10 March 2023 17:02, UTC
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Arbitrum Awaits ApeSwap
ApeSwap has announced the launch of its DeFi products on Arbitrum, the Ethereum scaling solution.
This move, exclusively revealed to BSC News, marks ApeSwap’s expansion to a new layer of the blockchain ecosystem, adding to its existing multi-chain DEX offerings on BNB Chain, Polygon, Ethereum, and Telos.
The move is a hotly anticipated one for the ApeSwap team.
ApeSwap’s launch on Arbitrum will offer users access to its primary product offering, the multi-chain DEX that facilitates permissionless trading of cryptocurrency assets via smart contracts. Users will be able to swap tokens on BNB Chain, Polygon, Ethereum, Telos, and now Arbitrum on the ApeSwap DEX.
Additionally, users can add liquidity to the DEX to receive liquidity provider tokens in the form of APE-LPs. Holders of APE-LPs receive a portion of the trading fees paid by users who swap the two tokens that make up the APE-LP. The ApeSwap DEX also features a Smart Router, which will route a token swap through external liquidity sources as needed to ensure that the user doesn’t have to switch between DEX services to complete their swaps.
Along with the DEX, ApeSwap will also launch its Treasury Bills product on Arbitrum. This offering allows crypto projects to create sustainable liquidity, enabling users to sell LP tokens to purchase an NFT that represents a certain amount of project tokens at a discounted price. The tokens vest over an amount of time set by the project selling the Bill.
Arbitrum is a technology suite designed to scale Ethereum, allowing users to deploy smart contracts, use Web3 applications, and conduct faster and cheaper transactions. ApeSwap will leverage the platform’s flagship product, Arbitrum Rollup, which is an optimistic rollup protocol that inherits Ethereum-level security.
By using ETH as the asset used for gas to facilitate transactions on the network, Arbitrum enables ApeSwap to reduce transaction fees and improve transaction speeds, while also providing access to a new user base.
The ApeSwap launch on Arbitrum will occur in stages, with the DEX and Treasury Bills going live on March 14th. ApeSwap’s ONYX project will launch using APE-LPs on Arbitrum the same day. Multichain will enable bridging of BANANA to Arbitrum, and ONYX Treasury Bills will go live on Arbitrum on March 22nd.
To use Arbitrum with ApeSwap, users must connect their wallet to the network, available through the official Arbitrum bridge or Multichain. Users can also buy ETH directly onto Arbiturm with fiat using ApeSwap’s on-ramp partner MoonPay.
This expansion is a part of ApeSwap’s strategy to bring innovative DeFi solutions to its community of users and partner projects. ApeSwap will continue to explore new technologies and expand its multi-chain ecosystem to deliver more value to users.
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.
Sourced from cryptonews.net.