ApeSwap Acquires Unitrade, Converting TRADE Holders to BANANA holders
The ApeSwap community will soon welcome TRADE token holders into our ecosystem. With the successful passage of Governance Proposition 18, the ApeSwap community has agreed to aid Unitrade with their protocol sunset, and integrate token holders into the ApeSwap protocol.
Although both BANANA and TRADE token holders are sure to have questions, we are here to enthusiastically welcome new members into our fold and ensure the transition is as smooth as possible. Here is how the Unitrade protocol sunset will affect users as we move through the process.
Sunsetting Unitrade and Converting TRADE to BANANA
Launched in 2020, Unitrade unveiled their beta website to the public on September 12, 2020. On October 8, the technology was the first in the world to offer limit orders for users on the Ethereum Mainnet. By March 9, 2021, Unitrade expanded their revolutionary limit order system to the BNB Chain (formerly Binance Smart Chain), giving users even more flexibility in purchasing and selling cryptocurrency through DEXs.
Since launching the first limit order system, the protocol founders decided the best way to improve the technology is through partnership with ApeSwap. As a result, both groups will work together in the coming weeks to sunset the Unitrade protocol and convert TRADE token holders to BANANA holders.
The Unitrade protocol will purchase $250,000 of BANANA tokens by utilizing the protocol’s own remaining ETH-TRADE and BNB-TRADE liquidity. This will be combined with a $50,000 BANANA allocation by ApeSwap, accumulated from GNANA staking pool reflect fees. None of the pooled funds will go to the Unitrade team and will only be distributed directly to TRADE token holders.
The $300,000 BANANA allotment will be used to convert TRADE token holders to BANANA token holders at an equal-value proportion by airdropping BANANA to a snapshot of TRADE holders over a 30 day period.
After the Unitrade sunset, ApeSwap will retain the codebases but will not maintain the protocol, socials, or site. Because we believe there is inherent value in the codebases, the ApeSwap team will keep them for future potential utilization. Once complete, the Unitrade team will not join ApeSwap.
Finally, all Unitrade community channels will direct users back to the ApeSwap channels. We look forward to welcoming the TRADE community members to the ApeSwap Discord, Telegram, and Twitter channels.
The final timing of the sunset and transition, along with the starting date of the 30-day conversion window, will be communicated directly to TRADE holders once they are finalized.
Frequently Asked Questions
Q: Why is Unitrade being acquired by ApeSwap?
ApeSwap is recognized as a fast-growing leader in the DeFi space, with a BANANA market cap of over $43 million and a total locked value in the DEX of $243 million. The Unitrade team decided that being acquired by ApeSwap is not only the best way to sunset their protocol into a fast-growing atmosphere with a strong upward trajectory, but also preserves their limit order tech for potential future use.
Q: I’m a TRADE holder. What do I need to do?
As of press time, TRADE holders do not need to do anything. The snapshot has already been taken, and the airdrops will appear in your wallet as per a predefined schedule from the Unitrade team.
Q: I’m a BANANA holder. Will this acquisition devalue my tokens?
No — because the BANANA purchase comes from Unitrade and GNANA staking pool reflect fees (and not adding new tokens to the ecosystem), we believe this acquisition is mutually beneficial for both BANANA and TRADE token holders. Additionally, a $250,000 buyback is a meaningful buyback for the $50,000 cost.
Q: How will the $250,000 buyback commence?
Unitrade will begin purchasing BANANA over the next 10 days, until $250,000 in buybacks are reached. Once complete, the first airdrops to TRADE owners will begin.