What Is Biswap: Deep Dive Into the DEX on the BNB Chain

what-is-biswap:-deep-dive-into-the-dex-on-the-bnb-chain

Biswap is a DEX (decentralized exchange) platform enabling users to swap BEP-20 tokens on BSC, the Binance Smart Chain network.

It’s also the first DEX on BNB Chain with great features that challenge many popular BSC DeFi platforms, such as a three-type referral system and the lowest platform transaction fees (0.1% per swap). The platform provides liquidity mining, yield farming, and staking services.

What Is Biswap (BSW)?

Biswap is the first decentralized exchange platform on the BNB chain with a three-type referral program and the lowest transaction fee (0.1% per swap). Biswap’s key offerings are an AMM, yield farming, liquidity pools, an NFT marketplace, an IDO Launchpad, etc. It offers a unique Biswap NFT collection, enabling users to stake their purchased NFTs in NFT Staking Pool on Biswap and get up to 700% APR. Biswap’s Squid NFT World is the first NFT game on the market with a multi-reward pool where users are rewarded with BSW tokens and tokens of other projects.

Biswap DEX is committed to DeFi innovation through high-quality products and services and aspires to become the industry standard for DEX platforms and the market’s premier platform for token swaps. Biswap DEX facilitates the exchange of BEP-20 tokens on the BNB chain, ensuring greater performance and lower network transaction fees.

Its multi-type referral program enables users to invite friends and earn commissions from Biswap farms, launch pools, exchanges, and a lottery.

Biswap applies transaction fee mining, the process of rewarding the community using transaction fees. Unlike other exchange platforms, it returns up to 50% of the trading fee to users in the form of BSW, its native token.

To generate scarcity, BiSwap periodically burns a portion of its token supply. Here are Biswap’s deflationary mechanisms in place:

  • Tokens are purchased back from the market using 50% of the trading fees and burned
  • All the rewards from accounts with no referrer are used for BSW token burning
  • Biswap Holder pool & Auto Compound pool performance fee of 1.9is used for token burning
  • 5% of the trading fees are used for repurchasing the BSW tokens from the market and burning them
  • 13% of all sales of lottery tickets
  • 10% of BSW from NFT Sales Revenue
  • 0.5% Royalty Fee from each sale of Biswap Robbies NFT Earn Collection
  • 1% Royalty Fee from each sale of Squid NFTs Collection
  • 15% from IDOs revenue.

The Biswap Roadmap includes multiple releases and aspects of the project’s further growth highlighted below:

  • Multi-reward pool for BSW holders
  • New innovative Launchpad system
  • NFT Staking V2.0
  • Personal user’s dashboard
  • Daily tasks for users
  • Limit orders
  • Lending & Borrowing

Additionally, Biswap organizes trading competitions on its own platform, and to get a prize, you must use their Exchange and make multiple trades.

Biswap is also the first decentralized market exchange in the crypto space to integrate live support on its website.

Biswap Founders

Biswap was launched in 2021, with 27 team members listed on the website. All Biswap team members use pseudonyms and are displayed as comic avatars on the site. “EK,” the CEO, is said to be a crypto veteran with seven years of expertise. Almost every member of the Biswap team claims to have several years of experience in their field, but no specifics are given. Biswap makes no mention of any potential investors.

What Makes Biswap Unique?

First and foremost, Biswap differentiates itself by charging lower transaction fees than other decentralized exchanges. Biswap claims to charge only 0.1% in fees, compared to 0.25% on Pancakeswap and 0.3% on Mdex, Apeswap, and other BSC DEXs. As an incentive, 0.05% is returned to liquidity providers, and 0.05% is used for BSW token burning. Biswap retains the right to raise the fees in the future and add a team allocation. It does, however, pledge to keep the fees below the industry average.

Users can participate in transaction mining, which means they can receive up to 90% of the 0.1% swap fee, depending on the trading pair. They can also provide liquidity to liquidity pools and earn BSW farming incentives.

Biswap’s NFT marketplace, allowing users to buy NFTs with 4 other cryptocurrencies: BNB, WBNB, BUSD, and USDT, is another key feature of Biswap. Biswap also offers its own NFTs, known as NFT Earn, including an NFT Launchpad, NFT Boost, NFT Staking Pool, and NFT Level Upgrade. Users can purchase “Robi NFTs” and stake them to gain profit.

The Biswap lottery is another unique game where participants can win “large BSW rewards.” Each user can buy unlimited tickets, with 80% of the proceeds going to the prize pool.

