Beefy x ApeSwap AMA — Recap
ApeSwap AMA 28.07.2021
Moon Cow: Ok Obie, we‘re really happy you are here. The ApeSwap crowd seems to know you quite “intimately“ but maybe you could tell us a bit about yourself and your role at ApeSwap.
Grandpa Obie Dobo: My name is Obie Dobo and I’m an 87 year old DeFi Grandpa (who likes to joke a lot). I helped start ApeSwap in February of 2021, alongside 4 other amazing apes! Since then I’ve take a primary role on the community side of things and like to dabble in technical work when I have a chance 🤓
Moon Cow: And what about ApeSwap itself? A lot of people from the Beefy Cowmoonity already know what it’s all about, but perhaps you can tell us a bit exactly what ApeSwap is for and what makes it unique.
Grandpa Obie Dobo: Certainly! So the typical answer is that ApeSwap is a DEX and yield farming protocol that provides nice juicy APRs to all our lovely apes. But we really pride ourselves on being much more than that. ApeSwap is a community, an experience, and a collection of people (or apes) who truly care about each other, want to grow together, and want to bring the power of Decentralized Finance to the masses. Support and community are really what we’re all about!
Moon Cow: Yes, your growth has been impressive. I saw a stat today that you had 63% or so growth in users this week.
Grandpa Obie Dobo: Yes! We were blessed with a Dapp Radar article haha A lot of the growth came from the hype around Cryptoblades. Which we were fortunate enough to be their exclusive liquidity source.
Moon Cow: So, Pablo has collected some questions from the Cowmoonity today. Here’s the first one: Can you explain the initial impact the Beefy Launchpool had on the early stages of ApeSwap?
Grandpa Obie Dobo: ApeSwap joining the Beefy Launchpool feels like ages ago. But a very important time for us, as we were a very young blossoming protocol! When we joined that program it worked wonders for us from a credibility and exposure standpoint. Which was much needed as we hadn’t really established ourselves at that point in time. Since then, it’s helped lay a rock solid foundation for ApeSwap & Beefy’s partnership to mutually benefit each other over the last few months.
Moon Cow: I‘ll let you know a secret. Banana is the only Launchpool I ever joined. I still have around 25 Banana in one of my wallets.
Grandpa Obie Dobo: Hahaha that’s amazing! Diamond hands… You’re my favorite kind of ape!
Moon Cow: We‘re proud to see your growth. We know you did it on your own, but it’s great that we were part of that journey. We hope every launchpool project has as much success as y‘all. Next question is coming up…
How does ApeSwap hope to gain more TVL, what incentives do you provide to your future Apes?
Grandpa Obie Dobo: Great question! That sweet, sweet TVL is what every project in the space is chasing down, so it’s crucial to be innovative in the approach. At the end of the day, most people in our ecosystem are trying to get hands on BANANAs (which support our farm APRs) so it’s most important to support the tokenomics of BANANA. To do that we have lots of things planned…
- Non stop new pools for BANANA or GNANA
- Strategically adding new farms
- Additional burning mechanisms
- Going cross-chain
To name just a few…
Moon Cow: Cross-chain… or multichain? Do you think there will be true cross chain farming?
Grandpa Obie Dobo: In my eyes, that’s the inevitable direction that defi is heading… everything cross-chain! We haven’t turned that corner yet ourselves as there’s still so much to figure out, but certainly see it being a reality in the future.
Moon Cow: We’re keeping an eye on that for Beefy too. The next question looks like the cowmoonity member works for the Fed… Coming into the next altcoin season, is the Apeswap team’s focus going to be leaning into the volatility for price appreciation, or more towards price/yield stability? Do they have any ideas besides emission control to impact their ‘monetary policy’?
Grandpa Obie Dobo: That’s a really good question My answer is multi-faceted: ApeSwap is a yield protocol and a DEX, so from a yield farm perspective we encourage stability. Everyone likes nice, stable, low risk farming to avoid volatility. It helps our TVL. From a DEX perspective we encourage volatility. The more volume we get, the more fees we can give to LP providers and the more BANANA we can buy back and burn 🔥 and we LOVE burning ‘naners! So ultimately, we’re in a nice position where we can adjust to capitalize and accommodate both situations. We just have to adjust accordingly. Regarding the monetary policy itself, lots of factors are at play here, but most essential are (i) burns and (ii) strategically choosing where our BANANA minting is allocated and why that is the case!
