The Beginner's Guide to ApeRocket

Eager to know about the protocol that has spellbound thousands of investors in its ecosystem in a very short time?

This protocol has derived its roots from ApeSwap. I’m sure that most of you have already heard about this widely loved Automated Market Maker built on the Binance Smart Chain Network).

Using ApeSwap’s liquidity and Binance Smart Chain functionality, it has gained the power to skyrocket your profits in a very short time but only if you invest wisely.

Yes, you guessed it right. I am talking about none other than the #004 IAO (refer to FAQ section for more details on IAO) launched by ApeSwap which the team named as ApeRocket Finance.

ApeRocket Finance is a set of De-Fi products that use ApeSwap’s liquidity to offer yield optimization strategies for the De-Fi users. ApeRocket allows its users (called apes) to reap the maximum benefits of compounding with minimum efforts through automation. It means all the yield earned will be automatically added to the vault to earn more yield without any ape intervention but at a specific interval of time.

Now, it’s time to unwrap the more hidden functionalities and benefits of this protocol.

But before, I request all the newbies here to read our article on yield farming for a better understanding of the protocol.

All set? Grab a banana and enjoy reading!

What is ApeRocket Finance and its Products?

ApeRocket Finance is a De-Fi protocol built on the Binance Smart Chain Network.

This protocol aims to provide various yield farming opportunities to its users through its suite of automated, high-performing products. ApeRocket has a whooping sum of $19,736,631 (at the time of writing this article) locked into its ecosystem.

ApeRocket has two primary products: A Yield Aggregator and a Zap Function.

Let’s now head over to the Aperocket website.

Welcome to the ApeRocket Home page. Here, you can see the list of available vaults on the platform, the total value locked into its ecosystem, and the percentage of Space Locked.

ApeRocket’s Yield Aggregator

A Yield Aggregator is a bunch of smart contracts built on top of the Binance Smart Chain Network that aggregates and compounds yields from other protocols and maximizes your profits.

The aggregator is designed in such a way that it automatically invests your money into the best protocol to earn profit and reinvests your earned profit to make more money.

Now, let’s see how these ApeRocket vaults work.

But before we move on, set up your preferred wallet to operate with ApeRocket Finance (I’m using Binance Smart Chain Wallet for illustration).

However, you can use any of these to operate with ApeRocket.

If you don’t know how to set up a Binance Smart Chain wallet, please go through our article on How to set up and use Binance Smart Chain Wallet?

Prefer a Metamask wallet? Then read our Beginner’s Guide to MetaMask.

ApeRocket Vaults

To put it simply, vaults are investment lockers that are equipped with automated strategies to generate yields (interest) on your deposits.

Now, let’s see how to deposit funds in ApeRocket vaults to generate yield.

Once you have your wallet in place with some BNB in it to pay the gas fee, you can easily start investing in the ApeRocket vaults.

1. Go to https://bsc.aperocket.finance/ 
2. Click on the connect wallet button to connect the wallet of your choice.
3. A pop appears that shows the supported wallets. Choose the one you love.
4. Allow your wallet to connect with ApeRocket, in my case Binance Smart Chain Wallet.
5. You will see that your wallet is successfully connected to ApeRocket. Now you can easily move your funds from your wallet to ApeRocket vaults.

1. Pick your favorite vault by selecting a category from the drop-down menu listed on the website or you can also directly scroll down to search for the vault of your choice.
2. Select a vault from the list of single asset vaults, stable LP, and LP. 

Read more: Beginner’s Guide to Liquidity Pools & Liquidity Providers

1. For example, I selected SPACE-BNB LP.

1. To obtain SPACE-BNB LP use the ZAP function.

1. Select the SPACE-BNB LP in the second column.
2. Click ZAP. Confirm the transaction on your wallet and check the balance.
3. Once you receive SPACE-BNB LP. Deposit them into the SPACE-BNB LP vault to earn yield and SPACE tokens.
4. Enter the number of LP tokens and hit Deposit to make a transfer.
5. A pop appears asking you to confirm the transaction on your wallet.
6. Hit confirm by paying the gas fee and done.
7. Now sit back and relax. See your funds grow like nowhere else.

ZAP Function

ZAP is a tool designed for Apes to swap one asset to another or to several liquidity assets.

Unlike the Swap function, available on other De-Fi protocols which require multiple steps to convert a single asset to an LP position, ZAP is a single click tool that holds the ability to convert a single asset into an LP position in just one step.

This tool is designed to make the process simple and handy. At Backend, ZAP uses multiple routers like ApeSwap, PancakeSwap, BiSwap, etc., to provide Apes with LPs.

The main part is, there are no additional fees to use the ZAP function.

To ZAP an asset:

1. Click on ZAP at the top-left of the home page.
2. Click to select the asset that you want to ZAP from the drop-down menu.
3. Then, select the LP pairs in the second column or the asset you want to receive.
4. Enter the number of assets in the first column you want to ZAP.

1. The tool will show you the equivalent LPs that you will receive.

1. Click to ZAP.
2. Confirm the transaction on your wallet by paying the gas fee and boom!! It’s done.
3. Make sure to add the asset to your wallet before viewing the balance.

More on ApeRocket: The SPACE Token

Space token is the main token of the ApeRocket Ecosystem. You can earn it by depositing your money into any of the available vaults on ApeRocket. And, if you don’t want to invest your money into the vaults, you can buy it using the ZAP function on ApeRocket Finance.

