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Biswap Review – Is Biswap Safe? How To Use It?

Sarah Wurfel 2 De-Fi, Exchanges, Journal

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Biswap Review – Is Biswap Safe? How To Use It?

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It has the lowest exchange fees among all the decentralized exchanges on the Binance smart chain(0.1% per swap)

Its farms come with high APY, with some getting as high as 600% or even more.

It has a three-type referral system as a way for its users to earn passive income. We will talk more about that as we progress in this article.

It has a SAFU insurance fund. This insurance fund is meant to hedge users against any potential loss of funds. 1% of the total tokenomics is allocated to this function.

It has been audited by Certik, one of the leading audit corporations in the crypto world.

It has a transparent fee structure

Biswap emerges as a vibrant thread, weaving together innovation with user-centric features. As an Automated Market Maker (AMM) built on the robust Binance Smart Chain, Biswap offers a dynamic ecosystem where users can effortlessly swap BEP-20 tokens, engage in yield farming, and explore the burgeoning realms of NFTs and IDO launchpads. With its competitive trading fees and a diverse portfolio of over 100 cryptocurrencies, Biswap is not just another exchange; it’s a comprehensive platform designed for the discerning crypto enthusiast.

This article will unravel the intricate workings of Biswap, from its low fee structure and lucrative referral system to its expansive support for digital assets, all while weighing the pros and cons to give you a panoramic view of its offerings

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.

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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.

COMPETITIONS

Biswap regularly organizes trading and other competitions to reward its active users, engage the community and give exposure to new listings on the exchange.

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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

USE CASES OF BSW:

• BSW is used to reward liquidity providers on Biswap
• BSW is used to reward referrers for promoting the platform
• BSW is used for voting and for participating in the Biswap protocol
• BSW is used to reward users of the Biswap exchange via transaction mining
• It is used to partake in the lottery

Read also:

• Pancakeswap Review
• Uniswap Review
• How to Provide Liquidity on Balancer? How Does Balancer Liquidity Work?
• 1inch Exchange Review
• Best Dex on Solana
• Top 9 Best Decentralized Cryptocurrency Exchanges
• Top 5 DEX on Polygon (MATIC) Network
• Best Defi Portfolio Trackers For ETH, BSC, Polygon

FREQUENTLY ASKED QUESTIONS ABOUT BISWAP

CONCLUSION

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.

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