Hassan Maishera
Telos, an Ethereum Smart Contract platform, announced on Friday, October 14th, that it had expanded its partnership with ApeSwap. This latest development comes as Telos continues its ongoing exploration of the decentralized finance industry as part of its Telos Fuel Incentive Strategy.
ApeSwap is an Automated Market Maker (AMM) trading platform on the BNB Chain. According to the press release shared with Cryptowisser, ApeSwap will roll out on the Telos blockchain following the partnership and provide DeFi traders access to various new high-yield farming products.
The team explained that for the first time, all of these Apeswap products gain the benefit of Telos' near-instant finality and no front running.
Telos added that ApeSwap's AMM would introduce new innovative capabilities and features to the Telos ecosystem and its users looking to optimize reward incentives.
Thanks to this latest development, Telos users can enjoy a wide range of services, including ApeSwap DEX, Telos Farms, Treasury Bills and Bridging (with Multichain).
Justin Giudici, CEO of Telos Foundation, commented that;
"Many companies in Web 3 want to innovate, but 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.”
ApeSwap has recorded massive growth over the past year despite the ongoing bearish crypto conditions. The platform represents over $145 million in TVL and is one of the most-used DeFi apps on the BNB Chain. Furthermore, ApeSwap has several strategic partnerships, with Telos being the latest name on that growing list.
Telos added that there would be a joint revenue share between it and ApeSwap for the first 12 months. That includes splitting 50% of all post-buybacks and burn DEX revenue. In addition, Telos transactions on ApeSwap DEX are subject to a 0.2% charge.
Julian from ApeSwap also commented that;
"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 explained that users to contribute to its LPs on ApeSwap can earn the .05% LP provider fee on every transaction.
To fuel initial transactions, Telos said it would airdrop 1 $TLOS to GNANA holders who have at least 1 GNANA in their wallet. A distribution snapshot will be taken on October 20 at 20:00 UTC to determine eligible wallets. Users who stake GNANA are also eligible.
The Telos EVM is a powerful and scalable Ethereum Smart Contract platform built to power Web 3.0. Telos features a robust, third-generation, ESG-compliant evolutionary blockchain governance system inclusive of smart contracts, advanced voting features, and flexible and user-friendly fee models.
ApeSwap is a leading decentralized exchange (DEX) on Binance Smart Chain and Polygon and offers users a top-tier trading experience. The platform features a wide range of DeFi products, such as swaps, farming, and staking.
