The Past, Present, and Future of DeFi

An Interview with ApeSwap Contributors

22 min readJun 30, 2023

The entire ApeSwap DAO has been privileged to experience over two years of a shifting landscape in decentralized finance. The circumstances that the DAO and the protocol have faced have been ever-changing, and the team of core contributors has been dedicated to tackling the challenges faced and taking advantage of the opportunities they present.

With so much changing in the DeFi world, a few of ApeSwap’s core contributors wanted to provide some personal insights into the past, present, and future of the ApeSwap protocol and of the industry at large.

How has DeFi changed since ApeSwap launched?

ApeGuru: Since ApeSwap launched in February 2021, there have been significant changes in the DeFi space. One notable change is the increased adoption of DeFi protocols by both retail and institutional investors. This has led to a surge in the total value locked (TVL) in DeFi protocols, which has grown from under $1 billion USD in early 2020 to over $150 billion USD in September 2021.

Another significant change in the DeFi space since ApeSwap launched is the emergence of new DeFi protocols and platforms. ApeSwap is just one of many DeFi protocols that have launched in the past few years, and there are now hundreds of DeFi platforms offering a wide range of services, from lending and borrowing to yield farming and liquidity provision.

Among the surge of new DeFi entrants, we saw the DeFi 2.0 narrative, which bolstered huge DAO treasuries and the concept of protocol-owned liquidity through bonding mechanics, catalyzed primarily by Olympus. Additionally, new DEXs have surged with increased capital efficiency, lower slippage, and fine-grained control. Trader Joe and UniSwap are leaders in new DEX capital efficiency.

The growth of DeFi 2.0 and protocol-owned liquidity proved to shake many DeFi concepts up, showcasing the inefficiency of inflationary tokenomics and high APRs as a way to sustain the long-term health of a protocol.

Additionally, as DeFi grew, security has become a paramount concern. The industry has witnessed high-profile exploits and hacks, prompting the development of enhanced security measures. ApeSwap implements robust security measures and has audited its smart contracts to ensure the safety of user funds.

The DeFi space has seen increased efforts to foster interoperability and enable cross-chain functionality. Allowing users to interact with multiple blockchains and leverage different protocols seamlessly.

Finally, regulatory frameworks around the world have been evolving to address the challenges and opportunities presented by DeFi. These regulations aim to provide clarity and protect users, while also promoting innovation.

Diddy: In addition to a massive increase in DeFi adoption, ApeSwap has also seen shifts in the approach to development strategy. We saw a corresponding increase in development of new chains and protocols, with several coming live throughout the rest of 2021 and 2022. Chains like Polygon emerged as a popular Layer 2 scaling solution for Ethereum-based DeFi applications. Its low fees and fast transaction times attracted many users to the DeFi space, which contributed to significant growth in the past year.

Julian: When ApeSwap launched back in February 2021, DeFi was a relatively new industry that had barely existed for more than a few months. Most of the large, legitimate protocols that were being put out at that time lived on Ethereum, with Binance Smart Chain serving as a playground for degens to invest in what turned out to be mostly rugs, scams, or ponzis. We wanted to take a shot at making something bigger and better than what others had done before us on BSC, while still maintaining the playfulness of the “degen” activities we had all grown to know and love. Thus, ApeSwap was born!

Since then, it’s become abundantly clear that the DeFi industry has done a ton of maturing, and we couldn’t be more proud to have matured with it. Gone are the days of endless yield farming and triple-digit APR chasing, in favor of new narratives like Bonding, Real Yield, RWA, and other, far more sustainable approaches to generating DeFi yields. These new protocols and innovations tend to rely on true value creation, as compared to the constant value destruction we were so familiar with during the early days of DeFi.

How has ApeSwap changed since it launched over two years ago?

ApeGuru: The protocol has undergone several changes since it launched. One of the most significant changes was the shift towards sustainable liquidity mining, a hybrid model which involves renting liquidity through yield farming while also acquiring it through bonding mechanics. This was facilitated by combining ApeSwap Yield Farms with the development of a new product: ApeSwap Bonds.

Yet, only talking about SLM would leave all the work done at ApeSwap short. Since ApeSwap was launched, many new developments have been made. The DAO has launched products on several new chains, co-authored an Ethereum Improvement Proposal, introduced concentrated liquidity on the ApeSwap DEX, and launched a lending network on BNB Chain. There have also been significant upgrades to the user experience and layout of the ApeSwap platform, multiple tokenomics changes including emissions reductions and a hard cap on BANANA, and the introduction of GNANA, ApeSwap’s governance token that serves as a deflationary mechanic for the protocol. Finally, ApeSwap has established many, many new partnerships with crypto and DeFi projects ranging from small startups to industry leaders.

