ApeSwap has announced the launch of its lending network.

Adding lending to the BSC ecosystem is a further expansion of the company’s products.

The first phase of DeFi Hub has begun.

APE Swap DeFi Jungle continues to grow. It’s critical that the protocol’s ecosystem continue to grow so that any user can access all of the DeFi resources they may require without ever leaving the platform, especially as the year 2022 approaches.

As a team, ApeSwap has always aimed to be as welcoming as possible. Accessible financial infrastructure should be available to people from all walks of life and economic circumstances.

“After astounding success during its beta period we are ecstatic to officially announce the release of the ApeSwap Lending Network with our highest badge of honor, a reallocation of BANANA emissions to incentivize liquidity!” – an official ApeSwap statement reads.

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How Did ApeSwap Get Here?

In November, ApeSwap introduced a beta version of their lending network. In order to evaluate whether the protocol should allocate additional BANANA emissions to the network, all smart contracts had been reviewed and battle-tested before launch. The beta’s objective was to pilot delivering banana incentives to suppliers and borrowers.

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Outcome of Beta

Lending Network beta participants came from all over the world during this era. There were 151 different countries represented among the users of the platform.

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ApeSwap’s social media announcements sparked an initial surge in new members. The beta had a modest but dedicated user base of over 5,000 people per month.

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Users also contributed assets totaling $35 million or more over this time period. That’s about $2.7k USD per user on average.

The supply marketplaces are divided as follows:

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“Based off these numbers we’re extremely confident as we approach our official launch, and this data helped fuel our governance proposal to 10x the rewards!” DK, ApeSwap’s Head of Businessiz Development, enthused.

The team believes that anyone who is a true ape should take advantage of the possibility to gain liquidity for their assets while also earning significant $BANANA rewards.

A Proposal for Governance

ApeSwap DAO approved reallocating one BANANA per block currently issued to encourage liquidity on the DEX via BANANA yield farms to instead encourage liquidity on the lending network by majority vote.

On February 7th, ApeSwap will begin allocating 1 BANANA every block to the various marketplaces, as follows:

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10x the rewards means 10x the fun!

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).

“We are expecting a much higher return on emissions from this BANANA and are very bullish that this move will increase our overall TVL and have a positive impact on our ecosystem!” the official statement concludes. “Huge shoutout to our partner Ola and ApeTastic for 6 months of work and leading the charge on this incredible ApeSwap expansion.”

Details on the Launch of the ApeSwap Lending Network

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  • Date: February 7th, 18:00 UTC
  • New Emissions: 1 BANANA per Block (28,800 $BANANA per day)

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