ApeSwap Partners with Telos to Continue Cross-Chain Expansion
ApeSwap is proud to announce its expansion to our fourth supported blockchain: Telos! We’re excited to be one of the largest decentralized exchanges to support the Telos network, which offers some of the fastest, cost-effective transactions in all of crypto. We can’t wait for our users to feel the speed and convenience of Telos, combined with the innovation of ApeSwap’s DeFi Hub!
Who (and what) is Telos?
Telos is an EVM protocol that offers inexpensive, eco-friendly transactions and solves several of the problems inherent to other chains, including front running and prohibitive gas costs. Here are some of the advantages that the Telos chain brings to the table:
Fast & Scalable: Telos’ 0.5 second block time enables the network to process up to 10,000 transactions per second.
Low Gas Fees: Average transaction cost of ~$0.01 USD for token transfers and ~$0.025 USD for token swaps ensures users have consistent, inexpensive access to block space.
Decentralized: Block Producers are located around the world and cannot be owned by the same entity.
First-In, First-Out Transactions: Novel transaction model prevents front-running and democratizes block space access.
Eco-Friendly: The most energy-efficient blockchain, requiring just 0.0004 TWh/year to operate.
Community-Governed: Built-in governance engine ensures that all protocol decisions are made by the community.
Since launching its mainnet in December 2018, the Telos network has been developed to power the economies of the future and provide human-scale solutions to global challenges. With these goals in mind, it includes innovative governance features that empower organizations to shift influence and decision-making to a more collaborative and transparent model.
The ApeSwap DAO has identified cross-chain expansion as one of our most important opportunities in terms of growing the ApeSwap DeFi Hub, reaching more users, and onboarding new partners.
ApeSwap’s partnership with Telos originated with listing the $TLOS token on BNB Chain. At the Permissionless conference this May, the ApeSwap Business Development team had the chance to meet with members of the Telos team and start working on the possibility of ApeSwap adding Telos chain capabilities to the protocol. Thanks to a great deal of collaboration between ApeSwap and Telos over the last several months, we’re able to bring a number of new products and features to the ApeSwap DeFi Hub that take advantage of the many differentiators that Telos offers.
How The ApeSwap x Telos Partnership Works
At launch, ApeSwap will support the following products on Telos:
- ApeSwap DEX: Deep liquidity across six tokens on Telos (BANANA, ETH, BTC, USDT, USDC, TLOS)
- Telos Farms: Stake LPs to earn TLOS
- Treasury Bills: Vest TLOS at a discount by selling your LPs
- Bridging: easily bridge BANANA to Telos using MultiChain to start trading right away
Note: a full Bridging Guide will follow here on Medium and in the ApeSwap documentation.
ApeSwap and Telos will share 50% of post-buyback and burn DEX revenue for 12 months from the go-live date. Of the .2% DEX fee paid on Telos transactions on the ApeSwap DEX:
- .075% will be used for buybacks and burns
- .0375% will go to the ApeSwap Treasury
- .0375% will go to Telos
- .05% will go to LP providers
Users will be able to add liquidity to the Telos liquidity pools on the ApeSwap DEX and earn the same .05% LP provider fee on each transaction that they do on Polygon.
Telos has committed to providing a total of $1.5M in liquidity incentives to grow Telos-based TVL on ApeSwap, including $300k in farming rewards, and $1.2M in permanent liquidity via Treasury Bills. Telos will retain ownership of the LPs acquired from the sale of the Bills, and ApeSwap will take a 5% success fee on those sales.
Telos has also committed to a separate $1.5M in liquidity provisions to support trading on the platform, ensure low slippage, and provide order book depth.
Telos Gas Airdrop
To help ApeSwap users facilitate their first transactions and feel the speed and convenience of the Telos network, Telos will airdrop 1 $TLOS to all GNANA holders. As with governance, staked GNANA will be included for the purposes of the airdrop.
To qualify for the Gas Airdrop, users must have at least 1 GNANA acquired through apeswap.finance/gnana at the time of the snapshot on October 19th at 22:00 UTC. The Gas Airdrop will take place on October 20th at 20:00 UTC (two hours before launch).
Excited about the Cross-Chain Expansion?
Participate in our Gleam Campaign for a chance to win more TLOS!
Gleam Giveaway Starts: 24th of Oct 18:00 UTC
ApeSwap x Telos Cross-Chain Giveaway (gleam.io)
October 17th, 22:30 UTC: Twitter Spaces AMA featuring Telos (Win $TLOS)
October 19th, 22:00 UTC: $TLOS Gas Airdrop Snapshot (Own 1 $GNANA)
October 20th, 20:00 UTC: $TLOS Gas Airdrop (See above, Free $TLOS)
October 20th, 22:00 UTC: ApeSwap x Telos Launch
October 21st, 14:00 UTC: Reddit AMA featuring Telos (Win $TLOS)
October 24th, 18:00 UTC: ApeSwap x Telos Gleam Campaign (Win $TLOS)
We’re working on updating the ApeStats and Info pages to reflect the information from Telos transactions within the coming weeks.
ApeSwap is excited for this next phase of our cross-chain expansion, and we can’t wait to see what our community is able to achieve with Telos!