In conclusion, ApeSwap has made significant changes to its platform since its launch over two years ago, including the addition of new features, partnerships, and a growing community. These changes reflect the protocol’s commitment to staying at the forefront of the DeFi industry and providing users with the best possible experience. Without these changes and ApeSwap’s lean mentality, the protocol would likely not be here now.

Diddy: ApeSwap launching at the beginning of the DeFi mass adoption phase has allowed the protocol to gain significant insight in regards to the evolution of DeFi. This ultimately positioned us to understand the needs of DeFi as a whole and allowed us to adopt our product suite to provide those needs.

In ApeSwap’s early growth phase (from February 2021 until about October 2022), the industry saw a massive influx of users who were familiar with yield farming & high APRs, and our focus was just that. Users gravitated towards the ApeSwap platform resulting in 1M+ MAUs at our peak and $200M+ in liquidity on our DEX, making ApeSwap one of the top three DEXs on BNB Chain.

After working with hundreds of partners over the years & seeing a decline in new users in the DeFi space, ApeSwap came to the realization that DeFi needs to be more sustainable. This is when we started building our ApeSwap Bonds product which would do just that. Our bonding product gave the opportunity for ApeSwap and other protocols to shift the allocations of liquidity incentives towards raising protocol-owned liquidity opposed to the standard liquidity renting strategies that most were using to fund farms which resulted in a 0% ROE. This initiative has successfully helped raise nearly $4M in protocol-owned liquidity to date.

How have ApeSwap’s mission, vision and values evolved?

Apetastic: ApeSwap’s mission and vision have evolved while maintaining the core values of decentralizing traditional finance and creating a fair global economy through a sustainable, community-driven DAO. Initially, ApeSwap started as a yield farming AMM, building decentralized liquidity through BANANA incentives and establishing solid partnerships to increase DEX offerings and provide decentralized high-yield returns. As ApeSwap gained more experience and knowledge in the industry, the focus shifted towards sustainability and product development. While moving away from yield farming, ApeSwap introduced ApeSwap Bonds as a sustainable alternative , while still offering high returns. With various discount levels, these bonds can yield impressive annual returns ranging from ~130% APR (based on a 5% discount) to ~520% APR (based on a 20% discount). This evolution showcases ApeSwap’s commitment to adapting and providing financial opportunities for all, while staying true to its core values of accessibility, transparency, and security.

What is ApeSwap trying to achieve in this new context?

Obie Dobo: First and most importantly, ApeSwap is trying to achieve a functional transition into the new paradigm that is sustainable tokenomics. This entails being able to support our DAO with bonds as the centerpiece of our ecosystem instead of a DEX. This change has a lot of residual impacts.

The bittersweet news is that our ecosystem was founded on non-sustainable mechanics. This is bad because, well, it’s not sustainable. But, this is good because we gain very crucial first hand experience for transitioning. With this experience, ApeSwap is ambitiously aiming to be the single most reputable provider in liquidity health solutions.

Apetastic: In this new DeFi context, ApeSwap has shifted from building temporary liquidity through yield farming to becoming decentralized liquidity experts, specializing in bonding to build protocol owned liquidity. This transition was driven by research and direct experience with yield farming, which led ApeSwap to identify more sustainable ways to build decentralized liquidity in the market.

How has the ApeSwap community changed?

Diddy: The ApeSwap community has changed drastically since our inception. We were built and shared through the numerous earning opportunities we had available for our users. As we changed our focus to support a more sustainable DeFi along with overall decrease in users, we saw a massive decline in the size of our community.

This has been a painful experience to say goodbye to dear friends, but if ApeSwap didn’t make changes towards sustainability, then the DAO would have met the same fate as a majority of projects and would not have been able to survive the bear market.

The majority of our community now consists of users who are more patient and aren’t constantly chasing those high return opportunities, but instead are more aligned with our vision and path towards a more sustainable DeFi and long-term growth of the DAO. As we evolved specifically in the last 12 months a lot of our B2C products (Yield Farms, Staking Pools, IAOs) have transitioned to a more B2B centric strategy with ApeSwap Bonds & Farms. A lot of our new users come from communities who are leveraging our bonding product.

