The market is experiencing a severe downturn, especially in the DeFi sector. Despite this challenge, ApeSwap continues to pursue the massive potential of DeFi through this year’s most important DEX upgrade.
Taking DeFi to the Next Level
ApeSwap announced the first phase of an epochal DEX upgrade in order to make the protocol more sustainable in the long run. This upgrade will contribute to the more substantial expansion of the DeFi ecosystem on the BNB Chain.
ApeSwap made the announcement via Twitter on June 29, giving more details about the upgrade. ApeSwap’s major DEX upgrade will mainly focus on the three primary standards the platform wants to improve and add to diversify its users and improve its services, including:
Giving users the best experience when using DEX
Find ways to increase user retention on the platform and expand
Support for more tokens to increase liquidity and transactions.
“Over the past few months, we’ve been investing research & effort into evolving the most essential component of our DeFi Hub – the ApeSwap DEX,” the ApeSwap development team told BSC News.
UI/UX and Bonus Router
In order to grow, a platform must have a friendly, accessible, and intuitive interface. For this reason, ApeSwap has chosen to improve UI/UX by making ApeSwap DEX the preferred destination for users to complete their transactions and learn everything they need about DeFi.
In this innovation, ApeSwap DEX will inherit and leverage the best solutions of leading DeFi giants such as UniSwap for UI/UX, mainly focusing on user interoperability and becoming more compatible with all mobile devices. In addition, ApeSwap plans to launch a “Fiat On-Ramp,” focusing on making ApeSwap the perfect DeFi experience for everyone.
Intending to keep users on the platform, ApeSwap has partnered with Wallchain to jointly prepare to launch a new Bounty Router. Accordingly, ApeSwap will have a mechanism to reward users with a “Swap Reward” system if the transactions meet certain conditions.
“In a few weeks, we’ll be releasing part two of this – something even more exciting – the Smart Router. ApeSwap’s Smart Router will allow users to swap essentially any token with liquidity,” the ApeSwap team revealed to BSC News. “Like an aggregator, this mechanism will look for backup liquidity sources if ApeSwap cannot service a trade.”
Starting June 30, when a user trades on ApeSwap DEX instead of directly via ApeSwap Router, the trade will be checked to see if it qualifies for an upgrade. Qualifying transactions will be processed through Bonus Router, powered by Wallchain, and will receive a Swap Bonus. A portion of the bonus fees will be retained in the Bonus Router as the product’s profit.
“On June 30th, we launched a brand new swap interface with our Bonus Router,” the ApeSwap team informs. “ApeSwap’s Bonus Router offers novel DeFi mechanics, allowing users to earn BNB and MATIC on qualifying trades. Everyone wins!”
Phase 2 Will Bring the Blockbuster
Phase 2 of the ApeSwap DEX upgrade will focus on scaling to more transactions across all tokens on the BNB Chain and Polygon, as reported in ApeSwap’s recent Medium blog. As a result of this move, ApeSwap DEX will enter a new era since BNB Chain and Polygon are two of the top six biggest total value locked (TVL) ecosystems in the world.
“While these advancements have immediate benefits, they lay the groundwork for our long-term future as a serious cross-chain contender & DeFi Hub,” the ApeSwap team confidently affirms.
Finally, the upgrade announcement comes just a week after ApeSwap proposed reducing token emissions to tackle inflation. This is proof that the team is still working on growing every day, providing the best service to the community, and contributing to making the BNB Chain one of the most robust ecosystems in the world.
What is ApeSwap:
ApeSwap is one of the first AMM DEX exchanges built on the BNB Chain ecosystem. As a top DeFi platform, ApeSwap can be used for Swap, Liquidity, Yield Farming, and Staking Pools and has other features like IAO (Initial Ape Offerings) and NFA (Non-Fungible Apes).
Similar to Uniswap and SushiSwap, which are 2 AMMs on the Ethereum ecosystem, ApeSwap works similarly on the BNB Chain ecosystem. Compared to Uniswap and SushiSwap, ApeSwap has the advantage in terms of low cost. With an attractive and easy-to-use interface, ApeSwap makes you feel more excited and comfortable, which is also one of the main reasons ApeSwap is famous.
For more information about ApeSwap, visit the platform’s media links:
What is BNB Chain:
Previously known as the Binance Smart Chain (BSC), BNB Chain is a community-driven, decentralized, and censorship-resistant blockchain-powered by Binance. It consists of BNB Beacon Chain and BNB Smart Chain, EVM compatible and facilitating a multi-chain ecosystem. Furthermore, through the concept of MetaFI, BNB Chain aims to build the infrastructure to power the world’s parallel virtual ecosystem.
Find more about BNB Chain here:
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.