DePocket Decentralized Application will have the update for Apeswap Decentralized Exchange integration in January 2022. To prepare for this upcoming event, we are going to learn about Apeswap Dex in this article.
Table of Contents
- What is Apeswap?……………………………….……………………….1
- What functions are special on Apeswap?…………………….……….2
- How to make money on Apeswap Dex?……………….………………3
- The potential development of Apeswap Dex?………….…………….4
- What is Apeswap?
- Decentralized Exchanges currently are drawing more attention according to the benefits and surpassing functions they have made for the crypto community. Hence, more Defi Exchanges are born to serve the purpose of improving user experience and contributing to the overall growth of the Defi world.
- Apeswap is an AMM DEX that provides users a multi-purpose financial environment where they can swap tokens, stake them by adding tokens into liquidity pools and farm the liquidity provider tokens to get rewards.
- Apeswap Dex is built on Binance Smart Chain and is forked from Pancakeswap Dex.
- For the individuals who have not known about Dex, AMM Dex, and Pancakeswap, you can learn more here https://depocket.medium.com/what-is-dex-amm-and-how-to-use-pancakeswap-amm-dex-c7430cbe6204
- Apeswap has its own Dex Token which is named BANANA tokens in comparison with Pancakeswap that has CAKE to be its Dex Token. Dex token like BANANA token is essential for financial activities on Apeswap.
2. What functions are special on Apeswap?
a, Non Fungible Apes (NFAs)
- Non-Fungible Apes are NFTs including 1000 apes that have several unique characteristics. There are six characteristics ( Base, Face, Frame, Mouth, Eyes, Top) that are randomly chosen to create apes classified into 5 different rarity levels.
- The quote “Why to be a human, when you can be an ape” appearing at the front of Apeswap NFAs site and the interface decoration of it are evaluated to be funny and relaxing. In the other words, users not only can make money by purchasing and trading Apes NFTs but also can have a blast even when investing.
b, Initial Ape Offerings
- Initial Ape Offerings (IAO) is a fundraising activity that ApeSwap uses to launch new tokens and bring liquidity to those tokens. To participate in IAO, liquidity providers need to stake the pair of tokens BNB and BANANA into the BANANA-BNB liquidity pool to receive BANANA-BNB LP Token.
- All you need to do is visit ApeSwap.Finance/IAO, find an active IAO that you want to join, then you can transfer some of your BANANA-BNB LP tokens to buy IAO tokens.
c, Gold BANANA Token (GNANA)
- Recently, ApeSwap has released a new product enhancing user experience which is called Golden Banana Token.
- Apeswap customers have higher priority to get advantages from some upgraded functions in relation to staking, IAO special precedence, and passive farming.
3. How to make money on Apeswap Dex
a, Swapping
In order to swap, let’s follow the following steps:
- STEP 1: Visit the website https://app.apeswap.finance/.
- STEP 2: Connect your wallet to Apeswap.
- STEP 3: On the left side menu, choose Trade, then select Swap.
- STEP 4: Select the tokens for swapping.
- STEP 5: Click Swap.
- STEP 6: Check the information then click Confirm Swap.
- STEP 7: Click Confirm in your wallet.
b, Adding liquidity pools.
Follow the steps below to add liquidity:
- STEP 1: Visit the website https://app.apeswap.finance/.
- STEP 2: Connect your wallet to Apeswap.
- STEP 2: On the left side menu, choose Trade, then choose Liquidity.
- STEP 4: Choose the pair of tokens to add a pool.
- STEP 5: Click Supply.
- STEP 6: Check the information then click Confirm Supply.
- STEP 7: Click Confirm in your wallet
After adding a pool, you will receive the LP tokens and you can use these tokens to farm.
c, Farming.
Follow the following steps to farm:
- STEP 1: Visit the website https://app.apeswap.finance/.
- STEP 2: Connect your wallet to Apeswap.
- STEP 3: Choose Farm on the left side menu.
- STEP 4: Select Stake LP to choose the suitable pool to stake your LP tokens.
- STEP 5: Add the number of LP tokens and then click Confirm.
- STEP 6: Click Confirm in your wallet and you now successfully farmed your LP tokens.
4. The potential development of Apeswap.
- Apeswap is now found by the crypto population as a very interesting and serviceable Decentralized Exchange. This Dex is predicted to get more achievements in the future based on what it has succeeded in improving in terms of user experience and creative working mechanism.
