Apex Finance is developing an entire platform on the Fantom network that uses an algorithmic token ($APEX) to thrive in the Fantom ecosystem. However, this algorithmic token is not pegged to Fiats like other Stablecoins, but to FTM. The reason behind this is that Apex Finance believes in the growth of Fantom, while still arguing that FTM has a limited supply even though its emission is only increasing, possibly leading to a lack of FTM supply to be freely traded and used. Hence, Apex Finance created a mirrored and liquid asset to FTM, which is interchangeable with FTM.
An alternative to FTM will create more use cases within the ecosystem, such as participating in FTMpad – a launchpad on Fantom, while still remaining the number of FTM available for staking.
The objective of the project is pretty obvious: To support the Fantom token – FTM. Since Apex Finance is built with the code that stems from its successful brother Tomb Finance, it is evident that the $APEX token helps the FTM token in general and the Fantom ecosystem in particular. More use cases and applications from the project can be expected to come online really soon, which can have a beneficial impact on Fantom.
In general, DAO’s like Apex Finance offer great rewards during the Genesis Pool phase which is only open for 24 hours, and staking APY rates will be quite appealing as well. Digital asset enthusiasts should be ready to ape into this project, with an official launch date of February 22nd, 2022 at 12:00 PM ( GMT ). Also, make sure to visit the project’s website at www.apx.finance and join the Telegram (www.apx.finance/telegram) channel for continued interaction.
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