The ApeSwap releases ApeSwap Lending Network

The ApeSwap DeFi jungle is ONLY getting bigger. As they continue into 2022 a core focus for them is to expand their ecosystem to enable their apes to access all of the DeFi resources they may need without leaving the platform.

ApeSwap has always strived to be as inclusive as possible and enable users from every walk of life or financial background to have an equal shot at accessible financial infrastructure.

After astounding success during its beta period, they are ecstatic to officially announce the release of the ApeSwap Lending Network with their highest badge of honor, a reallocation of BANANA emissions to incentivize liquidity!

Time to go take that fat bag of BANANAS you have been accumulating and go double down!

How did we get here?
ApeSwap launched a lending network back in November under a beta umbrella. All smart contracts had been audited and battle-tested before launch, the purpose of the beta was to pilot giving banana incentives to suppliers and borrowers, and to gather data to decide if they should allocate further BANANA emissions to the network.

What was the outcome of the Beta?
Over the course of the Beta period, users from all over the world participated in the Lending Network. They welcomed users from a total of 151 different nationalities.

Announcements on ApeSwap’s social media channels led to an initial spike in new users. Throughout the Beta, they built a relatively small but committed base of over 5,000 monthly users.

Over the course of the Beta period, users supplied assets totaling $35M+ USD. That’s an average of 2.7k+ USD supplied per user.  Pretty crazy right?

Here’s a breakdown of their supply markets distribution:

Based on these numbers they’re extremely confident as approach their official launch, and this data helped fuel their governance proposal to 10x the rewards!

The opportunity to obtain liquidity for your assets while also earning large $BANANA rewards is a great opportunity for any true ape!

Governance Proposal
The ApeSwap DAO voted in favor of reallocating one of the BANANA per block they currently emit to incentivize liquidity on the DEX via BANANA yield farms to instead incentivize liquidity in the lending network.

On February 7th they officially start allocating 1 BANANA per block to the various markets, broken up according to the following:

How does this benefit ApeSwap?
As a result of the additional incentive allocation, more fees will be generated from the ApeSwap Lending Network. These fees will be reinvested in the ApeSwap ecosystem as follows:
  • 90% to buy back BANANA on the open market
  • 10% stored in the ApeSwap Treasury
Of the 90% portion of BANANA bought back:
  • 30% will be burned
  • 55% will be locked in the supply side of the lending network
  • 15% will be used to compensate Ola (13.5% of total)
They are expecting a much higher return on emissions from this BANANA and are very bullish that this move will increase their overall TVL and have a positive impact on our ecosystem!

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