Rewards and utility for the DeFi platform of the hour
If you’ve been following the latest crypto space news, you’ve surely heard of ApeSwap. The decentralized finance (DeFi) platform has innovated the industry, and it wouldn’t make sense to miss out on its utility token. In this article, you will learn everything about ApeSwap’s BANANA token. Let’s dive in!
What is ApeSwap’s BANANA Token?
BANANA is the native utility token of the decentralized exchange (DEX) and DeFi platform ApeSwap. It is a BEP-20 token on the BNB Smart Chain and is mainly used to incentivize liquidity in the exchange.
It’s also worth mentioning that this isn’t the only ApeSwap proprietary token. The platform also has a governance token, GNANA (Golden Banana), that you can only buy with BANANA on ApeSwap.
What is ApeSwap?
ApeSwap is a leading DeFi platform where you can swap, stake, lend, and borrow cryptocurrencies on the BNB, Polygon, and Ethereum blockchains.
It first launched in 2021 and has gained an engaged community and an impressive Total Value Locked (TVL) of $102.111.580, as you can track with the DappRadar Rankings.
Interestingly, ApeSwap is also a decentralized autonomous organization (DAO). This means that the community is the one that democratically takes decisions for the project’s future.
- Read further: What is ApeSwap? Here’s All You Need to Know
What is the Utility of BANANA?
As you now know, BANANA is ApeSwap’s utility token. So, it means that it was designed to serve a specific purpose.
In this case, many purposes. Here’s how you can use your BANANA tokens on ApeSwap:
- Adding liquidity to a pool of BANANA and some other token in exchange for a Liquidity Provider (LP) token – that you can use to earn passive income from trading fees, Yield Farming, BANANA Maximizers, or the Treasury Bills NFTs;
- Staking BANANA in ApeSwap’s Staking Pools to earn more BANANA or partner tokens;
- Lending and borrowing BANANA on ApeSwap’s Lending Network;
- Purchasing GNANA tokens.
If you wish to participate in ApeSwap’s governance decisions, you should exchange your BANANA tokens for GNANA. The only way to do that is through ApeSwap’s official website.
Where Can I Buy BANANA?
Since BANANA is a token built on the BNB Chain, you can buy it on any Binance-supported exchange. However, the most recommended option to purchase BANANA is through ApeSwap, or with DappRadar’s Token Swap tool.
Remember to have a web3 wallet and some cryptocurrency available to complete the purchase, such as BNB, ETH, or USDT.
How Can I Earn BANANA For Free?
Always research every opportunity you come across, and be aware of phishing scams maliciously using ApeSwap’s name to defraud victims.
Utility tokens such as BANANA often come with a curious fate. Even though ApeSwap emits 316,800 tokens per day, the goal regarding this token is that it turns deflationary in time. Therefore, the platform implements many mechanics to manage BANANA’s inflation.
How? By taking the token out of circulation at a higher rate than it is being created. Every Thursday, ApeSwap burns these tokens to control return-on-emissions.
If you are interested in learning about BANANA tokenomics in-depth, read ApeSwap’s official Burn Mechanics.
How Can I Track the Price of BANANA?
It is very important to stay updated on the values of tokens like BANANA when looking for opportunities.
Thanks to our excellent DappRadar Token Explorer, you can follow the price development of the BANANA token.
- You may also like to read: DappRadar and ApeSwap RADAR Liquidity Mining Program
Continue Learning About BANANA With DappRadar
Here at DappRadar, we always keep you up to date on major DeFi projects such as ApeSwap and the BANANA token.
You can be sure that, with us, you will always find good content and analytics to help you on your own journey.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research.