ApeSwap Launches Auto-Compounding and Burning Vaults

10% of DEX fees will now go to burning vaults, reducing the supply of $BANANA.

By
Robert D. Knight
on
September 1, 2021
Category:
BSC News

New Vaults

ApeSwap has launched 8 new vaults with auto-compounding and burning features.

ApeSwap believes that the latest announcement will help to reduce the total supply of $BANANA in what they call an everlasting burn. The move comes after the ApeSwap community passed Governance Proposal 8, allowing the company to use 10% of DEX trading fees for $BANANA burning vaults.

“We are fully committed to continually finding new ways to remove $BANANA from circulation through innovative DeFi burning techniques” stated ApeSwap in a Medium Blog on August 30th. “This is the newest of those finds, and we couldn’t be more excited to make burning vaults a reality!”

The tokens which will participate in these new features include BANANA, TAKO, INKU, BBQ, CRYSTL, HAIR, LYPTUS and NALIS. The new vaults will be on a staggered release schedule starting on August 31st, with the final vault opening on September 17th.

These new ApeSwap vaults will have auto-compounding and burning features (Source)

Tako

The new vaults have been created with help from Tako Defi, who partnered with ApeSwap to help create the new user interface. To reflect this partnership the first vault with burning features is BNB-TAKO. 

At time of press the APY for BNB-TAKO is 622%. 

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Robert D. Knight

Robert D. Knight is an experienced journalist and copywriter who has been working in crypto for 4+ years. His bags are heavy and he also hodls some cryptocurrency.

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