Cryptheory: NFT, Play-to-Earn, Crypto News

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

ApeSwap Rewards Non-Fungible Ape Holders

4 min read

ApeSwap is an automated market maker (AMM), yield farming, and staking platform on Binance Smart Chain. This decentralized exchange offers users a unique and premier trading experience. ApeSwap launched a rewards program for members of the community who hold their version of non-fungible tokens.

With a strong dedication to the DeFi community, members are referred to as “apes” and the ecosystem itself is called the ApeSwap Jungle. The native currency is BANANA and apes are incentivized to pool liquidity on ApeSwap through yield farming to earn the currency.

Apes are able to use their BANANA to stake and earn other tokens, which will open up exclusive features. ApeSwap is committed to making the user experience as seamless and exciting as possible.

ApeSwap is also known for bringing an element of fun into the DeFi community.

ApeSwap’s full suite of DeFi products

  • A decentralized exchange for liquidity
  • A yield farming program with up to 300% APY
  • BANANA staking pools
  • Initial Ape Offerings (IAO) for new tokens
  • Non-Fungible Apes (NFAs) for NFT collectors
  • Lottery

Saturdays are for the NFAs

Recently, ApeSwap launched a program called “Saturdays are for the NFAs”. This is ApeSwap’s way of giving back to their community.

Saturdays are for the NFAs allows all NFA holders are automatically eligible to win an award that is paid out in BANANA tokens.

To ensure each NFA holder stands an equal chance of winning the reward, ApeSwap has integrated Chainlink’s Verifiable Random Function (VRF) to select the winner. The random number generator solution is both transparent and tamper-proof.

Chainlink VRF generates a random number and produces cryptographic proof by combining the following:

  • Block data that is unknown when a request is made
  • A user-supplied seed
  • The oracle node’s pre-committed private key

ApeSwap explained that the rewards contract only accepts a random number input if it is accompanied by valid, cryptographic proof. This proof can only be generated if the VRF process is has not been manipulated.

NFA holders are essentially given automated and verifiable, on-chain assurance that the selected winner was 100% randomly selected.

BANANA token

BANANA ($BANANA) is Binance Smart Chain (BEP-20) token that currently has no hard cap on its supply. This means the native ApeSwap token is inflationary.

ApeSwap are aware that some community members believe this to be a cause for concern. However, there is a reason why the “founding apes” will not set one in the near future.

“BANANA’s primary function is to incentivize providing liquidity to the exchange. Without block rewards, there would be much less of an incentive to provide liquidity (LP fees etc. would remain),” says the ApeSwap website.

ApeSwap has the following deflationary mechanics in place:

  • 100% of trading fees generated on ApeSwap are used to buyback BANANA and burn
  • 15% of BANANA spent on lottery tickets is burned
  • 100% of BANANA raised in IFOs is burned

Golden Banana ($GNANA)

To bring home the strong focus on community even more, ApeSwap has a special token called the Golden Banana or GNANA. This exists to reward loyal ApeSwap community members.

“Golden Banana holders are true Apes, and we anticipate on treating them like V.I.Ps in our ecosystem,” says ApeSwap.

Essentially GNANA is a reflect token with a 2% transfer fee. Holders receive a share of the fee, proportional to their holdings.

Non-fungible apes

Like non-fungible tokens (NFTs), NFAs are unique, rare, immutable, digital apes. There are 1,000 NFAs in existence and each is cryptographically generated.

ApeSwap Rewards Non-Fungible Ape Holders
Three examples of non-fungible apes

The individual apes are created by hashing a string to randomly select six characteristics. These include the base, face, mouth, eyes, and top of the ape.

The characteristics all have various likelihoods of occurring in each ape generation. In other words, some of the characteristics are incredibly rare.

ApeSwap explains that only 32 of the 1,000 apes have laser eyes. A total of 107 apes have sunglasses. A score is generated for each ape based on the combined rarity of the individual characteristics. These are then categorized into rarity tiers.

  • Common Chimps: Tier 1 (500 NFAs) — Most common
  • Original Orangutans: Tier 2 (250 NFAs)
  • Alluring Apes: Tier 3 (150 NFAs)
  • Prime Primates: Tier 4 (70 NFAs)
  • Magic Monkeys: Tier 5 (30 NFAs) — Most rare

ApeSwap is undoubtedly committed to their community

ApeSwap has demonstrated time and again that the apes within the ApeSwap Jungle are a top priority. The decentralized exchange has managed to make the entire user experience fun, inclusive and financially intriguing.

Through the recently launched NFA program, ApeSwap has ensured an even playing field for the community, by incorporating Chainlink’s VRF to select the winner, fair and square.

The head apes of ApeSwap are ensuring their entire community are treated equally and respectfully, as well as incentivizing those who have remained loyal to the exchange.

Growing from strength to strength, ApeSwap’s future looks fruitful.

The post ApeSwap Rewards Non-Fungible Ape Holders appeared first on BeInCrypto.


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply

Your email address will not be published.