Moon Cow: Great answer too. We will have a boost on the beefy banana vault in the next few days, from a new Launchpool partner. So being on Beefy with some those tokens are going to make a lot of sense. Okay, another easy one from our crowd… Looking at your site, the BSC version has a lot more features and it looks like a lot more work put into it, will BSC keep your main focus or are you planning to expand more features and put more work into the Polygon side of things?
Grandpa Obie Dobo: Yessss very good eye there! Some of the cowmoonity are playing close attention! So to address the first part, yes the BSC side is a little more built out than our Polygon side. That’s for two main reasons
(i) BSC is our homeground. Our token originates from there and most of the action is there on ApeSwap (e.g. 90% of emissions go to BSC)
(ii) Since it’s our homeground, we’ve simply had more time to polish that side of things!
Regarding the future of both…
We plan to evolve both sides at the same time, but with different functionalities that we find most fitting and accommodating to both sides! We will have different features, partnerships, and opportunities on each chain so you can expect them to evolve accordingly!
Moon Cow: Nice. Ok here is number five. What are their opinions on adding additional BANANA-pegged pairings (particularly ETH, BTC, and CAKE)? What do they see as the pros and cons of additional pairings?
Grandpa Obie Dobo: Good question, we get requests for different BANANA-paired assets occasionally, so I know this is on some apes’ minds! Basically the argument boils down to pretty simple pros and cons:
Pros: Locks up BANANA
Cons: Creates harmful arbitrage opportunities and inefficient DEX routing.
Let me elaborate a bit…
On the lockup side, it’s fairly straight forward. The more BANANA pairs we have, the more BANANA that is locked up. That’s great to create holding patterns for BANANA. And we actually used to have several BANANA paired assets…
On the flip side, pairing everything with BANANA means we are partially liquidity in several LPs instead of being highly liquid on a single (or select few) LPs. When we decided we wanted to be a solid contender in the DEX space. This outweighs the pros quite a bit, because if we are less liquid in multiple places, it simply creates inefficiencies in DEX routing. This means users get hit with more fees, higher slippage, etc.. It creates a subpar experience.
Moon Cow: Yes, I can imagine liquidity depth has to be a high priority. Especially to ensure ApeSwap gets used by aggregators as well as direct users.
Grandpa Obie Dobo: Exactly! So we have designed our entire DEX to route through BNB! This means you can get from point A to B in the most efficient and lowest cost manner. We do it cuz we love our users!
Moon Cow: Beautiful. Question six: ‘m pretty excited for APE U as I believe there is a large demand for education in DeFi. What type of educational topics is ApeSwap considering, and what type of lesson delivery is in the works? Will graduates receive an Ape Diploma?
Grandpa Obie Dobo: I’m glad this community member sees the value in some high caliber DeFi educational material as well! It’s certainly a missing piece in the space and it’s really what’s stopping things from going mainstream in a lot of ways! We are still ideating and strategizing on exactly how we want to roll it out. All we know for now is that we want ApeU to be special and differentiated from the typical video our article you’ll find in most education series. This may or may not include a diploma ;-) Mainly this effort is being driven by our Community Director, Chimpin’ Chip! Don’t wanna spill the beans, so I’ll leave it at that for now.
Moon Cow: Love to see it. We‘ll be happy to provide content and guides for the Beefy section.
Grandpa Obie Dobo: Sounds like a plan.
Moon Cow: So thanks a lot for your time. I know with community and building there‘s never enough hours in the day. Can you let us know where people can learn more about ApeSwap and anything else you would like to share before you go.
Grandpa Obie Dobo: Yes of course! Our two primary channels are our Telegram (@ape_swap) and our Twitter As for what’s coming up, definitely everyone should keep their eyes on #BeefBanana week! 🔥🐵🐮.
Moon Cow: Thank you Obie! It was a pleasure having you here.
Grandpa Obie Dobo: Thanks for having me!!!
If you’d like to keep up to date with upcoming AMAs and competitions make sure to follow Beefy’s official account on Twitter and join Beefy.Finance’s official community group on Telegram.