The platform is fighting hard to offset the token’s emission rate to keep improving tokenomics.
Inflation? Only for the Dollar
The multi-chain DEX ApeSwap has already burned more than 22 million $BANANA, roughly 18% of the token supply.
The team announced the platform’s impressive burning stats via Twitter on February 18. $Banana rewards users who add liquidity to the DEX and stake their liquidity provider tokens in the yield farms. To balance this emission rate, ApeSwap has several mechanisms to burn $BANANA and manage inflation, intending to become deflationary eventually.
“While today’s post was just a recap on all the burns we’ve done thus far, we definitely pride ourselves in having one of (if not the) highest “effective” burn rate across all DEXs! Effective meaning we only consider token mechanics that are clawing back and burning emitted supply (not “dev wallet”) BANANA,” ApeSwap´s founder Obie Dobo commented to BSC News.
The DEX is also adding new features to the platform to keep expanding its user base. On February 7, the platform launched the new Lending Network, which already has 20,000 daily active users. According to the roadmap, some exciting developments are coming in the following weeks, including a partnership with MOR, stage 2 of the UI metamorphosis, and the Treasury Bills released in March.
What is ApeSwap?
ApeSwap is a leading DEX that started on BNB Chain, which offers users the best trading experience. ApeSwap is a blend of a decentralized exchange, yield farming, staking, and an automated market maker (AMM). ApeSwap users are urged to partake in its liquidity pool offerings via yield farming to earn its native BANANA token. What’s more, these earned tokens can be used to stake and earn other tokens and unlock deluxe features.
For more information about ApeSwap, visit the platform’s media links:
Source : bsc.news
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