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.
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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