Partnership with ApeSwap Finance
Hey Koalas !
We’re very happy to announce that we are starting a partnership with https://apeswap.finance
First step of this partnership will start by moving Koala liquidity pairs (LP) from Pancakeswap to ApeSwap Finance DEX.
Why moving Koala liquidities to ApeSwap Finance DEX ?
Moving our liquidities to ApeSwap Finance DEX is a great way for Koalas to start the partnership. We truly believe into ApeSwap project and want to be a part of the family.
Moving our liquidities has also great advantages for Koala DeFi and our users :
- A better spotlight on Koala DeFi project : We will be listed on ApeSwap DEX within a short list of tokens (actually 10 projects are listed on ApeSwap DEX compared to more than 70 projects listed on Pancakeswap).
- DEX transaction fees are better for our users on ApeSwap then Pancakeswap : The transactions fees are both 0.3% on each DEX but 0.25% are redistributed to LP (liquidity providers) on ApeSwap compare to 0.20% on Pancakeswap.
What means “moving liquidity pairs (LP)” ?
A liquidity pair (LP) is used on a AMM DEX to exchange/trade between users.
At Koala DeFi, we use 2 different LP : LYPTUS-BUSD & LYPTUS-BNB
Koala DeFi have no DEX features. We actually use features from Pancakeswap. When our users trade via the Koala DeFi website interface (https://swap.koaladefi.finance), they are connected with Pancakeswap contracts. Actually, trading on Koala DeFi or directly on Pancakeswap has the same effect and you interacting with same contracts.
So, moving liquidity pairs (LP) from Pancakeswap to ApeSwap means that our users will progressively stop using Pancakeswap pairs contract and start using ApeSwap pair contracts to trade $LYPTUS token. Read below to understand how we plan to make this move.
How do we plan to move our liquidities ?
Don’t panic, this will be done in an organic and in fair way ;-)
Disclaimer : At Koala DeFi, we don’t have a migrator code into our contracts to move liquidities. This means that the Koala’s team can’t touch/get/move your funds. (read more about bad migrator code here). This also means that it’s up to our users to manually make the liquidities move from Pancakeswap to ApeSwap.
For exact schedule, read below
1 ) We will create 2 new pairs on ApeSwap DEX to exchange LYPTUS : LYPTUS-BUSD & LYPTUS-BNB.
2 ) We will officially release a new interface for trading $LYPTUS via ApeSwap DEX pair contracts. This interface is already online and in testing by the team. Available here : https://swape.koaladefi.finance/ Note : This new interface has same name as the previous one but with a voluntary misspell on the url to reflect using ApeSwap DEX
3 ) The new ApeSwap interface will be available on our main menu and the old Pancakeswap interface will stay there also as long as the transition is completed. You will be able to trade and add/remove liquidities with both interface.
4 ) These new pairs using ApeSwap will be added to 2 new farms on Koala DeFi. We will setup these 2 new farms with higher rewards (higher APRs) then the actual 2 farms using Pancakeswap pairs. This means that actual 2 farms will get low APRs. Why give higher APRs on LYPTUS AP-LP farms (ApeSwap liquidity pairs) ? To encourage our users to move their LPs from Pancakeswap to ApeSwap and have an organic transfer between both DEX.
5 ) When all liquidities will be moved from Pancakeswap to ApeSwap, the actual 2 farms using Pancakeswap will be deactivated. We don’t know how much time it will take for our users to make the move and we will communicate further when we will deactivate the actual 2 farms using Pancakeswap. Don’t panic, your funds will always be accessible for withdrawal even if those farms will be deactivated. The only difference when deactivated is that your don’t get any $LYPTUS rewards (APR = 0%)
Schedule for liquidities move
- Friday 26th March : Koala’s team will create the 2 new pairs on ApeSwap DEX : LYPTUS-BUSD and LYPTUS-BNB. LYPTUS price on these new pairs will be fixed at actual price when doing the manipulation. Koala’s team will also provide some liquidities in each pairs to start the process. Some external arbitrage bots will probably starts soon after transactions between ApeSwap and Pancakeswap and help having a “balanced” $LYPTUS price between both DEX.
- Monday 29th March : Koala’s devs will push in production both new farms and interface update between 10 AM UTC and 11 AM UTC.
- Monday 29th March around 11 AM UTC : Koala’s team will publish a step by step guide to help our users moving their LP from Pancakeswap to ApeSwap. Update : The step by step guide is available here : https://koaladefi.medium.com/step-by-step-guide-to-move-lp-from-pancakeswap-to-apeswap-c28cff9105ac
What are the risks of moving liquidities from Pancakeswap to ApeSwap ?
- Contract risks : Apeswap use copies of PCS contracts and is audited : https://github.com/ApeSwapFinance/apeswap-banana-farm/blob/master/audits/ApeSwap_GEMZ_Audit_Report_21.03.05.pdf
- Liquidities risks : Same as using PCS pairs : Koala DeFi is a young project and our liquidities are still low and volatility is still high. But having liquidities in another place don’t change this “risk”.
And then ? What’s coming next with this partnership
When all liquidities will be moved from Pancakeswap to Apeswap (we have no idea when this will be done, it depends on our users but probably within few days), we will provide more information about what’s coming next with our ApeSwap friends but here are some ideas we can already share with you :
- Add a new farm with a LYPTUS-BANANA pairs
- Add a new bush with BANANA rewards