the received commissions, ApeSwap will use to redeem and burn $Banana.
These are not all the services offered by ApeSwap. Indeed, there are many other solutions offered by this platform. Some of the additional services include IAO and more.
Thanks to this variety of services, users get access to a wide range of financial instruments that were previously unavailable.
Moreover, compared to other blockchain networks such as Ethereum, the Binance smart network has decidedly lower fees and makes it easier for users to access DeFi.
ApeSwap has a wide range of pools where users can bet on $BANANA and earn new tokens. As we mentioned earlier, this is one of the most promising solutions of the platform.