ApeSwap is still globally recognized. I see a lot of opportunities for community growth in the near future through the adoption of Bonds & the upcoming Liquidity Health Dashboard tool.

Obie Dobo: Outside of the most noticeable adjective — “smaller” — ApeSwap’s community has definitely evolved since ApeSwap’s origination. First of all, from a disposition perspective the community has grown into a more patient and less hype-centric group of members. While this will always be a subset of any crypto community, it’s also true that in cyclical markets people who are around to hold for the long term become the majority of the community at certain troughs in the cycle.

Additionally, ApeSwap’s community has evolved into a neutral ground for partner projects. Specifically this is because we have so many offerings that are attractive to holders of partner tokens (such as farms or bonds), which means we often find ourselves collaborating at the community level too.

Finally, ApeSwap’s community stays robustly global. Although OFAC-centric restrictions have been imposed, Core team members & admins remain in dozens of countries and users continue to support us from every corner of the world. ApeSwap’s global community is a staple of our ecosystem and something I see for years to come.

How has the DAO changed its approach to resource allocation?

Julian: I really love this question, as there is quite a bit to unpack here and these decisions have helped define a lot of ApeSwap’s history as well as shape our future plans. As many are familiar, ApeSwap originally launched exclusively as a DEX and yield farm, without bonding or any of the advanced functionalities we have today. This launch (and ApeSwap’s continued existence) was heavily reliant on our inflationary token, BANANA, in order to support liquidity on the DEX and encourage users to participate in our ecosystem.

But of course, as most of our loyal apes have likely learned by now, inflationary business models are not sustainable. As time went on, the level of analysis we performed on the DEX got deeper and deeper, until we started understanding a few key things that allowed us to start thinking about our emissions in a far more sustainable way. The main thing we discovered was ROE (Return on Emissions), basically the $ value return we get for every BANANA we emit.

Our entire mentality changed as we became obsessed with increasing our ROE, driving most of our decision making process around how we should approach resource allocation. And we couldn’t be happier with the results thus far!

Apetastic: Before the implementation of the mentioned proposals, the assumption was that BANANA had an infinite supply, and the token incentives would bring in more value than expended. However, in practice, yield farm tokens tend to trend towards zero, resulting in the token being devalued while renting less and less liquidity. To address this issue and move ApeSwap towards sustainability, the DAO introduced several proposals, such as adding a hard cap, improving the Return On Emissions (ROE), and providing an alternative revenue-sharing mechanism apart from buy-backs and burns. These proposals collectively aim to ensure the long-term sustainability of the platform, maintain the value of the BANANA token, and enhance the overall efficiency of the resource allocation process.

Why has ApeSwap made these changes?

ApeGuru: The reason for these changes is to keep up with the evolving DeFi landscape and provide users with new and innovative ways to earn rewards and participate in the ecosystem. ApeSwap sees DeFi as a rapidly growing industry with enormous potential and is committed to staying at the forefront of this industry by constantly innovating and improving its platform.

Generally, they are aimed at improving the user experience, increasing the value of the platform and its native token, while staying competitive in the rapidly evolving DeFi space.

Apetastic: ApeSwap initially believed that the yield farming model was sustainable, as other major projects like SushiSwap and PancakeSwap had success with the model. However, after experiencing a consistent decline in token price and observing other projects fail through yield farming, it was apparent that the model was flawed. It was initially expected that the token could become deflationary, even with a constant emission rate, but the fees gained through the protocol didn’t cover the emission value to achieve that goal.

To address these issues, the ApeSwap team analyzed the protocol and defined the value: Return on Emissions (ROE), using it as a starting point to ensure the distribution of BANANA was directed towards the most efficient products. Bonds emerged as the answer to building protocol-owned liquidity with a high ROE. Eventually, the team proposed a hard cap, which necessitated a long term shift away from yield farming to build liquidity and use Bonds instead.

This shift towards bonds and sustainability has allowed ApeSwap to survive through the recent crypto bear market and prevent the value of BANANA from reaching unrecoverable lows while at the same time secure long-term liquidity for the platform. By focusing on more sustainable practices, ApeSwap has positioned itself for continued growth and success, while also ensuring the security and satisfaction of its users and the broader market.

What is the future of BANANA?

