What Is ApeSwap Finance (BANANA)?

ApeSwap is a DeFi platform that aims to provide users with comprehensive tools to take advantage of decentralized financing prospects. The project is an automated money maker (AMM), staking, and yield farming platform on Binance Smart Chain (BSC). According to the whitepaper, ApeSwap aims to create transparent and secure financial opportunities for crypto users. The vision of the project is to use a sustainable, community-driven DAO (decentralized autonomous organization) to decentralize traditional finance for establishing a more balanced global economy. DAO is a community-driven entity with no central authority.

The platform aims to offer the following tools to users:

• Trade in the ApeSwap ecosystem by purchasing its native token, BANANA.

• Swap between different crypto tokens using the platform's DEX.

• Use the platform's Lending Network to lend and borrow crypto assets.

• Participate in new crypto project’s initial coin offerings (ICOs).

• Stake LP tokens in yield farms to earn interest. BANANA and GNANA are two utility coins used in the ApeSwap ecosystem. BANANA is the BEP-20 token created on the Binance Smart Chain. BEP-20 is a token standard that defines rules for tokens on Binance Smart Chain. This token is also the native token of the ecosystem and is used to encourage users to bring liquidity to the ApeSwap platform. Users can earn BANANA by staking their LP tokens in the yield farms and adding liquidity to the ApeSwap DEX. Users can also earn BANANA by lending cryptocurrency on the platform's Lending Network.

The platform’s second token, Golden Banana, is known by the ticker symbol GNANA. This token is used to reward the dedicated community members by aiming to give them access to governance and other benefits, including special allocations, passive farming, and exclusive pools. The GNANA token determines whether or not a user can vote. Every GNANA held by an address counts as one vote for every given proposal. Users have to hold the token actively in the wallet to get voting rights. However, GNANA staked in pools is not considered when determining a user's voting ability.