The latest DeFi protocol - ApeSwap

As a new automated market maker (AMM) that allow users to trade crypto assets against liquidity pools and collect yields, the team is already offering a lot more.

ApeSwap is similar to PancakeSwap where you can trade BEP20 tokens. In fact it is a PancakeSwap fork.

So if you are familiar with any decentralized exchange you might have a clue how ApeSwap works but if you don't I'll try to cover most of the features and how to use them.

In order to connect to the platform a Metamask wallet is needed or another wallet that supports Binance Smart Chain Network because ApeSwap in build on top of it and no other registration procedures are needed because it is completely decentralized under no regulatory authority.

In the first place any user can provide liquidity and gain passive income while farming BANANA tokens and adding tokens to pools is easy because of the user friendly interface. The only needed thing is the fee paid to the blockchain but unlike Ethereum blockchain which Uniswap is built on, gas fees on Binance Smart Chain are very cheap and you can do this even with small amounts and it is faster.
On Farms, you can stake LP (liquidity provider) tokens that payout in BANANA or another crypto up to 342.48% APY on some of them. All that with a cost of fees in a matter of cents.
To stake some BANANA tokens you first need to have some along with a bit of BNB for the fees and transfer them both to a wallet that is supported by ApeSwap. Once staked you come back any time and you will be able to see how much BANANA you’ve earned and claim the rewards.

Adding liquidity can be done with just a couple of clicks and you should select the token pair you’re interested in depositing to provide liquidity. When you supply liquidity to the pools you’ll be required to approve moving the tokens to the pool.

The yields available from farming are incredible, whether compared to traditional bank interest rates or not. So with some LP tokens from staking and you can now to stake them and earn BANANA through “Farms” tab in the left sidebar. Next, select the option that matches your LP tokens.

The next most important feature of ApeSwap is the IAO (Initial Ape Offering) which allows users to farm new tokens through BANANA. An Initial Ape Offering is a fundraising procedure for launching new tokens and bringing more liquidity to those tokens. In most cases you will need BANANA-BNB LP tokens to participate in an IAO and to trade those tokens for the token being launched so the project gets the BNB, ApeSwap burns the BANANA.

Additionally, the platform offers a lottery option where you can buy tickets using BANANA and win big pots pushing the token into a deflationary state and the total amount of a pot may vary because of the number of tickets users bought but it may grow to huge amounts.

Hope you find this useful.

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