After a successful launch, the Binance Smart Chain exchange is asking Binance to list their product on their massive exchange.
According to the latest ranking by Coinmarketcap at the time of writing, Binance is the world’s top-ranked crypto exchange. In terms of daily trade volume, liquidity, and number of unique visits, Binance leads other exchanges with some reasonable margin.
However, Binance is not just a platform for trading cryptocurrencies; Binance also supports the growth of crypto projects by listing them on the exchange. Projects listed on Binance get exposed to the exchange’s large user base, and as a result, projects usually experience a significant boost in value after being listed.
Binance has a formal process for projects to apply for listing. The founder and CEO of Binance, Changpeng Zhao (CZ), referred to that in this blog post, but he also said the exchange could list a project with no formal application if that project is popular and has a large user community. CZ often goes on Social Media – especially Twitter, to ask the online community what projects they would want to see listed on Binance. In one of such posts made recently by CZ on Twitter, ApeSwap – an AMM and DEX on Binance Smart Chain, made a case for Binance to consider listing it.
Justification For ApeSwap’s Request
In response to CZ’s tweet, ApeSwap deemed itself eminently qualified to be listed on Binance Exchange. ApeSwap, which was launched in February 2021, said in its response that it has seen quite eye-catching success barely three months post-launch, including the following:
1. Among the BSC’s top 3 DEXes
2. Over 400,000 monthly active users (MAUs)
3. Partnerships with more than 70 platforms and counting
4. A Total Value Locked (TVL) of about $225 million
In addition to the mentioned achievements, ApeSwap has undertaken other initiatives that detail its merit, so let’s take a look at those features.
1. Secure Asset Fund for Users (SAFU)
SAFU is a crypto term that refers not only to a form of insurance for users’ funds in the event of a security incident but also the totality of measures taken by a platform to prevent security breaches from happening.
In line with the latter part of SAFU, ApeSwap has taken the following measures to ensure that funds of users are secure,
Security Audit before deployment: ApeSwap subjects its smart contracts to a security audit before deploying them on the platform.
Improve already existing Code: ApeSwap, rather than building codes from scratch, is a fork of existing trusted robust DEX smart contracts. Specifically, ApeSwap is a fork of PancakeSwap, and its contracts are derived from Uniswap’s.
Innovating in low-risk applications: ApeSwap mainly focuses on low-risk innovations when driving platform changes, focusing on user safety while providing quality services.
Slow but steady: the world of smart contracts must be threaded carefully because of the risk of bugs or potential gaps in security. ApeSwap does not make haste when developing platform features, and instead takes its time to ensure due diligence is done correctly.
Further details about ApeSwap’s SAFU measures are illustrated here.
2. Non-Fungible Tokens (NFTs)
Another area where ApeSwap has been quite successful is NFT minting. ApeSwap’s NFTs – uniquely called Non-fungible Apes (NFA) are a rare set of 1,000 NFTs. Each NFA has six unique characteristics – Base, Face, Frame, Mouth, Eyes, and Top. Each characteristic varies in rarity: some features occur more than others. Non-fungible Apes, their features, and different levels of rarity are well detailed here.
ApeSwap, as a part of its Corporate Social Responsibility (CSR), auctioned a set of rare NFAs. The auction was to raise funds and assist India in fighting off the Covid-19 pandemic which recently ravaged the country. Here is an article we published about the auction, which was a noble effort by the protocol to make a global difference.
All in all, ApeSwap has made giant strides since the platform was launched. Within three months, ApeSwap was able to break into the top-ranked BSC DEXes. In addition, ApeSwap has shown that it takes the security of its users’ funds to be of utmost importance; security measures are ingrained in the platform’s development policy. ApeSwap’s successes and safety measures indeed give credence to its call for Binance to consider listing it on the Binance Exchange.
ApeSwap is a BSC platform built by the DeFi community for the benefit of the DeFi community. ApeSwap is a blend of a decentralised exchange, yield farming, staking, and an automated market maker (AMM).
For more information about ApeSwap, visit the platform’s media links!
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.