When it comes to decentralized exchanges (DEXs), various platforms have emerged with a variety of interesting features. These include low transaction fees, NFT markets, liquidity mining, and profitable yield farming.
A DEX is a crypto trading platform that operates without the involvement of a third party or central authority. Of the various DEXs available, Biswap is one option worth considering.
Biswap is a decentralized exchange (DEX) operated for the BEP-20 token on the Binance Smart Chain. As a pioneering DEX, Biswap utilizes a three-type referral system and offers the lowest platform transaction fees.
To understand more about what Biswap is and its founders, how it works, what makes it unique, its roadmap, and features, check out the full review below.
What is Biswap, and Who is the Founder?
Quoting coinmarketcap.com, Biswap (BSW) is a decentralized exchange (DEX) for BEP-20 tokens on the Binance Smart Chain (BSC). Biswap promises the lowest transaction fees of all BSC exchanges at 0.1% and is committed to continuous innovation in DeFi through high-quality products and services.
Biswap’s referral system allows users to invite others and receive referral fees from farms, launch pools, swaps, and lotteries. Biswap’s core products include standard DEX functions such as AMM, liquidity pools, yield farming, NFT markets, and IDO launches.
Biswap was introduced to the public in 2021 and lists 27 team members on their official website. The entire team is pseudonymous and presented only as comic avatars on the site. The CEO is “EK,” a crypto veteran with seven years of experience.
Almost every member of the Biswap team lists several years of experience in their respective fields, although no details are provided. Biswap does not mention any investors it may have.
How Biswap Works
Quoting bingx.com, Biswap uses an automated market maker (AMM) model to facilitate trading on the platform. Users do not need a centralized order book to make crypto trades.
Instead, Biswap uses liquidity pools to provide liquidity for trading pairs. Users can exchange their crypto by interacting with the liquidity pool on the platform.
What Makes Biswap Unique?
According to coinmarketcap.com, one of the things that makes Biswap unique is that it tries to distinguish itself with lower transaction fees compared to other decentralized exchanges.
For example, Biswap claims to charge only 0.1%; compared to 0.25% at Pancakeswap; 0.3% at Mdex, Apeswap, and other BSC decentralized exchanges.
A total of 0.05% is returned to liquidity providers in return, and 0.05% is used for BSW token burning.
Biswap reserves the right to increase these fees in the future and add allocations for the team. However, Biswap promises to keep its fees lower than the industry average.
Users can engage in transaction fee mining, meaning they can receive up to 90% of the swap fee of 0.1%, depending on the trading pair. In addition, they can provide liquidity to the pool and earn BSW farming rewards.
Another notable feature of Biswap is its NFT marketplace which allows users to purchase NFTs using four cryptocurrencies, namely BNB, USDT, BUSD, and WBNB.
As for the Biswap lottery, it is another unique feature of Biswap. To note, the Biswap lottery is a lottery where users can win “substantial BSW prizes” by participating. Each user can purchase unlimited tickets, with 80% returned to the prize pool.
Biswap also has an NFT called NFT Earn, which consists of NFT Launchpad, NFT Staking Pool, NFT Boost, and NFT Level Upgrade. Users can purchase “Robi NFTs” and store or upgrade them to earn profits.
Finally, Biswap provides an IDO Launchpad that allows other blockchain projects to launch their tokens through Biswap.
This DEX claims to have over 300,000 active DEX users and incentivizes new projects to participate with a $10,000,000 incentive program.
Biswap Roadmap
Quoting docs.biswap.org, the Biswap development plan covers the project’s various releases and growth aspects. The entire Biswap team approaches it with responsibility.
Biswap itself conducted strategic planning, gathered community opinions, and analyzed the vision of all project stakeholders. After researching the crypto market, current and potential trends, volatility, and rapid changes, the team focused on DEX.
Biswap aims to give users a unique experience among DEXs on the BNB Network. After Quarter 2 (Q2), the Biswap team will review the Development Plan. Depending on market conditions and community demand, the plan for Q3-Q4 may be adjusted.
Get to Know the Original Coin of Biswap (BSW)
The original token of Biswap is BSW. The maximum supply of BSW is 700,000,000, with a current BSW emission rate of 16 BSW per block.
BSW is a utility token that supports the Biswap ecosystem and facilitates the activities offered on the platform. The BSW token drives Biswap’s incentivization model and serves as a reward for participation in the network.
Get to Know Biswap Decentralized Exchange (DEX) Features
Citing academy.binance.com, the Biswap exchange allows users to trade tokens issued on the BNB Network with a trading fee of 0.2%. Like other AMM platforms, Biswap does not have an order book to match sellers and buyers.
Instead, users execute trades in a liquidity pool. Liquidity is provided by liquidity providers, who are incentivized with Liquidity Pool tokens (or LP tokens) to contribute to those pools.
Liquidity providers can use LP tokens to earn a share of trading fees or deposit them in Biswap farms. They can remove liquidity and take their share from the pools anytime.
Remember that providing liquidity involves financial risk, as liquidity providers are subject to impermanent losses. Ensure you know all the pros and cons of providing liquidity before taking action. The following are the features of Biswap DEX, namely:
1. Rewards Fee
Biswap reimburses users for transaction fees through BSW to encourage exchanges on its platform. When you exchange on Biswap, there is a trading fee of 0.2%. Up to 50% of the trading fee will be sent to your “Fee Return” balance as BSW tokens.
2. Farming & Staking
Users can deposit LP tokens in Biswap Farms and stake them to earn BSW rewards. Some of the most popular LP tokens are:
- BNB – BSW LP
- BNB – BUSD LP
- BNB – USDT LP
- BUSD – USDT LP
- ETH – BTCB LP
Users can also stake their BSW tokens on Launchpool. The Biswap Analytics page provides more information about the network.