SPACE is a BEP-20 Token. For every BNB collected as performance fees from the platform 100 SPACE tokens are minted and are distributed among Apes depending upon their involvement in the platform.

And the best part is, Apes can earn xSPACE tokens by locking their earned SPACE into the “Lock SPACE Vault” for a specific interval of time, which in turn allows them to govern the ApeRocket platform.

1. Enter the number of SPACE tokens you want to lock.
2. Select the lock duration and hit the Lock button

You can lock your SPACE Tokens from 1 to 100 weeks. Initially, you can lock for any amount of time but, if you have decided to unlock them before the end of the locking period then there is a penalty of 50%.

It means you will receive only half of your locked SPACE tokens if you unlock them before the end of the locking period, and half of them will be distributed among the xSPACE stakeholders.

Ratio :

100 weeks lock → 10 SPACE = 10 xSPACE

50 weeks lock → 10 SPACE = 5 xSPACE

25 weeks lock → 10 SPACE = 2.5 xSPACE

and so on.

There are four main functionalities of the SPACE token, all require xSPACE:

• Revenue sharing
• Boosted APYs
• Earning more SPACE
• Governance

The Governance Token: xSPACE

xSPACE is the governance token of the ApeRocket platform. xSPACE holders are allowed to make proposals, vote on them, and participate in the decision-making process related to the platform. Apes can stake their xSPACE into the StakingRewards contract to earn more SPACE and WBNB.

Now, let’s dive in more to see how to stake xSPACE?

Staking xSPACE

To Stake xSPACE:

1. Click on the LockSPACE vault on the ApeRocket home page.
2. Then, switch the tab to Stake xSPACE as shown in the image below.

1. The website will show you the total number of deposited xSPACE tokens and their corresponding profits in terms of WBNB and SPACE tokens.
2. Enter the number of xSPACE tokens you wish to stake.
3. Hit Stake.
4. Woah!! It’s done.
5. The more xSPACE you stake, the more rewards you will earn in terms of WBNB and SPACE tokens.
6. You can get your rewards at the point of time by clicking on the “Get Rewards” option at the bottom of the page.

1. A pop appears asking you to confirm the transaction by paying a small amount of gas fee in the form of BNB.
2. Click to confirm the transaction to get your rewards.

Fees Associated with ApeRocket Finance

ApeRocket’s fee structure is simple as compared to its look-alike protocols. There is no fee on deposits or withdrawals unless a withdrawal happens within 72 hours of making a deposit. In such a case a fee of 0.5% is applied.

A performance fee of 30% is applied to your earnings every time auto compounding occurs. Auto compounding in ApeRocket’s vaults occurs at least once every 2 hours. In exchange for this fee, Apes receive SPACE tokens. They can use it to earn more SPACE and xSPACE tokens.

Risks Associated with ApeRocket Finance

ApeRocket is audited by PeckShield and Mutative. You can view the audit reports here. But, make sure to do your homework before making any investment. Underneath smart contracts are prone to attack from attackers thus, it is advisable to view the complete report card before taking part in any kind of activity.

Note: This article is completely for your knowledge and does not constitute any investment advice. We highly recommend you consult your financial advisor before stepping into the De-Fi ecosystem. We are also not responsible for any loss of your money.

FAQs

What are IAOs?

IAO refers to Initial Asset Offering. It is a practice of funding a blockchain platform by raising a small amount of money from a large number of people in exchange for in-platform assets. It is similar to IDOs.

Read more: A Complete Guide to Initial Dex Offerings (IDOs)

How to add SPACE token to Binance Smart Chain Wallet?

1. Open Binance Smart Chain Wallet.

2. Scroll down to the bottom and click on the “+” sign to add a custom asset.

3. Click Custom Asset.

4. Paste the contract address for the SPACE token in the Contract Address bar.

Contract Address: 0xe486a69e432fdc29622bf00315f6b34c99b45e80

5. Click Add Asset.

6.  SPACE token is successfully added to your BSC wallet.

What is ApeSwap Finance?

ApeSwap is an Automated Market Maker and a decentralized exchange built on the Binance Smart Chain Network. It allows you to swap, farm, hold, and buy cryptocurrencies. BANANA and GNANA are the native currencies to the ApeSwap Platform. Apes can earn BANANA participating in the yield farming opportunities on the platform.

Read more: The Ultimate Beginner’s Guide to ApeSwap

What is WBNB and how you can convert it to BNB?

WBNB is “Wrapped BNB”. It follows the BEP-20 standard thus you can exchange it with any other token available on the chain. You can use WBNB with any other applications like DEX and wallets on the Binance Smart Chain Network but you can’t play with BNB like this.

To convert WBNB to BNB, you can use the ZAP function on ApeRocket or the Swap function on ApeSwap Finance.

Before You Go…

The De-Fi space has shown immense growth in the past few years, but the space is still young and is continuously evolving. Thus, mistakes will be made. What happens with Pancake Bunny has left everyone stunned but playing the blame game never works. 

ApeRocket has already been audited by two companies, even for the front end. In addition to audits, ApeRocket has an internal risk assessment framework as well to analyze all risk factors involved.

The protocol shows good growth and seems to have a bright future, but in the end, the thing that matters the most is your money, so choose carefully and invest wisely.