The partnership will boost ApeSwap’s Total Value Locked while also adding value-added benefits for its users.
ApeSwap Announce Partnership with Growth DeFi
According to ApeSwap’s Tweet on 8th August, Growth DeFi is set to launch their overcollateralized soft pegged stablecoin called $MOR. In addition, users will now be able to use ApeSwap’s $BANANA token as collateral to borrow assets and earn rewards while minting the stablecoin.
“#ApeSwap welcomes @GrowthDefi as our official partner for the launch of their overcollateralized soft pegged stablecoin, $MOR,” ApeSwap announced the partnership on Twitter.
ApeSwap is a leading Decentralized Exchange (DEX) on the BSC, and the latest announcement is significant for the constant growth of its protocol. What’s more, the partnership will offer great benefits for both projects.
Overcollateralized Stablecoin Platform
Growth DeFi offers one of the most sustainable yield optimizers on BSC, known as Wheat. The purpose of WHEAT is to incentivize users and investors to use the various products offered by GrowthDeFi.
In addition, the protocol has expanded its offerings by establishing an overcollateralized stablecoin platform that allows users to mint their stablecoins with $BANANA and other assets as collateral. Overcollateralization of stablecoin will require a larger amount of collateral than the amount of MOR stablecoins minted.
The idea is an excellent concept because it will boost ApeSwap’s Total Value Locked (TVL) from collateralization and add value to MOR even in bearish periods.
Aside from the innovation, users can also farm via Growth vaults and use collateral to mint MOR stablecoins. To understand more about the MOR token, read Growth DeFi’s Medium article.
Benefits of the Partnership For ApeSwap Users
ApeSwap took to its Medium page on 8th August to laud the collaboration, adding that the partnership will benefit both protocols.
“ApeSwap is proud to welcome Growth DeFi as our official partner for the launch of their overcollateralized soft pegged stablecoin, MOR.” The Medium post continued, “This partnership presents substantial benefits for both of our communities, and we are excited about the prospect of working together to benefit our users!”
As stated earlier, Growth DeFi’s integration will boost ApeSwap’s TVL as users leverage BANANA as collateral for minting the MOR stablecoin. However, there are a few other added benefits:
BANANA as collateral for minting MOR on Growth DeFi
Earn BANANA via yield farming on Growth DeFi
MOR/BUSD farm available on ApeSwap, including vault on Growth DeFi
BANANA token burns built into Growth vaults
ApeSwap users have access to all these benefits obtained from the partnership with Growth DeFi. In addition, the BSC-based DEX protocol will also have its TVL and volume increased with the partnership.
What is ApeSwap?
ApeSwap is a leading DEX on the BSC, 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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