Telos Blockchain partners with ApeSwap, BSC-based DEX

The 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 generation smart contract platform, and ApeSwap, a BSC-based yield farming protocol and DEX with AMM, the two teams have entered into a long-term partnership.

We don’t monkey around…or do we? 🙊🍌

👀 Something special is coming #Telos – are you ready?#TelosFuel #DeFi #TLOS $TLOS pic.twitter.com/qQZAyw30vA

— Telos Foundation (@HelloTelos) 12 October 2022

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 the key elements of ApeSwap, including its decentralized exchange (DEX), dividend farming module, network bridging, and so on.

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Six major assets in ApeSwap – BANANA, ETH, BTC, USDT, USDC, TLOS – are available for exchange immediately after the first joint release.

Justin Giudici, CEO of the Telos Foundation, is impressed by the unprecedented opportunities opened up 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 really thinks outside the box to offer users innovative solutions. Working with them on their Jungle Bills initiative was a seamless experience and were delighted 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 DeFi and TradFi’s 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 joining 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 sent to each GNANA holder.

To be eligible for the distribution, crypto users should have at least 1 GNANA in their non-custodial wallets by October 20 (20:00 UTC). Users who bet GNANA are also eligible for the distribution.

As covered by U.Today previously, the Telos Foundation is addressing blockchain scalability issues that threaten all EVM users.