The $BANANA Dilemma
I get it. There are some of us ApeSwap supporters who invest in $BANANAs and just grow our stake natively on the platform itself. Maybe it’s just a conservative mindset and trusting the developers or maybe crypto is a side hobby that we can’t immerse ourselves into too much because of time constraints.
But do you know that there are many ApeSwap partners that accept $BANANA on their platforms and that you can obtain other kinds of rewards or benefits that you can not find on ApeSwap itself? This article is the result of queries I’ve seen in the ApeSwap channel and I think it will be to everyone’s benefit to list down all the non-native options for $BANANA on the Binance Smart Chain as well as Polygon/MATIC.
$BANANA is the native token of ApeSwap. It’s primary use is to be staked for rewards. On ApeSwap, there are multiple pools that it can be staked in, to earn tokens from partnering projects as well as to earn more $BANANAs from the Banana pool. Liquidity providers can also pair it with $BNB or $BUSD and use the LP tokens for yield farming. However, this article will focus on the former use case, singularly staking $BANANA for rewards.
Without further ado, let’s begin!
Gambling/Games of Chance
There are some of us who thrive on the thrill of receiving a huge payout once a while instead of steady gains. These partners provide exactly that, an option to stake your $BANANAs for lower yields while having regular chances to strike some jackpot/lottery or just plain ol' gambling, where you can wager for instant winnings.
One of my favorite ApeSwap partner to park my $BANANAs every now and then. Not only do they autocompound $BANANAs for you. The platform also rewards you in some $POTS so that you can also take part in the $POTS pool and get a chance to win the grand prize from both pools that you are in!
For those who prefer instant results — BitFresh provides 3 quick games where you can use $BANANA to bet on. A little snippet, BitFresh was also IAO #003 in April 2021.
Betfury is one of the leading casino DApps available and also accepts $BANANA as wagers. Author’s note : Do game responsibly as it can be very addictive.
Chips.gg is another online gambling DApp and it accepts $BANANA deposits. There are some members from Chips that are also very active in the ApeSwap Telegram channel.
Poke & Win at Fruit’s Adventures is similar to the lottery scratch card that you may be familiar with. Buy the “ticket” and poke to win. Cheap and fast game of chance.
Single Banana Pools
There are pools offered by partners for users to stake $BANANAs and earn their native token at a very attractive APR. These pools are exclusive to the partner platform and are not generally offered at ApeSwap. I’ve done some exploratory work for you.
Crystl Finance has been one of the first few partners of ApeSwap on the Polygon network. The $BANANA pool rewards in $CRYSTL, their native token.
Stake $BANANA to earn $BBQ — Hot!
TakoDefi has been a longstanding partner of ApeSwap and has a single pool offering their $TAKO token as a reward for staking $BANANAs.
Vaults are typically pools where staked $BANANAs get put into to be autocompounded for more over time. An easy option for those who want to have the luxury of not pressing the “Ape Harder” button on ApeSwap regularly. They may also reward stakers with their own native token as a bonus!
One of the first few autocompounders I used back in the day. Swamp has been a long time partner of ApeSwap and still offers vault services for the $BANANA token.
I do know quite a number of other fellow apes stake at Pacoca. HIgh APYs and autocompounding rewarded $PACOCA is the primary reason they are here.
One of the early DeFi protocols on BSC, Autofarm still continues to offer a single staking $BANANA pool till today. Whatever they don’t have in APR/APY, they make up for it with a solid reputation in the space as well as their expanded reach across many other blockchains.
Yield Parrot does provide a vault for $BANANAs as well. Boosted and with additional rewards in their $LORY token.
The Grand Banks
Grand Banks has a simple vault for the benefit of users. Just stake and come back later.
Similar to Autofarm, Beefy is a veteran in the DeFi space. Well trusted and used by many. Keep watching them closely because they have a Boost feature that comes in once a while and it accelerates your yields significantly if boosted!
My personal favorite. ApeRocket has a unique vesting strategy for the native token $SPACE and also has a single $BANANA pool for autocompounding services.
YSL too, has a unique reward scheme that creates LP tokens when users harvest. It too, has a similar vesting scheme like ApeRocket.
Squirrel Finance utilized Beefy vaults but in addition to that offers some insurance coverage for the principal deposited. This is a unique feature in DeFi and should be checked out, even if it’s just for your own knowledge and understanding.
TakoDefi has vault services that compounds $BANANA as well as earning the $INKU token.
KingDefi UI is beautiful. But that shouldn’t distract you from the fact that they have a $BANANA vault with a double reward option. Good to keep tabs on.
Lending platforms aim to offer crypto loans in a trustless manner and also allow users to supply their $BANANA as collateral. There are many strategies involved in delving into this option. Do always note the risk of liquidation.
Growth Defi allows the user to supply $BANANA and take loans in the form of $MOR, their over-collaterized stablecoin. There are a lot of folks who take advantage of this benefit that is offered by $BANANA to achieve higher than normal returns in their yield strategies.
Ola Finance is a recent addition to the ApeSwap ecosystem and provides the option to lend large caps offerings such as BTC, ETH, BNB and stablecoins amongst others. Very good for quick liquidity in another token/coin without the need to sell something you don’t want to.
Hopefully this article has given you more insights into the utility of the $BANANA token instead of being constrained with the available options on ApeSwap itself. There will definitely be more utility added to the token by the developers at ApeSwap. It may come to a point where you may treat your $BANANAs like a fleet of cars that are being rented out for revenue.
Personally, comparing with other DeFi platforms on the Binance Smart Chain, no other native token has this much options when it comes to utility. ApeSwap is surrounding itself with a bevy of high quality projects and there will never be a shortage of options to cater to the many desires of the $BANANA holder.
I thank you for reading till the end of this article and if I may suggest, I would gladly accept a tip by having you drop by ApeSwap and purchasing some $BANANAs and to use it in one of the above options if you aren’t already doing it. If so, I would like to welcome you to the jungle and our tight knit community. Catch me online in Telegram ‘@jpmoregain’ to say “Hi!”.