XP.NETWORK prepares
ApeSwap NFT for bridging
to Polygon
XP.NETWORK prepares ApeSwap NFT for bridging to Polygon
PROJECT OVERVIEW
PROJECT OVERVIEW
XP.NETWORK is known primarily for its expertise in bridging collections between EVM and non-EVM networks, such as Polygon and Elrond. However, we also work with a lot of projects that wish to expand from one EVM chain to another – as in this case with ApeSwap NFT, a collection of pixelated apes issued by a popular DeFi hub.
apeswap.finance
About ApeSwap
ApeSwap is a multichain DeFi platform launched in February 2021. It offers swaps, staking, farming, lending,etc. - 10 dApps in total. You can use ApeSwap on BNB Chain, Polygon, Ethereum, and Telos.
On both BNB Chain and Polygon, ApeSwap is in the top 20 by DeFi TVL (according to DeFiLlama). The project’s total TVL is over $75 million, and the all-time trading volume is almost $18 billion.
The whole ecosystem is ape-themed: for example, the native token (used for farming rewards) is BANANA. In April 2021, the platform released an NFT collection of… that’s right, apes. The design is very different from BAYC and similar collections: Non-Fungible Apes use pixelated design reminiscent of Crypto Punks.
As of March 2023, the floor price is 1.3 BNB, going all the way to 500 BNB, though only around 20 Non-Fungible Apes out of 1,000 are listed for sale on NFTKey. There are 233 unique owners, and there have been over 4,500 transactions with Non-Fungible Apes. There’s also a second collection, called Non-Fungible Bananas.
What makes Non-Fungible Apes special
One of the reasons why users don’t want to sell their ApeSwap apes on marketplaces is that they have a lot of utility. Non-Fungible Apes are among the collections supported by LiquidCollectibles (LICO) – a platform that allows users to tokenize their NFTs. LICO is led by one of the ApeSwap co-founders.
An owner of a Non-Fungible Ape can turn it into NFAi – special liquid tokens that are traded on ApeSwap. They can be added to liquidity pools to get LPs and earn yield farming rewards. For example, the NFAi-BNB farm yields around 65% APR – a very interesting alternative to simply storing an NFT in your wallet waiting for the floor price to go up.
Once the user is done with whatever DeFi operations they wanted to perform, they can convert 105 NFAi tokens back into an Ape (though not necessarily the same one).
Getting ready for an expansion to Polygon
For now, Non-Fungible Apes are live on BNB Chain. However, given that ApeSwap is a cross-chain DeFi hub, it makes total sense for the NFT collection to be multichain also. And as Polygon is the second-biggest chain in the ApeSwap ecosystem in terms of TVL, it was also the logical choice for the first round of expansion.
Choosing XP.NETWORK as the partner for this was also logical, as we have already collaborated with hundreds of NFT collections and games and our NFT bridge supports over 20 networks. XP.NETWORK also makes sure that the smart contracts on the destination chain are mapped properly, so that bridged NFTs behave like native ones and at the same time preserve the smart contract logic from the home chain.
For example, royalties continue to be collected after bridging, and NFTs maintain their IDs and metadata. Marketplace users will also see a special “bridged from X” note next to the NFT name, and this can actually help attract attention to the original collection on the departure chain. This turns the bridge into a potential marketing tool, as well.
Once the Non-Fungible Apes collection becomes available on Polygon, ApeSwap users on this chain will have access to the crucial part of the ecosystem that they have been missing until this point.
One ape NFT has already been bridged to make sure that everything works – you can view the transaction here.
The collection’s page on OpenSea has also been set up. We will update this article once more Non-Fungible Apes NFTs start flowing through the bridge.
By the way, the latest release of the XP.NETWORK NFT bridge features automated whitelisting and smart contract mapping. Now you run the necessary security checks on the contract and whitelist an NFT for bridging even if the collection hasn’t been whitelisted by the XP team yet. Try it today on https://bridge.xp.network/connect!
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