ApeSwap Puts Another Foot in Polygon With Treasury Bills Offerings

The cross-chain expansion means users on Polygon can commence sustainable liquidity mining on ApeSwap via Treasury Bill NFTs.

ApeSwap Extends Treasury Bills Beyond BNB Chain

ApeSwap, a leading Decentralized Exchange (DEX) on the BNB Chain, has extended its Treasury Bills product to Polygon.

“Given the success of Treasury Bills on BNB Chain, expanding this product to other chains offers us the opportunity to connect with a completely new contingent of current and potential partners, and reach a new cohort of users,” Apegineer, ApeSwap’s Dexenomics Lead told BSC News.

It also commences its Sustainable Liquidity Mining (SLM) initiative on Polygon in partnership with Dogira (a blockchain gaming studio) and TokenTraxx (an NFT Marketplace currently in the Beta stage).

Apegineer said, “The reason we chose Polygon as our next chain for Treasury Bills is that we’ve already established many deep relationships across the Polygon ecosystem, as Polygon was the first chain (after BNB Chain) where we expanded our other DeFi Hub services, including our DEX and our Yield Farms.”

How the Polygon Treasury Bills Will Work

The Polygon Treasury Bills are designed to work like the Treasury Bills which ApeSwap created on BNB Chain. This means that users can spend their Liquidity Provider (LP) tokens, and in return, receive a Treasury Bill NFT that represents partner tokens that vest over a certain time.

Treasury Bills create sustainable liquidity for projects, as well as revenues through LP fees, thereby setting up partner projects for long-term success by reducing their liability on temporary liquidity incentive spending.

The launch of the Polygon Bills comes three months after ApeSwap initially launched the Sustainable Liquidity Mining (SLM) initiative on the BNB Chain. That created more than $600,000 in protocol-owned liquidity for ApeSwap through the Treasury Bills, and another nearly $600,000 for its partners such as Ceek, DappRadar, and FlokiInu.

“We designed the Sustainable Liquidity Mining (SLM) product to speak for itself. ApeSwap and our first SLM partners (NFTY Labs, Telos Foundation, Mogul, HotCross, and Ceek) were able to generate an average of 87% return on investment in Treasury Bills, compared to the 0% offered by traditional liquidity incentive spending. Additionally, we’ve saved projects like DappRadar over $360,000 annualized on incentive spends,” ApeSwap core team member DKtheNegotiator told BSC News

Future Plans

Apeswap is making future plans to enhance its product suite and services to efficiently serve the needs of its institutional partners and other users across all chains.

“As we’ve been integrating our SLM product suite, including our proprietary advisory services, we’ve been working with current and potential partners to identify how we can improve their tokenomics and begin to successfully diversify their treasuries,” DKtheNegotiator said.

ApeSwap initially crossed 1 million Monthly Active Users (MAU) in 2021, and has continued to forge major partnerships with the integration of Torus Wallet, Coinbase Wallet and most recently adding support for Binance’s soulbound BAB token.

What Is ApeSwap:

ApeSwap is a leading decentralized exchange on BNB Chain, the DeFi branch of Binance. ApeSwap is a blend of a DEX, yield farming, staking, and an automated market maker (AMM).

ApeSwap users can utilize liquidity pool offerings via yield farming to earn BANANA tokens. BANANA can be used to stake and earn other tokens and unlock deluxe features.

Where to find ApeSwap:

Website | Twitter | Medium | Telegram

Source : bsc.news