Unpacking ApeX Exchange: All You Need to Know
Decentralized exchanges (DEXes) have become popular among crypto users in recent months because they do not have many restrictions like centralized exchanges. One of the DEXes that have seen massive adoption is ApeX Exchange.
Keep reading this article to understand how this decentralized exchange works, its features, highlights, and lowlights.
Exploring ApeX Exchange
ApeX is a permissionless, decentralized protocol that allows crypto users to trade perpetual contracts. The Arbitrum-based DEX currently has a Total Value Locked of $34.2 million. For trading security, ApeX uses the ZK-proof technology. The platform enjoys backing from prominent investors like Dragon Fly Capital and Tiger Global.
ApeX began its operations in 2022. The company that controls the exchange has adopted decentralized governance, allowing holders of $APEX to influence the project’s direction. So, who developed ApeX? The developers of this DEX have chosen anonymity but are very active on ApeX’s Telegram channel.
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Despite the developers choosing not to reveal their faces, their project has gained the trust of crypto users over the last few months after integrating with Bybit, a reliable Dubai-based centralized exchange.
How to Get Started With ApeX
Here is how you can start using ApeX to trade cryptocurrencies.
1. Visit apex.exchange, and then choose “Trade.”
2. On the page that opens, hit “Connect Wallet” to link your wallet. ApeX supports numerous crypto wallets, including MetaMask, Bybit Wallet, Rainbow, Trust, BitKeep, Rainbow, Coinbase Wallet, OKX Wallet, and WalletConnect.
3. Once your crypto wallet connects successfully, you can then start trading.
Although ApeX does not have a welcome offer, every new user gets a referral link that they can use to earn commission by inviting people to sign up with the DEX.
ApeX’s key features
ApeX Exchange comes with several features that make it stand out. They include:
Support for Multiple Chains
Even though ApeX lives on Arbitrum, it has the ability to interact with three other blockchains, including Ethereum, Polygon, and Binance Smart Chain. This feature allows the DEX users to move funds from one supported network to another seamlessly.
Leveraged Trading
Through ApeX, you can open leveraged trades to increase your profits. The DEX offers leverage of up to 30x. However, those unfamiliar with leveraged trading should first understand the risks associated with this type of trading.
Although you stand a chance to gain massive profits, you can lose your entire capital if leveraged trades don’t go as expected.
Order Book
While most decentralized exchanges use automated market makers, ApeX employs the Order book model, similar to that used by centralized trading platforms. Order books reduce slippage risks and make the process of crypto trading on DEXes more transparent.
Token-Driven Ecosystem
As stated earlier, ApeX uses $APEX as its governance token. It also has another crypto asset called $BANA, which the platform uses to reward users who participate in staking and other activities. The two tokens play a crucial role in growing the ApeX ecosystem.
Trade-to-Earn
To encourage users to trade, ApeX rewards whoever places profitable trades with $BANA tokens. These rewards are distributed weekly and can be exchanged for USDC at any time.
NFT Games
Besides trading, you can play ApeX’s NFT game to receive $APEX. But how do you participate? You need to own an APEX Predator NFT. The NFT collection is listed on popular marketplaces such as OpenSea and Rarible.
Staking Support
If you would like to earn passive income, ApeX lets you stake $APEX tokens in exchange for a yearly yield. As of October 2, the staking pools are only available on Ethereum and Arbitrum.
ApeX Strengths and Weaknesses
Strengths
- ApeX offers leverage of up to 30x
- Allows users to earn passively through staking.
- The platform does not subject users to the KYC process.
- Uses ZK-proofs to protect users’ trades.
- It has an easy-to-use interface to allow anyone to trade seamlessly.
Weaknesses
- ApeX has a limited range of trading pairs compared to its competitors.
- The platform lacks a live chat feature to help users when they are stuck.
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