Biswap decentralized exchange is a DEX platform for swapping Bep-20 tokens, liquidity mining, and yield farming on the Binance smart chain(BSC) network. Launched on May 25, 2021, it prides itself as the first decentralized exchange on BNB Chain with a three-type referral system and the lowest platform transaction fees(0.1% per swap). In this article, we will dive into the properties of this new player, including the pros and cons, and see how you can benefit from it. Let’s start.
BISWAP EXCHANGE FEATURES
SWAPPING ON BISWAP
A wide range of BEP-20 tokens can be swapped instantly. You can do that by going to the Biswap website, selecting your trading pair from the exchange tab on the left side of the page, entering the token amount you want to swap, and clicking the swap button. You would then be prompted to sign and confirm the transaction, and your token will be exchanged instantly. Interestingly, you can get up to 100% of the swapping fees in BSW token.
LIQUIDITY MINING ON BISWAP
Just as in other decentralized exchanges, you can provide liquidity into any of the pools on the Biswap DEX. You can do that by clicking the ‘add liquidity’ button on the ‘liquidity’ tab of the Biswap website. You would then select the pool you wish to provide liquidity into and be issued a liquidity provider token which you can stake on the Biswap farms to earn BSW. In addition to BSW, you will earn a share of the trading fees generated from that pool.
YIELD FARMING ON BISWAP
At the time of writing, there are 57 different farms on the Biswap DEX website. You can stake your LP tokens in any of them and earn double rewards
LAUNCHPOOLS
The Biswap interface offers users the opportunity to earn more BSW as well as other tokens by staking BSW in appropriate launchpools on Biswap. There are two different types of pools in this regard. There’s an auto-compounding pool and a non-compounding pool, both of them with competitive interest rates. Apart from BSW, the launchpool allows you to farm tokens like LTC, DOGE, CAKE, BUSD, among others. The number of tokens received depends on how many tokens the user added to the pool and how many tokens are there altogether. The user can harvest the pending rewards at any time as they are calculated every three seconds
REFERRAL PROGRAM
This is perhaps the most exciting thing about the Biswap exchange. It is the first decentralized exchange on BNB Chain where you earn from your three-type referral system in three ways: you earn a share of their trading fees and 5% of their farms and launchpools rewards. The rewards come out of the daily BSW block emissions as 4.3% of the total tokenomics is allocated for this.
TRANSACTION MINING
This is a cashback program for traders in which they can receive up to 100% of their trading fees back as BSW tokens. Keep in mind that Biswap already offers a meager transaction fee rate of 0.1%. With transaction mining, the figure becomes even lower and literarily non-existent in some cases. Biswap has the lowest exchange fees among all the decentralized exchanges on the Binance smart chain. The main goal of the Biswap platform is to provide profitable experience to its users.
So, we have discussed key features of the Biswap exchange and NFT marketplace. It’s time to talk about the exchange token, BSW, and see what’s special about it.
THE BISWAP TOKEN(BSW)
BSW is the native token of the Biswap exchange and is used for a host of functions that help to incentivize liquidity providers and users of the platform. It’s currently ranked number 3428 with a 24-hour trading volume of $175,532.TOKENOMICS
BSW has a maximum supply of 700,000,000 coins. 14.2% of these(100,000,000) was allocated for initial liquidity, marketing, and strategic partnerships
The remaining 600,000,000 tokens are released gradually through the block emission program according to the following calculation:
- Farms and Launchpools: 85.7% of the block reward
- Referral Program: 4.3% of the block reward.
- Insurance Fund(SAFU): 1% of the block reward
- Team: 9% of the block reward
- Transaction Mining: 100 million BSW
The Biswap token also has some deflationary uses, namely:
- 50% of all transaction fees on the Biswap exchange are used to buy back and burn BSW
- All the rewards coming from accounts with no referrers are used for the weekly BSW burn
- 1.99% is subtracted automatically from each harvest in the BSW auto-compound and burned weekly
- 13% from every lottery ticket are accumulated in a separate wallet and burned weekly
Bottom Line
Biswap has established itself as a competent rival among players in the Binance smart chain ecosystem despite its relatively new. It currently has a Total Volume Locked(TVL) of $431.6 million with a market cap of $92.14 million. It may be relatively new, but those figures show how good and effective the team is. The competent team, good tokenomics, active and growing user base, working product, innovative features, and lucrative staking and farming opportunities make it worthy of consideration.
