An up-and-coming decentralized exchange has gone cross chain as it “plants new seeds to grow the jungle.”
ApeSwap’s plans to expand to Polygon were driven by an awareness of the multi-chain trend that has emerged in the blockchain sector — and a desire to remain at the cutting edge when it comes to DeFi.
The project’s team has also recruited 10 of its close partners on Binance Smart Chain to join them, helping to create an entire DeFi ecosystem on Polygon overnight.
The launch has been executed with the full support of the Polygon team through co-marketing and MATIC liquidity incentives. In addition to the MATIC incentives, the ApeSwap DEX has kicked things off by bridging one Banana per block for farming.
The rationale behind bridging $BANANA is simple: Supporting one inflationary token is challenging enough. To ensure that the cryptocurrency’s long-term growth prospects and tokenomics aren’t undermined, the ApeSwap team resolved to build a bridge to ensure its tokenomics remain consistent cross-chain.
An all-star line up
Some of the projects that have joined Polygon with ApeSwap include the yield farming platforms PolyCrystal Finance, Barbershop Finance and TakoDeFi — not to mention the vault service ApeRocket and the IDO launchpads Astronaut and ApeTools. Leveraged trading is taken care of thanks to the presence of Unimex, while NFTKEY and Neural Pepe are on hand to deliver non-fungible projects.
The Anyswap bridge bringing BEP-20 BANANA to Polygon officially opened on June 19, paving the way for ApeSwap’s DEX to launch on this blockchain just two days later. Looking ahead, ApeSwap says partner projects are going to be launching continually — meaning that the project’s supporters have no shortage of things to look forward to.
ApeSwap’s co-founder Obie Dobo said: “We couldn’t be more excited to officially be a cross chain decentralized exchange and cryptocurrency. ApeSwap is focused on providing a premier trading experience for all DeFi Apes, and this is a continued step on that path to be at the forefront of innovation.”
ApeSwap says that it has already taken Binance Smart Chain by storm — amassing 425,000 monthly active users in under four months. The project keenly hopes to replicate this strong performance on Polygon too.
Overall, it has partnered with more than 80 projects, grown its community to more than 150,000, and also developed a top 10 NFT project that certainly made a splash. Crucially, ApeSwap is also using its platform to foster the next generation of big crypto ideas — establishing a BUIDL program to help new projects grow and an IDO launchpad, nicknamed Initial Ape Offerings (IAO), to launch promising innovative projects.
As 2021 progresses, ApeSwap says it has a laser-like focus to deliver the best retail trading experience in DeFi. Expanding to Polygon has helped lay the framework as the project vies to become a premier multi-chain DEX.
A number of features are also in the pipeline. Charting just recently launched through its decentralized exchange, and limit orders and leverage trading are soon to follow. Given how ApeSwap’s users are at the heart of the project, implementing governance is also on the roadmap for the month of July.
ApeSwap recently launched a campaign called #HotDeFiSummer, featuring a monthly round-up of “pledges” that summarize what the team is working on. In addition to governance, July’s pledges include 25 new trading pairs, Reddit AMAs, volume mining, more episodes of their podcast, and an auction for the remaining NFTs from their limited collection.