When it comes to trading with cryptocurrencies and tokens, on large scales and globally, Binance Exchange It is usually an important reference among the first in the world. Therefore, everything related to this and especially its Binance SmartChain, acquires some importance in the DeFi scope. A good example of this is "ApeSwap" who next to BakerySwap and PancakeSwap are often considered useful and popular DeFi Exchanges, which operate within their Ecosystem.
For this reason, in this publication we will explore in detail the most basic and fundamental, which must be known and handled on BeeSwap to be able to use it with ease and efficiency, and thus get the most out of it.
And before entering fully into today's topic, about the DeFi Exchange called BeeSwap with this useful ideal guide for beginners from scratchAt the end of this post, we recommend you explore our other useful guides and posts on other DeFi Exchanges and related topics. Therefore, we will leave immediately below, the following links to some of them. So that they can easily explore them whenever they want:
“How to use PancakeSwap together with Metamask (a network that is not exempt from scams and fraud) to be able to buy tokens and shitcoin, has become one of the most asked questions this year in the crypto space. And whom Café con Criptos We explain how to use PancakeSwap with Metamask to buy Smart Contracts tokens on the Binance network". Tutorial-guide: how to use PancakeSwap with Metamask to buy smart contract tokens
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ApeSwap: Exchange DeFI on the Binance Smart Chain
What is AppSwap?
According to its creators, BeeSwap at their Official website and specifically in his section from online documentation It is described as follows:
ApeSwap is a leading decentralized exchange (DEX) on Binance Smart Chain and Polygon focused on delivering a premium trading experience.
While, later they add that in it:
- The users (friendly called apes) are incentivized to pool their liquidity on ApeSwap through Yield farming to earn the native cryptocurrencyCalled BANANA.
- Also, they are encouraged to use BANANA to bet and win other tokens, and to unlock exclusive features inside the platform.
Finally, their creators claim to have a dedicated team, with good years of experience, and a strong commitment to the defi community and the growth of its platform (Selva ApeSwap).
How It Works
For this guide, we will assume that both those beginners in ApeSwap Like other people who are a little more knowledgeable about the DeFi field in general, they already have some prior knowledge about Binance and about how to register/verify on Binance. And also how to use some necessary wallets like Metamask to connect to the Binance Smart Chain (BSC).
However, if necessary, we invite you to explore the previous links of the paragraph immediately above. Which will take you to some of our related previous posts, to complement these points.
And also, the following official links on what is the Binance Smart Chain (BSC) y How to operate in BSC. While the following videos They will be useful as reference material on how to register and use Binance, part I y part 2; and about How to install and use Metamask.
Once these points are clear, and starting from the fact that they are resolved or mastered, we can only continue with the first step.
How to connect the available wallet?
- To start operations on BeeSwap, or any other Decentralized Exchange, the first thing we must do is have funds in a Wallet digital. Which in our practice, will be Metamask. And it will be assumed that the funds in it come from some other independent Wallet or from some other within another Centralized Exchange such as Binance Exchange, or another similar platform.
- Counting on the backgrounds available in Metamask, and said Wallet open (enabled) in our web browser used, we proceed to press the button Connect (Connect). What is located on the right side of the top bar of the web.
- Once pressed, proceed to select Metamask from the list of available Wallet options and continue with the connection procedure.
- Once the connection process (configuration) of the Metamask Wallet over ApeSwap has been completed, you can press the Connect button, which now shows part of the Wallet code, to fully validate that the procedure has been carried out correctly.
How to start buy/sell operations?
For buy or sell crypto assets now you just need to follow these steps:
- Press the Trade button and then the option Exchange (Exchange / Swap). Once this is done, a new interface will open where we can make the desired exchanges, after again proceeding to connect the desired wallet on this section of the platform. As shown below in the following pictures:
- Once the Wallet is connected again, now all that remains is to choose whether to buy or sell one crypto asset for another. As shown in the example below, of using BNB to buy Banana.
- If it is finished by pressing the confirm exchange button, we will have the operation completely done and we will quickly see our new funds in BANANA inside our Metamask Wallet.
What other options does ApeSwap offer?
As can be seen in the ApeSwap home page, En of left sidebarIn addition Trade button and then the option Exchange (exchange/swap), there are other buttons and options. And then we will briefly explain what each of these options is for:
Trade / Liquidity
This option covers everything related to the use of ApeSwap's liquidity pools. In these liquidity pools, users are allowed to provide liquidity by adding their tokens to liquidity pools or “LPs”. In reward, they receive APE-LP tokens. For example, if a user deposits $BANANA and $BNB into a liquidity pool, they will receive APE-LP and BANANA-BNB tokens accordingly.
And in addition, the number of APE-LP tokens that the user receives becomes part of the BANANA-BNB liquidity fund. Being able, if you wish, to redeem your funds at any time by withdrawing your liquidity.
Farms / Yield farms
This option makes available to platform users the possibility of using the available yield farms so that they feel encouraged to provide liquidity to their favorite projects, and be rewarded with the BANANA token.
This is done in order to ensure that the DEX ApeSwap always has the greatest possible liquidity, and thus its users can always trade.
Pools
This option offers users the power to earn various tokens with their BANANA and GNANA tokens. In other words, it is something similar to yield farms, but in a simpler and more direct way. Since, here you can also stake BANANA and GNANA mainly, in exchange for the same cryptocurrency or some other.
Which is very useful to get tokens from interesting and innovative projects available, staking with these tokens. Although the variety is not much.
Vaults
This option offers users the power to use the available vaults, which are actually smart contracts that help the user to automate the yield cultivation process, so that they see the strategies used maximized and optimized.
In these vaults, the staked tokens are used to generate profits on the farm, which are then used to buy more staked tokens and grow the staked balance. Which takes the earning process one step further.
Initial Mono Offering (Initial Ape Offering / IAO)
This option allows platform users to participate in IAOs, which are nothing more than a fundraising vehicle used to launch new tokens and provide liquidity to those tokens.
In general, the user will need GNANA or BNB to participate in an IAO. And consequently, the user will be exchanging those LPs for the token that is being released. Whereas, the project gets the BNB, and ApeSwap burns the GNANA.
Non-Fungible Apes (Non Fungible Apes / NFAs)
This option allows users of the platform to participate in the trading of Non-Fungible Tokens (NFTs) native to it. That is, to buy and sell the so-called Non-Fungible Monkeys (Non Fungible Apes / NFAs) and Non-Fungible Bananas (NFBs).
Native tokens
Lastly, and to end this useful and practical guide on ApeSwap, we recommend you delve into their Tokens BANANA y GHANA, since they have very practical differences in terms of their use and benefits.
Summary
In short, we hope that this helpful guide created on the DeFi Exchange called "Ape Swap", facilitate the adoption and use of this platform in those interested. So that they can begin to understand and use this successful decentralized exchange (DEX) without major difficulties. Since today ApeSwap is a leader in both the platform BSC as in Polygon. And among many things, it stands out for being focused on offering a top notch trading experience And be very innovative.
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