Julian: I think the BANANA token is in a very interesting spot at the moment, where historically and really up to this point it hasn’t been tied to the revenue or any value generated by our products and operations. In my opinion (and I want to emphasize: this is my personal opinion here) the burns and other mechanisms in place never truly “closed the loop” for BANANA holders, which in practice partially led to the decline in price. This all changes with the recent passing of Governance Proposal 27, which introduces Real Yield GNANA Staking Pools to the platform and finally ties BANANA to ApeSwap’s current performance and future success. Users can finally buy BANANA in order to gain a portion of the revenue generated by the ApeSwap DEX, fully closing the loop and setting the stage for the next evolution of the BANANA and GNANA tokens.

From here, I would love to see us continue to integrate the BANANA token into our product suite, further closing the loop with BANANA holders and driving demand through product-relevant utility and sustainable revenue streams generated through a sound business model.

ObieDobo: Please note this is not committal, just my POV.

What a fun question! Most obviously, BANANA’s tokenomics have been and continue to undergo changes that the community thinks are beneficial for the ecosystem (e.g., hard cap, real yield pools, etc), but with BANANA being the centerpiece to our ecosystem there are more advancements that need to be made.

First, I’d love to see BANANA more deeply ingrained in all of our ecosystem products, since I think BANANA being the middle ground between pools & farms in the past was a huge driver for its success. Bonds are most notably the product we haven’t figured out an elegant solution for this gap. Second, I think there are some basic tokenomic mechanics that are lacking in our ecosystem. Specifically, incentives to share & incentives to hold for longer periods of time. Third, I also want to call out that contingent on the first two, some more radical changes might be required to the tokenomic structure we have to move ApeSwap out of the “inflationary DEX” token category, as our ecosystem has evolved so much since then.

Where does ApeSwap see DeFi going?

ApeGuru: Looking to the future, it is likely that DeFi will continue to grow and evolve in new and exciting ways. One potential trend is the integration of DeFi with traditional finance, as more institutions begin to explore the potential benefits of decentralized financial systems. Additionally, we may see the emergence of new DeFi protocols that offer even more advanced features and functionality, such as cross-chain interoperability and more sophisticated automated market makers.

Based on recent trends and developments in the DeFi market, there are some potential future trends that could emerge. First, as more users become familiar with DeFi and its benefits, we could see a significant increase in the adoption of DeFi protocols. This could lead to more liquidity, better price discovery, and greater stability in the DeFi market. Next, DeFi protocols are already being used for a variety of use cases, including lending, trading, and staking. In the future, we could see DeFi expand to other areas, such as insurance, prediction markets, and on-chain real-world assets. Also, as DeFi becomes more mainstream, we could see traditional financial institutions begin to integrate DeFi protocols into their offerings. This could lead to increased liquidity and better access to capital for DeFi users. And finally, as DeFi continues to grow, we could see increased regulatory scrutiny from governments and financial regulators. This could lead to greater regulatory clarity and a more stable regulatory environment for DeFi protocols.

Overall, the future of DeFi looks promising, with potential for continued growth and innovation. However, there are also risks and challenges that must be addressed, such as regulatory uncertainty and the need for better security and privacy measures.

Julian: From my perspective, I think that we’ll see the industry push a lot further in the direction of bonding, as we are only just scratching the surface of what can be done with bonds at the moment. Specifically for ApeSwap, the composability, flexibility, and openness allowed by the token standard we’ve developed cannot be understated. I look forward to seeing ERC-5725’s further implemented and used by VCs or other investors for token vesting, a secondary marketplace where bonds can be traded before expiry, and other creative use-cases.

I am also personally very bullish on the RWA (real world assets) side of DeFi at the moment, or what can be seen in many ways to be the true intersection of DeFi and TradFi. As DeFi continues to mature and move away from the unsustainable, ponzinomic ultra-high yields that have plagued the industry for the better part of three years, users will necessarily seek higher yielding alternatives. With US Treasury Bills at historical highs, and true DeFi yields at historical lows, RWAs on-chain appear as an attractive way to keep capital in DeFi.

Where is ApeSwap going?

DK: ApeSwap is leading the charge for sustainable DeFi, working to usher in a new era of decentralized finance that focuses on strong and stable fundamentals, rather than hype and speculation.

We believe most projects are failing due to a lack of education, a lack of sourcing liquidity sustainably, and a lack of proper treasury diversification. We have experienced this first hand as a DEX with our token, and the 350+ partners we have worked with over the past 2 years, which is why we feel best suited to be the market leaders in this space.

ApeSwap’s upcoming Liquidity Heath Dashboard aims to tackle the industry’s education component. Our Liquidity and Launch Bonds tackle sustainable liquidity sourcing, and our Reserve Bonds tackle treasury diversification.

