Telos is proud to announce that, as part of its Telos Fuel Incentive Strategy, it is actively exploring the decentralized financial sector. The journey begins with an extended partnership with ApeSwap, an AMM trading platform on the BNB Chain.
Thanks to the collaboration, ApeSwap will launch on the Telos blockchain, giving DeFi traders access to a wide range of innovative, high-yield farming products. Telos’s near-instant finality and lack of front-running are a huge improvement over previous versions of ApeSwap.
When implemented, ApeSwap’s AMM will provide the Telos ecosystem and its users with cutting-edge capabilities and features that will allow them to better maximize their reward incentives.
Users of Telos may anticipate using:
ApeSwap DEX: Extensive liquidity across six major tokens on Telos (BANANA, ETH, BTC, USDT, USDC, TLOS).
- Telos Farms: Stake LPs to earn TLOS.
- Treasury Bills: Vest TLOS at a discount by selling your LPs.
- Bridging: With Multichain, users can now easily and quickly bridge BANANA to Telos.
Even though the cryptocurrency market has been down this past year, ApeSwap has seen significant growth. The network is one of the most-used DeFi applications on the BNB Chain, and its TVL is worth more than $145 million. In addition, the project has numerous key alliances, with Telos being the most recent addition.
In the Telos Fuel project, AMMs like ApeSwap have a significant function. Any AMM will motivate users to add liquidity to the Telos ecosystem so that they may profit handsomely from doing so. Bonuses are distributed mostly to ApeSwap liquidity providers, which raises the Telos DeFi TVL.
Justin Giudici, CEO of Telos Foundation stated:
“Many companies in Web 3 want to innovate, few actually do. Ape Swap is one of these few. They are not just a platform but a partner that truly thinks outside the box to offer users innovative solutions. Working with them on their Jungle Bills initiative was a seamless experience and were excited to be on this journey with them.”
In addition, during the first twelve months, ApeSwap and Telos will split any profits equally. That includes a 50/50 portion of any DEX profits after buybacks and burn. Additionally, a 0.2% fee is added to the following ApeSwap DEX Telos transactions:
- Shares will be repurchased and burned at a rate of 0.75%.
- The ApeSwap Treasury will receive.0375 percent.
- Telos will receive .0375% of the total.
- LP service providers will receive .05% of the total.
- ApeSwap users that help the Telos LPs by providing liquidity may receive a .05% LP provider fee on all trades.
Julian from ApeSwap stated:
“Expanding to Telos will help ApeSwap further bridge the gap between web2 and web3. Through the incredibly fast transaction speeds and low fees available on Telos, we look forward to onboarding the next wave of new DeFi users on ApeSwap Telos!.”
Telos is airdropping 1 $TLOS to GNANA holders with at least 1 GNANA in their wallet to help power the network’s early transactions. On October 20 at 20:00 UTC, a distribution snapshot will be carried out to identify qualifying wallets. Staking GNANA users are also qualified.