3. Lottery
Users can participate in the Biswap Lottery and win BSW prizes by purchasing lottery tickets using BSW.
4. NFT Marketplace
Digital art collectors and NFT enthusiasts can use BSW to conduct NFT trading on the Biswap NFT Market. The benefits offered by the Biswap NFT Marketplace include:
- Low commission fees: With a commission fee of 1%, it is currently the lowest on the BNB Network.
- Exclusive NFT auctions: Bidders can earn 5% of the price difference between their bid and the next closest bid.
- Unique Biswap NFT Collection: If you successfully purchase NFTs from Biswap’s NFT Collection, you can deposit them in the NFT Staking Pool.
- Earn “Robi Boosts” when you buy or sell in the Biswap NFT Market: “Robi Boosts” allow users to earn more in the NFT Staking pool. When an NFT transaction is completed, the buyer and seller receive equal shares of the commission fee in “Robi Boosts.”
5. NFT Launchpad
Virtual crypto robots can be purchased as NFT Robbies on Biswap’s NFT Launchpad. Each NFT Robbies has a random number of “Robi Boosts”. The higher the “Robi Boosts”, the higher the price that can be obtained and the rewards that can be earned in the NFT Staking Pool.
6. NFT Staking Pool
Users can stake NFT Robbies through Biswap’s NFT Staking Pool. The rewards in the NFT Staking Pool depend on how many “Robi Boosts” your NFT has.
7. Biswap Referral Program
Users who help grow the Biswap community can also earn BSW rewards. You can invite friends to sign up and participate in referral rewards using a unique three-type referral program. Earn BSW when they opt in:
- Exchanges: You can earn up to 20% in referral rewards every time your referrals make an exchange on the Biswap Exchange.
- Farms & Launchpools: You can earn 5% of your referral’s earnings from farms and launchpools. Your referral rewards will be ready for withdrawal once your referrals withdraw BSW tokens to their wallets.
- Lottery: If your referrals purchase lottery tickets, you, as the referrer, will receive 2% of the amount spent as referral rewards.
How is the Biswap Network Secured?
According to coinmarketcap.com, BSW is a BEP-20 token on the Binance Smart Chain (BSC). BSC uses a proof-of-stake (PoS) consensus mechanism. A total of 21 validators are selected every 24 hours to validate transactions and keep blockchain technology secure.
Validators must stake Binance Coin (BNB) with Binance in a certain amount to qualify. Biswap also has a bug bounty program. You can earn between $10 and $100,000 for reporting a bug, depending on the security level of the issue.
How to Connect MetaMask to Biswap?
Quoting academy.binance.com, there are several steps to connect MetaMask to Biswap. First, connect your MetaMask wallet to the BNB Smart Chain.
Once connected to the BNB network, go to the Biswap main page and click the “Connect Wallet” button.
Switch from the Ethereum Mainnet network to the BNB Smart Chain. After connecting your wallet to Biswap, you can browse the entire Biswap ecosystem to access all Biswap products.
How to Yield Farming Biswap Easily
Using yield farming on Biswap, you can temporarily store your tokens to generate interest automatically. Here is a complete guide on how to do yield farming on Biswap Finance:
1. Prepare a Crypto Wallet
To be able to use Biswap, you need to create a crypto wallet that is compatible with BNB Chain. Afterward, you must fill your wallet with BNB and BSW crypto assets. Make sure you do so before proceeding to the next step.
2. Biswap Access
In the second step, visit the website, www.biswap.org, and click the “Connect Wallet” button. Then, select the wallet you want to connect to, such as Metamask or Coinbase.
After that, you will be asked to grant permission for the wallet to connect to Biswap. Click “Connect,” and you will be logged into the Biswap platform.
3. Acquire BNB-BSW Liquidity Provider (LP) Token
The next step is to access the liquidity provider section on Biswap Finance and click “Liquidity.” After that, click “Add Liquidity+” and change the first crypto to BNB and the second crypto to BSW.
Then, enter the amount of BNB or BSW you want to stake. Since you need to stake the same amount of both tokens to provide liquidity on the exchange, the equivalent amount of the other token will be calculated and entered automatically.
Now, click “Approve BSW” and confirm the pop-up on the screen. Please remember you should not stake all BNB tokens at once because network fees must be paid using BNB.
Next, click “Supply” and confirm your crypto wallet. If you have passed all these stages, you can use your LP tokens for farming and earning additional interest.
Conclusion
In conclusion, Biswap is a DeFi (Decentralized Finance) protocol that offers various services, including decentralized exchange (DEX), farming, staking, NFT marketplace, and other features.
In the Biswap ecosystem, the main token is BSW, which incentivizes users to participate in various activities. Biswap utilizes the Binance Smart Chain to provide high transaction speeds and low fees.
Furthermore, users need to understand the risks involved in activities on Biswap, including yield farming, staking, and crypto trading. This is because the crypto market can be very volatile, and price changes can significantly affect the value of a portfolio.
Therefore, before participating, it is highly recommended to do careful research, understand the mechanisms of each service, and only use funds you are willing to invest.
Invest in Crypto on INDODAX with Staking (EARN) Feature
So, now you understand what Biswap is and its founders, how it works, what makes it unique, its roadmap, and its features.
Next, if you are interested in investing in crypto assets, choosing the safe and trusted Indonesian crypto exchange on INDODAX is a good idea.
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As a disclaimer, crypto trading has high risks, and the crypto market tends to fluctuate. Therefore, the decision to engage in crypto trading activities must be based on a deep understanding of the crypto market.
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