If you have heard $BANANA as a new cryptocurrency, then you heard well. We are talking about the token that powers the ApeSwap decentralized finance (DeFi) platform on the Binance Smart Chain (BSC).
But can I eat these bananas?
Well, not really.
This is why we want to explain what $BANANA is, how you can use it and why you should care about it. If you have heard of ApeSwap before, this is a guide that will add more value to what you already know. If you do not know what ApeSwap is, then keep reading.
Disclaimer: the information shared by AltSignals and its writers should not be considered financial advice. This is for educational purposes only. We are not responsible for any investment decision you make after reading this post. Never invest more than what you are able to lose. Always contact your professional. financial advisor.
ApeSwap is a DeFi platform and Automated Market Maker (AMM) that is running on the Binance Smart Chain. The project is offering a decentralised exchange, liquidity pools, farms, an Initial Coin Offering (ICO) platform and more.
ApeSwap is a direct competitor of PancakeSwap and it could continue growing in terms of volume ant total value locked (TVL). For more expert users and collectors, ApeSwap is sharing with users different Non-Fungible Tokens (NFTs). In the future, new services and solutions could be added to this platform.
$BANANA is the digital asset or token that powers the ApeSwap platform. Users that hold it get exclusive access to different liquidity pools and farms. Moreover, they can also stake their $BANANA coins in order to earn extra rewards.
The coin works in the same way as $CAKE on PancakeSwap. Depending on the future of the ApeSwap platform, we might see $BANANA increase its price and eventually reach higher prices. At the time of writing, $BNANA price is close to $1.03.
There are different use cases for the $BANANA digital asset. In the coming sections, we share with you all the things you can do with your $BANANA cryptocurrency.
The first thing you can do at this platform is exchanging your $BANANA coins for other virtual currencies that run on top of the Binance Smart Chain platform. This can be performed through their “Trade” option and selecting the trading pairs you want to exchange.
Every single time you perform a trade, a part of the fees paid go to liquidity pools. In this way, users get rewarded for providing liquidity to the platform. Additionally, users can trade $BANANA or any other virtual currency in the market such as Cardano (ADA), Cake (CAKE) or Binance Coin (BNB).
If you hold $BANANA you can provide liquidity to different pools. You will earn rewards for sharing liquidity. You will receive these rewards depending on the farm you selected. The APR goes form 25% for stablecoin pairs to over 1,000% during some periods of time for smaller pairs.
When you provide liquidity to the platform, you get paid in $BANANA tokens every just some seconds. This is why you can Harvest your coins, exchange them or stake them to eran larger rewards.
A few days ago, ApeSwap launched the new $GNANA token. With it, users are able to participate in exclusive IAOs and get access to the governing structure of the project. In the future, $GNANA holders will be able to enjoy many other benefits.
$GNANA holders are also earning 2% of all the fees paid by users at the exchange. Additionally, exclusive farms will be available for $GNANA holders. Each $GNANA costs one $BANANA but 30% of your $BANANA holdings will be burned when you execute a $GNANA purchase. In this way, if you want to buy 50 BNANA tokens of $GNANA; you will receive 35 GNANA:
This is literally an Initial Coin Offering (ICO) platform that runs in a decentralized way and that is powered by $BNANA tokens. $GNANA holders are also earning exclusive access to some of these projects.
By staking your coins, you are able to earn rewards in new tokens from these projects. If you want to be an early holder of these tokens, then IAOs could be the right platform for you.
$BANANA could move higher in the coming years. But we cannot be sure about it. We can only follow the example of $CAKE and how it behaved during the last months.
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