Telos, the Ethereum Smart Contract platform, has extended its partnership with Automated Market Maker (AMM), ApeSwap. This is in line with the company’s overall fuel incentive plan. As part of the deal, new, high-yield farming products will be available to DeFi traders through the launch of ApeSwap on the Telos blockchain. In addition, the Telos ecosystem and its customers interested in maximizing reward incentives will benefit from ApeSwap’s AMM by gaining access to cutting-edge new capabilities and functionalities.
ApeSwap and other AMMs are essential to the success of the fuel project. The goal of any AMM is to motivate participants to increase the ecosystem’s liquidity in exchange for financial gains. As a result, the Telos DeFi TVL rises, and the biggest beneficiaries of these bonuses are the liquidity providers on ApeSwap.
What the partnership means for Telos users
ApeSwap DEX is an exciting new option for Telos customers, as it provides considerable liquidity for the six key tokens on Telos: BANANA, ETH, BTC, USDT, USDC, and TLOS. Bridging also helps users by quickly and easily connecting BANANA and Telos. In addition, they’ll have entry to Telos Farms, where they can Stake LPs for TLOS. Finally, they can cash in their LPs for a discount and vest their TLOS.
Telos will be airdropping 1 $TLOS to GNANA holders with at least 1 GNANA in their wallet to help fuel initial transactions. On October 20 at 20:00 UTC, the platform will take a snapshot of the distribution to see which wallets qualify. Eligible users also include those who stake GNANA.
Additionally, the two companies will split their earnings for the first year. This includes a 50/50 split of all DEX profits after buybacks and expenditures. Furthermore, there is a 0.2% transaction fee on all Telos trades taking place on ApeSwap DEX. Out of that amount, share buybacks and burns will take up 0.75%, the ApeSwap Treasury will receive 0.0375%, Telos will receive 0.0375%, and LP investors will receive 0.05%.