The successful bridge to Polygon proves the strength of ApeSwape’s tight-knit community on BSC.
Welcome to the Polygon Jungle
An announcement from ApeSwap confirmed that the team is bringing new projects cross-chain with official support from Polygon. ApeSwap broke the news earlier this week on both their Twitter and Medium pages. The summer of decentralized finance is getting hot, and the latest move from ApeSwap provides a solid pathway to cross-chain success.
With the addition of ten additional projects, ApeSwap could not resist bringing a ton of partners along with them for fun. The pivot to Polygon is not just for ApeSwap. The ApeSwap Community Director, ChimpinChip, spoke on the BSC.News live stream that trading on Matic will begin next week.
As ChimpinChip proclaimed in the BSC.News live stream, this is not like other cross-chain maneuvers: “this is the pivot of an ecosystem.”
The move by ApeSwap brings a whole crew of apes along to create an entire DeFi ecosystem in Polygon. The tight-knit community is spread all over and this move builds on the team’s global focus.
Strength in Numbers
The Banana Bridge will launch at 01:00UTC on 19 June and the farms will open at 16:00 UTC on 21 June. The new launch will contain three yield farms, a vault, a launchpad, a dashboard, and a NFT marketplace. Obie_Dobo confirmed in the Reddit AMA that Polygon allocated additional MATIC for extra rewards. This kind of assurance goes far with hungry apes. MATIC farming rewards will be additional rewards on top of original BANANA rewards.
The full list of 10 projects:
PolyCrystal Finance (Farm)— PolyCrystal is a new yield farm that will be launching exclusively on Polygon!
BarberShop Finance (Farm) — BarberShop is also a new yield farm project, focused on putting a new spin on yield farming!
Cookie Finance (Farm)— Cookie Finance is a yield farm plus insurance project. Farm with extra insurance!
Tako Defi (Farm) — Tako Defi is a yield farm with multiple features to maximize your yields through various gamification!
ApeRocket (Vault Service) — ApeRocket is a premier vault platform that is closely tied to the ApeSwap team.
Astronaut (IDO Platform)— Our O.G. “Initial Ape Offering” who serves as a top-notch launchpad for new projects.
JDIYield (Yield Farming Dashboard) — The second successful IAO candidate that focuses on aggregating yield farming protocols to provide more data and ease of use.
NFTKEY (NFTs)— One of BSC’s premier NFT marketplaces, featuring exclusive NFT projects.
Neural Pepe (NFTs) — An innovative, futuristic, and memeified NFT project (who will be releasing something new featuring apes on Polygon)!
Unimex (Leveraged Trading) — A decentralized leverage trading platform that gives access to a wide range of crypto assets to trade on margin.
Tokenomics of the Switch
As acknowledged by ChimpinChip, Binance Smart Chain is the proper home for ApeSwap, but the team sees growth potential in expanding to the new Ethereum layer-2 protocol. Any BANANA that you bridge over to Polygon will no longer be available on BSC. The token will be bridged 1-1 with the Binance equivalent. The team was focused on keeping the protocol’s Banana Token bridged together rather than have a new layered token.
In the June 18th Reddit AMA with Co-Founder u/obiedobo, it was confirmed that the ApeSwap team bridged 1-1 to avoid inflating the BANANA token. The team expects the market to maintain similar prices for both versions of the BANANA token. The BANANA token on Polygon will be taken from farms on BSC. Initially, the team plans to bridge over 10% to be used for Polygon farms. The dissolution of liquidity means APRs on ApeSwap will be lower in the short term. This is to stop the over-inflation of the BANANA token.
As for the other tokens: a few of the projects will bridge their tokens over while others will redeploy –or have their first deploy–on Polygon.
It is not far-fetched to see more DEXes follow the suite of ApeSwap. But the Ape-team is dedicated to the long game. They are slowly building out a flourishing cross-chain ecosystem. Pay attention to more community events and gatherings across the digital world from Twitter to Reddit to Telegram. The ApeSwap team wants to hear from fans.
ApeSwap is a multi-purpose decentralized protocol that investors and users can use for yield farming and staking. The protocol is a BSC platform built by the DeFi community for the benefit of the DeFi community. ApeSwap is a blend of a decentralized exchange, yield farming, staking, and an Automated Market Maker (AMM). The platform was built on Binance Smart Chain as a fork from PancakeSwap.
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.