Telos Blockchain Partners with ApeSwap, BSC-Based DEX

October 15, 2022 Editor Blockchain 0

Vladislav Sopov

In accordance with Telos Fuel Incentive Strategy, network becomes latest blockchain ApeSwap DeFi ecosystem is expanding to

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Telos blockchain, a high-performance programmable decentralized network, shares the details of the latest significant addition to its ecosystem.

Major BSC dApp ApeSwap expands to Telos

According to the official announcement shared by Telos, a new-gen smart contracts platform, and ApeSwap, a BSC-based yield farming protocol and DEX with AMM, the two teams have entered into a long-term partnership.

With the new collaboration, ApeSwap is set to deploy its smart contracts to Telos, the “fastest EVM” ecosystem. This expansion is part of the Telos Fuel Incentive Strategy.

As such, Telos enthusiasts will be able to use all of the key elements of ApeSwap, including its decentralized exchange (DEX), yield farming module, cross-network bridges and so on.

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Six major assets of ApeSwap – BANANA, ETH, BTC, USDT, USDC, TLOS – are available for exchange immediately upon the first common release.

Justin Giudici, CEO of the Telos Foundation, is impressed by the unmatched opportunities unlocked by the upcoming collaboration for both teams:

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.

TLOS airdrop announced to celebrate integration

Julian from ApeSwap also highlights that this integration is of crucial importance for the interaction between the DeFi and TradFi financial systems:

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

To create a healthy and saturated liquidity ecosystem for the launch of ApeSwap on Telos, 1 TLOS will be airdropped to every GNANA holder.

To be eligible for the distribution, crypto users should hold at least 1 GNANA in their noncustodial wallets by  Oct. 20 (20:00 UTC). Users who stake GNANA are also eligible for the distribution.

As covered by U.Today previously, Telos Foundation addresses issues with blockchain scalability that threaten all EVM users.