If we want our industry to be taken seriously, we need to start improving the success rate of projects and taking fundamentals more seriously. That’s the direction we are going and we are one of the only projects in crypto doing this.

Why is ApeSwap choosing to lead the charge on liquidity?

DK: We are starting with liquidity because that is the basis of all token value. See this tweet from CZ — valuations and MCAPs without ample liquidity mean nothing, and crypto has a huge liquidity problem.

In crypto, we consistently see projects mint a new token (which you can compare to printing money), sell millions of dollars worth of that token in seed, private and public sales. Then backing the token with less than $200k of actual hard assets (for example BTC, ETH, or USDC) in a liquidity pool and expecting the token to be able to maintain value when the project doesn’t even have a working product yet, much less real utility.

It’s insanely difficult to maintain the value of multiple millions of dollars of circulating supply, with a few hundred thousand of actual backing. Even the slightest amount of sell pressure can tank the token into a death spiral.

Our industry needs to take liquidity more seriously.

If we can change the narrative to focus on liquidity first, and actually having the protocol own that liquidity rather than lazily pushing the risk and responsibility onto users, we will increase the success rate of projects as we are actually working on stronger fundamentals.

ApeSwap believes this is step one to creating stronger projects, and we have lots of plans on where to expand next from here!

ApeGineer: ApeSwap is perfectly positioned to lead the charge not only from a technical perspective, but also from an experience perspective. We have worked with multiple partners over more than two years of operations and have come to the conclusion that if we didn’t help them understand one of the most basic needs — a well managed liquidity profile — they would not survive.

Not only are we in a position to teach them about liquidity, but we also have the tools and design experience to build it for them, if they want to be responsible. In other words, it felt like an opportunity as much as it felt like a duty to our partners and our users.

Why should I, a user, care about healthy liquidity?

DK: It’s actually pretty straight forward — you should care about liquidity health for the tokens you hold because if the token has poor liquidity health, your holdings are actually worth much less, or potentially cannot be liquidated at all.

Have you ever calculated the value of your holdings, to only find that when you try and sell (liquidate) part of your bag to take some profits, you can’t actually extract the same dollar amount you expected? Or worse, it’s really tough to actually sell the token? That’s because the token is illiquid.

If you can’t easily sell the token into something like a stablecoin or a bluechip asset, it’s not actually worth anything. You can’t actually sell the tokens into a harder currency, therefore the tokens are actually worth materially less than you anticipated.

This is how most of the industry operates. As a user it is very risky to hold illiquid tokens unless you literally use the tokens on a frequent basis for something from which you find intangible value.

ApeGineer: As the holder of a token, ignoring the liquidity health of a token would be like testing turbulent, dark water not with both feet, but more like jumping head first. The only consistent way to know if your position is going to hold any value as time goes by is through understanding if the token has a healthy liquidity.

A healthy liquidity would refer to having a proportionally adequate percentage of tokens being paired with bluechips or stablecoins in DeFi, which would let the token hold its price and not fluctuate considerably with every transaction. What is more, it would let the holder exit their position at any point in time without suffering greatly from slippage.

As a disclaimer, current and future emissions of every project should also be considered as they also greatly impact the projected price of the token, also taking liquidity into account. The more a project emits, and the lower its liquidity, the higher the token price would drop.

How does healthy liquidity benefit ApeSwap?

DK: Healthy liquidity benefits our entire industry, not just ApeSwap! We are tackling this under the assumption that a rising tide raises all ships, which is also why we are seeking inputs from other projects, KOL’s, and users on how we can continue to improve our credentialing system!

Come get involved, help our industry improve! It’s on all of us to define these best practices so we can usher in the next era of DeFi in a safe, sustainable and anti-fragile way!

ApeGineer: ApeSwap always prefers to work with projects with healthy liquidity for multiple reasons. First, this means that it will have higher than average quality tokens to offer its users for purchase on the DEX. This should mean lower risk of high losses and beating the market.

Second, as projects are healthier, this would essentially mean they will last longer, which means a longer lasting partnership from which revenue can be generated by earning fees or selling services.

Third, as projects can be considered of higher quality, they will attract more serious investors into the market. This could create a virtuous cycle where ApeSwap is the place for good quality projects and serious long term investors meet.

How do Bonds play into all of this? How do they benefit ApeSwap?

