Telos, Ethereum’s smart contract platform, has renewed its partnership with Automated Market Maker (AMM), ApeSwap. This is consistent with the company’s overall fuel incentive plan. As part of the deal, new high-yield agricultural products will be available to DeFi traders through the launch of ApeSwap on the Telos blockchain. Additionally, the Telos ecosystem and its customers interested in maximizing reward incentives will benefit from ApeSwap’s AMM by gaining access to cutting-edge new capabilities and functionalities.
ApeSwap and other AMMs are essential to the success of the fuel project. The goal of each AMM is to motivate participants to increase the liquidity of the ecosystem in exchange for financial gains. As a result, the Telos DeFi TVL is increasing, and the biggest beneficiaries of these bonuses are the liquidity providers on ApeSwap.
What the partnership means for Telos users
ApeSwap DEX is an exciting new option for Telos customers as it offers significant liquidity for the six key tokens on Telos: BANANA, ETH, BTC, USDT, USDC and TLOS. Bridging also helps users by connecting BANANA and Telos quickly and easily. They also have access to Telos Farms where they can use LPs for TLOS. Finally, they can redeem their LPs for a discount and transfer their TLOS.
Telos will airdrop 1 $TLOS to GNANA holders with at least 1 GNANA in their wallet to fuel initial transactions. On October 20th at 20:00 UTC, the platform will take a snapshot of the distribution to see which wallets qualify. Authorized users also include those who use GNANA.
In addition, the two companies will share revenue for the first year. This includes a 50/50 split of all DEX profits after buybacks and issues. In addition, there is a 0.2% transaction fee on all Telos trades that take place on ApeSwap DEX. Of that amount, stock buybacks and burns take 0.75%, ApeSwap Treasury gets 0.0375%, Telos gets 0.0375%, and LP investors get 0.05%.
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