Lastly, Biswap offers an IDO Launchpad, allowing other blockchain companies to use Biswap to launch their tokens. The DEX claims to have over 300,000 active users and provides a $10 million incentive scheme to new participating projects.

What Is the BSW Token?

BSW is the native token of the Biswap exchange used to incentivize liquidity providers and users. The BSW token powers the Biswap ecosystem. The weekly burning mechanisms on the Biswap platform increase the value of the BSW token in the long run by decreasing the total supply of BSW tokens. 

The BSW token has several use cases, including staking the tokens in the launch pools to get other tokens, staking the tokens given by liquidity providers in Biswap Farms pairs to get BSW tokens, and to trade BSW tokens with low transaction fees. Plus, BSW holders can use BSW to add liquidity to the liquidity pools and receive 50% of each transaction fee on the Biswap platform.

How Many Biswap (BSW) Coins Are There in Circulation?

BSW has a total supply of 700 million; the 600 million BSW tokens are distributed as follows:

  • Farms / Launchpools: 80.7%
  • Referral Program: 4.3%
  • SAFU (an emergency insurance fund for all users): 1%
  • Team: 9%
  • Investment Fund: 5%

The remaining 100 million BSW has been allocated 70/30 between NFT (Earn), GameFi (Play to Earn), Strategic Partnerships (70%), and Transaction Fee Mining (30%). Biswap also implements several deflationary mechanisms, including burning 50% of transaction fees, 13% of lottery tickets, 10% of sales proceeds, and 10% of new NFT mints.

BiSwap Exchange Features

BiSwap Exchange provides its users with a plethora of features, such as:

Swapping: You can instantly swap a wide range of BEP-20 tokens on the Biswap website by selecting your trading pair, entering the token amount you want to swap, and clicking the swap button.

Launchpools: The platform interface allows users to earn extra BSW and other tokens by staking BSW in relevant Biswap Launchpools. There are two types of pools: auto-compounding and non-compounding tools, and they both provide competitive interest rates. In addition to BSW, the launchpools allow you to farm tokens like CAKE, DOGE, BUSD, etc.

Liquidity Mining: You can deposit funds into any pool on the Biswap Exchange platform. To do so, go to the website’s “Liquidity” tab and select the “Add Liquidity” button. Choose the pool you want to provide liquidity to, and you’ll be given a liquidity provider token that you can stake on the Biswap farms. Besides earning BSW, you can also obtain a percentage of the trading fees generated by that pool.

Transaction Mining: This cashback program allows traders to receive 100% of their trading fees back in BSW tokens. The site generally charges a minimal transaction fee of 0.1%. With this functionality, the fee is further reduced to zero in some circumstances.

Yield Farming: On the Biswap website, you’ll find a variety of farms where you can use your LP tokens to double your earnings.

Competitions: To reward users, interact with the community, and highlight new exchange listings, Biswap organizes trading and other competitions.

Referral Program: There are three ways to earn referral rewards on Biswap. You get a cut of trading costs, receive a certain commission reward each time your referrals make swaps on the Biswap platform, and a 5% return in BSW tokens from their referrals’ earnings from farming and Launchpools. Furthermore, the incentives are derived from BSW block emissions, accounting for 4.3% of the tokenomics.

How Is the Biswap Network Secured?

BSW is a BEP-20 token on Binance Smart Chain (BSC), secured by a Proof-of-Stake (PoS) consensus mechanism. Every 24 hours, 21 validators are elected to validate transactions and keep the blockchain secure. To be eligible, these validators must stake a specified amount of Binance Coin (BNB) with Binance. Biswap has a bug bounty program as well. Depending on the security issue, you might receive anywhere from $10 to $100,000 for reporting vulnerabilities.

Biswap has been audited by Certik, one of the leading DeFi audits to date.

There are more than 350 million dollars in total locked value (TLV), which gives more security and credibility to Biswap.

Additionally, in July 2021, Biswap received the Binance “Most Valuable Builder II” (MVBII) award and was among the top ten exchanges that got rewarded.

Bottom Line

Biswap is a top-notch decentralized exchange (DEX) created for the BNB Smart Chain. The network guarantees superior speed and lower network transaction cost and enables Biswap users to earn passive income through the three-type referral system, stake BSW tokens to earn BSW tokens via Launchpools, and benefit from farms with high annual percentage yields (APY).

Biswap deserves consideration owing to its proficient team, robust tokenomics, thriving and enlarging user community, distinctive attributes and offerings, and enticing staking and farming prospects.

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6 comments
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