Binance Smart Chain DEX, ApeSwap, Grows By 98% and Adds More Users Over Uniswap in August 2021

Binance Smart Chain (BSC)-based DEX, Apeswap, has added more users than market leader, Uniswap, in August 2021. 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.

0
94
JOIN US ON TELEGRAM

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.

____________________________________________________________________________

SEE ALSO: [WATCH] Uniswap V3 Launches on Optimistic Ethereum Offering Up to 10x Transaction Cost Savings

____________________________________________________________________________

This image has an empty alt attribute; its file name is 2I8uVW31Hgc64qzxOoFx5qxIwgAjBUIXT1R-HWlmV4oFE9gqNl465Qx5bZL8c_8ONXH0om2_QVZsiPS5Jfj_fSawHDkTailACXoThESCRHzUndBW9UyKYKA_hUncolEHfNb5IxjL=s0

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


___________________________________________________________________

RECOMMENDED READING: Introducing QiSwap ($Qi) – A Binance Smart Chain (BSC) Decentralized Exchange that Burns 90% of Transaction Fees

___________________________________________________________________

Thank you for your support by helping us create content:

BTC address: 3CW75kjLYu7WpELdaqTv722vbobUswVtxT

____________________________________________________________________

Follow us on Twitter for latest posts and updates

Join and interact with our Telegram community

_____________________

Subscribe to the channel below to keep updated on latest news on video:

___________________________________________________________________

LEAVE A REPLY

Please enter your comment!
Please enter your name here