ApeGineer: Bonds became the key technical component for projects to manage their liquidity properly. Prior to this, projects would leverage their emissions to get as much liquidity as possible in a short period of time, but the simple rule of thumb applies here: easy comes, easy go. As soon as they had the need to start lowering that unsustainable level of emissions, liquidity would come down, creating a vicious cycle where users removed their liquidity and sold their tokens against the remaining liquidity dragging the price further down.

After watching this cycle repeat multiple times, ApeSwap developed ApeSwap Bonds as a different solution to the need. As there’s an initial amount of liquidity provided by the project itself, there’s no way that liquidity immediately runs out, because also the bonded amount will be proportional to it, among other factors. Furthermore, liquidity through bonds will be built up slowly and consistently, and getting the lowest discount that the market is willing to accept for every token. Therefore, emissions are being utilized at theirs peak efficiency, and not just given away to generate hype or a quick short term price action. This liquidity will then be owned by the project, and will be able to support the token price and trade activity for as long as needed, lowering the risk of holding this asset.

As a bond purchaser, you have the double advantage of not only getting the tokens for a discount you get to pick (obviously according to market conditions) but also you’re guaranteed that the funds you contribute will be used to grow the liquidity of the exact token you’re purchasing.

This benefits ApeSwap in multiple ways, some were explained on the healthy liquidity question. To add on the specific benefits of bonds, ApeSwap generates fees on every bond sale, and the higher the value of the bonds sales, the higher the revenue that can be used to operate the DAO, and maybe to buyback Banana in a near future.

Liquidity is complicated, how are we going to get the entire industry to understand it?

DK: Education, education, education. ApeSwap is working hard on producing materials, securing partnerships, and sponsors to help drive this new approach to understanding the health of any given token.

Our goal is to provide ample resources to break down these complexities for projects and users. This ranges from fundamental analysis guides, to educational AMA’s, to working with incubators.

Additionally with our upcoming dashboard it will be easier to analyze the overall liquidity profile of any given project (starting with EVM compatible chains, then expanding from there). That dashboard will also have plenty of ways to get educated and up to speed on all things liquidity related!

ApeGineer: After years of operating the DAO in this industry and months of R&D, we came up with a simple and straightforward service to help everyone visualize and understand how every projects’ liquidity health looks like.

This is referring to the newly launched Liquidity Health Dashboard, which was completely developed by Apeswap. It essentially gives every project a rating from 0 to 100 which comes from a combination of the scores of 3 different factors: Liquidity Strength (proportional amount of circulating tokens currently in liquidity), Liquidity Concentration (how many pools is the liquidity divided in) and Liquidity Ownership (proportional amount of tokens that a project has deposited into liquidity).

This way, any individual will be able to search any project whose data is supported by our infrastructure and search for the score, and get more guidance on why it is that high or low.

I want to be an active DAO member, how do I get involved?

Obie Dobo: For anyone who wishes to be an active DAO member, I think there are two primary “tracks” that most benefit the DAO. Both of equal importance, but can have drastically different time commitments and involvement levels.

The first of which I’ll call the “Evangelist” role. This is for someone who wants to be up to date, but might not have any specific applicable skillset or see any direct opportunities to help ApeSwap in a unique way. An evangelist uses and spreads the word about ApeSwap’s products and offerings. They participate in public meetings & ask questions. They read & vote in governance proposals. Recommend other projects to partner up with us.

The second is what I’ll call the “Autonomous” track. The ‘A’ is well highlighted here, as having autonomous participants is crucial to any DAO. Members of this tranche proactively find ways to apply specific skills they have to the DAO’s needs. This could be something simple like making community graphics/memes to share topics, or something complex like building a protocol on top of ApeSwap that serves as mutually beneficial.

Apetastic: The first step to participate in the DAO is to hold the official governance token: GNANA. Holding GNANA allows you to be included in governance discussions and vote on governance proposals, giving you a direct say in the decision-making process with the organization. By actively participating in these discussions and voting on proposals, you can help shape the future of ApeSwap and contribute to its ongoing success and growth.

If you want to become a full time core contributor to the DAO, start by engaging with the community through platforms like Telegram or Discord and express your enthusiasm and interest in contributing. A DAO has a lot of needs from development resources to community admins. If you demonstrate a strong fit with the company’s culture, take initiative, are autonomous and meet the required standards, you may receive a formal offer to join the team as a core contributor.

Have more questions for ApeSwap? You can always join our monthly DAO Twitter Spaces on the last Tuesday of every month or jump in our Discord or Telegram.





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