ApeSwap Crosses 1 Million Monthly Active Users and Boasts 79% MTD Gains

ApeSwap’s massive user growth over the last 30 days pushes the Binance Smart Chain platform into second place for most used Dapps in DeFi.

By
John Tunney
on
August 27, 2021
Category:
BSC News

1 Million Active Users

ApeSwap has reported that more than 1 million active users have visited its protocol over the last four weeks. Following a successful conclusion to their #HotDeFiSummer, ApeSwap can say it was a success and that the jungle is bustling.

The news was reported on August 26th by ApeSwap founder Grandpa Obie Dobo who tweeted an image showing ApeSwap’s Google Analytics over the last 28 days. Over the previous 30 days, ApeSwap held second place in the rankings for most users across all decentralized apps (Dapps), showing a 75% increase in users, according to DappRadar

Haters will say it's fake... here's ApeSwap's Google Analytics over the last 28 days,” Grandpa Obie Dobo wrote in his recent Twitter post. 

ApeSwap’s crossing of 1 million active users over 28 days is massive, as many protocols never come close to hitting such a number. The tremendous growth in users has launched ApeSwap into second place for most used Dapps over the last 30 days, beating out the highly popular UniSwap V3.

ApeSwap’s Google Analytics From July 29th to August 26th | Source

The big news also came with huge positive price action in ApeSwap’s native token, BANANA. During the last 30 days, ApeSwap’s BANANA token price rose 79%, according to CoinGecko


Beating the Competition

What is perhaps most interesting about ApeSwap’s user growth is that ApeSwap over the last 30 days surpassed their main Ethereum competitor UniSwap V3 in unique active wallets visiting the platform, according to DappRadar. The UniSwap protocol is an Ethereum based decentralized exchange (DEX) with a market cap hovering around $14 billion dollars, according to CoinGecko

The ApeSwap protocol beat UniSwap in user activity and retention but still lags far behind UniSwap in terms of market cap. The group attracted new users all summer with a series of token offerings, and it’s showing to have worked.

However, the high engagement on ApeSwap’s platform is significant when looking to determine if Binance Smart Chain (BSC) DEXs will begin to fully beat out Ethereum DEXs due to BSC Dapps having high speeds and low transaction fees. 

“ApeSwap attracted 98% more unique active wallets, boosting its total to 345,720 for the period. On the other hand, Uniswap is lagging behind with 215,900 unique active wallets,” according to Hristina Yordanova in her article on DappRadar from August 26. 

Source

The news is significant when comparing BSC and Ethereum. BSC now holds the two most used Dapps over the last 30 days, according to DappRadar. Although ApeSwap has only 51,579 addresses (according to BscScan) and UniSwap has 265,770 addresses (according to Etherscan), ApeSwap’s massive growth in users may signal that Binance Smart Chain is the network Decentralized Finance (DeFi) users prefer. 

Time will tell if BSC Dapps can continue to beat out Ethereum Dapps in user activity. Still, ApeSwap’s massive user growth is a significant signal that BSC Dapps are capturing the attention of DeFi users. The success also goes to show that major campaigns like #HotDeFiSummer can pay off. 


What is ApeSwap?

ApeSwap is a leading multi-chain AMM built on BSC and Polygon that focuses on offering a premier trading experience. The massive protocol built by an experienced team has various features that include yield farms, which incentivizes users to earn their native currency, $BANANA. Apes can stake $BANANA to earn other tokens and unlock exclusive features. The dedicated team has achieved over $350m in TVL and 80+ partnerships. ApeSwap truly lives up to its name and shows users how ApeSwap is “built by DeFi Apes for DeFi Apes.” ApeSwap is committed to the DeFi community and wants to build the best DEX trading experience and grow the ApeSwap Jungle for years to come.

ApeSwap Links:

WebsiteTwitter | Telegram | Reddit | Discord | Medium


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John Tunney

John Tunney is an accomplished analyst and crypto enthusiast. The UCLA alum has been actively reporting and blogging for 3 years, and has a passion for all things finance.

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