ApolloX Tops Derivatives Charts on BNB Chain Upon Incentive Launch

DeFi Incentive Program

ApolloX, the biggest decentralized crypto derivatives exchange on BNB Chain, has launched a new trading incentive program to promote derivatives trading on the platform.

The program is aimed at attracting more DeFi traders to the platform, and to that end, ApolloX is distributing 100,000 APX in version 2 (V2) token incentives daily.

Since the launch of V2, the platform has seen a surge in popularity, with over $31 million in trading volume across 493 traders, according to Dune Analytics. In the last seven-day period alone, trading volume rose to $26 million across 234 traders, with $24,895 collected in trading fees.

The trading incentives are designed to help traders further reduce costs and maximize value. V2 traders already benefit from lower trading fees of 0.08% and 0.02% open/close fees for crypto and forex, respectively.

Deployed on BSC mainnet on April 13, V2 moves ApolloX's core offering of perpetual trading with leverage fully on-chain for more trading transparency. V2 currently offers eight major crypto and forex trading pairs, including BTCUSD, ETHUSD, BNBUSD, DOGEUSD, XRPUSD, LTCUSD, GBPUSD, and EURUSD.

To ensure liquid markets, liquidity for all V2 trading pairs is shared via the Automated Liquidity Protocol (ALP) pool. This allows ApolloX to quickly list new crypto trading pairs and even non-crypto pairs like token indices, forex, and stocks. The platform will continue adding pairs in the coming weeks.

According to DefiLlama, ApolloX ranks top in derivatives TVL on BNB Chain and fourth among all protocols tracked. The ALP pool has over 7.1 million staked and has distributed over 8.8 million in real yield staking rewards. Investors who mint ALP participate in the market making of V2 contracts.

ApolloX is also working with top blockchain security firms including Certik, Peckshield, and Salus Security to conduct full audits for V2 smart contracts. All reports will be published on the platform's Gitbook resource. To ensure highly reliable and secure price feeds, V2 is powered by a customized Binance Oracle and Chainlink solution.

Traders have the freedom of choice to trade over 70 perpetual contracts across both V1 and V2. V2 trading incentives will apply to trades starting from April 27, 00:00 UTC, and the activity will end on May 11, 23:59 UTC.

Overall, ApolloX's V2 trading incentive program is set to bolster BNB Chain's derivatives ecosystem by attracting more traders to the platform and enhancing trading transparency.

What is ApolloX?

ApolloX launched in 2021, with a mission to make crypto trading accessible to everyone. The platform's ecosystem comprises BNB Chain's foremost decentralized crypto derivatives exchange - ApolloX DEX, an in-built DeFi Wallet, ApolloX NFTs, and its proprietary derivatives trading solution - ApolloX DEX Engine.

ApolloX is among the top BNB Chain decentralized exchanges and has attracted seed funding from major venture capitalists like Binance Labs and Kronos Research, 3Commas, and LUX Capital.

Where to find ApolloX:

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