ApeSwap, the BSC-based decentralized exchange, recently announced a partnership with Ola lending services. The collaboration will see ApeSwap releasing its lending services to facilitate optimal liquidity for users.
The exchange released an official post to inform the users about the collaboration. Posted on the ApeSwap website, it stated how many users worry about liquidity and fail to get it in time.
That is why ApeSwap is bringing the solution to them. The exchange is launching its lending service with the latest family member, Ola. The lending service will be native to the Binance Smart Chain, elevating the overall Jungle DeFi mechanism.
The collaboration makes Ola become one of the first projects that can wear the tag of “Powered by ApeSwap.” Crypto lending protocols gained garnered exposure the previous summer with Compound pioneering the movement.
The network launched its platform where users can supply assets to earn interest from users that borrow them. However, users must provide equally valuable collateral to receive the assets.
Moreover, the platform was overcollateralized, with a huge margin based on the locked assets. The upcoming ApwSwap x Ola lending service also functions on a similar mechanism, but with several exceptions.
Ola as a lending service provider excels at offering robust lending and borrowing experience. And, if you want to know more about crypto lending services & how it works, you can read here to learn more.
That is why ApeSwap released its beta for the lending platform on November 22nd. It is a soft launch released with the intent to drive user feedback and test $BANANA rewards.
The beta launch currently supports assets like: $BTC, $BNB, $ETH, $BUSD, $BANANA, $USDT $USDC, and $CAKE. The network will incentivize the rewards by $BANANA to start the protocol.
Moreover, ApeSwap will use a 2x farm to incentivize the mentioned assets. The network has conducted several tests on rewarding the supply and borrowing of assets. Over the 30-day course of its beta, ApeSwap will distribute 120,000 dollars worth of $BANANA rewards.
With the latest announcement, the network has attracted the market’s attention towards DeFi lending yet again. Given the state of the beta, the protocol is expected to be a hit among the users.