Binance Smart Chain (BSC)-based DEX, Apeswap, has added more users than market leader, Uniswap, in August 2021.
According to analysis on DappRadar, ApeSwap attracted 98% more unique active wallets, boosting its total to 345,720 for the period. On the other hand, Uniswap is lagging behind with 215,900 unique active wallets.
Moreover, data shows the top 2 DeFi dApps for the past 30 days are now on BSC. This shows the significant shift in what users are looking for in terms of processing speeds and gas fees.
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SEE ALSO: [WATCH] Uniswap V3 Launches on Optimistic Ethereum Offering Up to 10x Transaction Cost Savings
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It is also an indicator that despite the recent London Fork, the Ethereum blockchain still struggles with leveling gas fee prices. Uniswap V3 is the only Ethereum-based DeFi dapp in the top 5.
In terms of total unique wallets, Apeswap is also catching up to Uniswap V2. The Ethereum-based exchange attracted 347,780 unique wallets for the past 30 days, while ApeSwap is behind by only around 2,000.
ApeSwap recently celebrated a milestone of $700 million in total value locked (TVL) on the protocol and another milestone of $250 in market cap.
Forked from PancakeSwap, Apeswap is a premier DEX trading platform with automated market maker (AMM) mechanisms, yield farming, and staking on the Binance Smart Chain.
The platform is backed by its native token $BANANA which is the key incentivization structure on the platform.
Some of the benefits attributed to Apeswap include:
- Intuitive features
- Cross-chain operability with Polygon
- Farming activities
- Lucrative yields
- Innovative derivative tokens
The platform limits whale activity and the token value of $BANANA using an innovative derivative token called $GNANA. To reduce the circulating supply of $BANANA in the network, $GNANA is created by burning $BANANA.
In order to mint $GNANA, 28% of a $BANANA is burnt followed by a 2% reflect fee that is instrumental in redistributing it to current token holders.
Apeswap uses Initial Ape Offerings to provide users with a platform to ape into projects launching on ApeSwap. Users can seamlessly participate in the projects launching by purchasing tokens with $BNB or $GNANA.
Other interesting features of the AMM include:
- Non-Fungible Apes (NFAs)
- Burning 100% of trading fees
- BUILD Program to offer support and mentorship to new projects
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RECOMMENDED READING: Introducing QiSwap ($Qi) – A Binance Smart Chain (BSC) Decentralized Exchange that Burns 90% of Transaction Fees
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