Biswap Review [2022] – Is Biswap Safe? How To Use It?

2022-3-22 18:48

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 BSC 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 Visit Now 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 tokens

LIQUIDITY MINING ON BISWAP

Just as in other decentralized exchanges, you can provide liquidity into any of the pools on the Biswap exchange. 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 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 BSC where you earn from your referrals 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.

Biswap Visit Now 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.

So, we have discussed key features of the Biswap exchange. 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 rewardReferral Program: 4.3% of the block reward.Insurance Fund(SAFU): 1% of the block rewardTeam: 9% of the block rewardTransaction 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 BSWAll the rewards coming from accounts with no referrers are used for the weekly BSW burn1.99% is subtracted automatically from each harvest in the BSW auto-compound and burned weekly13% 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 BiswapBSW is used to reward referrers for promoting the platformBSW is used for voting and for participating in the Biswap protocolBSW is used to reward users of the Biswap exchange via transaction miningIt is used to partake in the lottery FREQUENTLY ASKED QUESTIONS ABOUT BISWAP IS BISWAP SAFE

To an extent, we can say yes. Consider the following reasons:

It has been audited by Certik, one of the most credible cryptocurrency auditors there are. The Certik audit can be found here. On July 29, 2021, Binance announced the Most Valuable Builder II(MVBII) awards. Biswap was one of the top 10 exchanges that got the award. That speaks volumes about the security of the exchange because the program’s security is one of the many things considered at such awards.

It’s good to note, though, that the team has not publicly disclosed the insurance fund wallet; therefore, one can’t really verify the truth of its existence

Read also:

Pancakeswap Review – Is Pancakeswap Legit & Safe?Uniswap Review – How To Use The Decentralized ExchangeHow to Provide Liquidity on Balancer? How Does Balancer Liquidity Work?1inch Exchange Review: How Safe Is This DEX Aggregator?Best Dex on Solana – Swap Solana Tokens on Decentralized ExchangesTop 9 Best Decentralized Cryptocurrency Exchanges Top 5 DEX on Polygon (MATIC) Network in Best Defi Portfolio Trackers For ETH, BSC, Polygon IS BISWAP A GOOD INVESTMENT

The Biswap token(BSW) is deflationary and therefore has the potential to go up in price in the long run. The weekly token buyback and burn program, the quarterly block reward emission reduction and the fast-growing user base make a good argument for this. Also, the binance smart chain is only expanding, with its mother organization (Binance) showing no signs of stopping anytime soon. Therefore, it may be safe to say Biswap will keep going up, at least in the meantime

Any form of cryptocurrency trading is risky, though, and the opinions and viewpoints expressed in this article are NOT FINANCIAL ADVISE. 

How to make money with Biswap

You can make money with Biswap in a number of ways outlined below:

You can provide liquidity to any of the pools on the Biswap exchange. You’ll get double returns in the sense that you earn both in BSW and in other cryptocurrencies available in the pool like Litecoin, Dogecoin. BUSD, among others You can stake your BSW in the launchpools and enjoy juicy rates as you earn more BSWSimply transacting on the Biswap interface entitles you to cashback rewards which sometimes may be up to 100% of the original transaction feesWhen you refer your friends to trade on Biswap, you earn a share of their trading fees, farm rewards, and launchpool rewards.Lastly, you can use BSW to buy lottery tickets and partake in the lottery on the Biswap website. You may just be fortunate to have the winning tickets. 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.

Biswap Visit Now

The post Biswap Review [2022] – Is Biswap Safe? How To Use It? appeared first on CaptainAltcoin.

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