Biswap is one of the fastest-growing decentralized exchanges (DEX) on the Binance Smart Chain (BSC).
In just 2 months+ of its existence, the exchange has grown to become one of the top three exchanges on BSC in terms of the number of users.
This phenomenal growth is attributed to its unmatched low swap fees, high APYs, unique referrals system, transaction mining program, and other interesting features.
In this post, I will be sharing with you everything you need to know about Biswap, and how to make the most of the platform to grow your crypto portfolio.
First, let’s take a quick look at the pros and cons of the exchange.
Biswap Exchange Pros and Cons
- Has the lowest exchange fees among all DEXs (charging on all fees 0.1%).
- Offers a three-type referral system. Giving more ways to earn.
- Maintains an insurance fund to hedge against any potential loss of users funds.
- Operates with a community-oriented approach. Strives to carry users and community members along, every step of the way.
- Transparent fees structure.
- Transaction mining mechanism. Earn a part of the trading fees you pay back in BSW token.
- Juicy high APYs and high-quality token pools.
- Audited by Certik.
- Unique, intuitive and beginner-friendly exchange.
- Provably competent and committed team.
- A winner of the Binance top 10 Most Valuable Builder II (MVBII).
- Relatively new and hasn’t stood the test of time yet.
- The team is anonymous and can disappear anytime if they want to.
- Community governance and voting system are not active yet. The team decides everything.
What is Biswap?
Biswap is a decentralized exchange for swapping BEP-20 tokens, liquidity mining, and yield farming on BSC.
The exchange is best known for offering the lowest swap fees (0.1%), high APY yields, and its first of a kind 3-type referral system.
Biswap was launched on May 25, 2021, by an anonymous team of developers and is poised to displace PancakeSwap as the top DEX on BSC.
Biswap Exchange core products and features
Biswap Exchange offers its fast-growing users the following core products and features:
- Token swap services
- Liquidity mining
- Yield farming
- Referral program
- Transaction mining
Let’s take a close look at each of these products and the features of Biswap Exchange below.
1. Swapping on Biswap
Biswap facilitates the instant swapping of a wide range of BEP-20 tokens on BSC.
To swap tokens, go to the Biswap website and click on Exchange from the menu on the left-hand side of the page.
Select your trading pair, enter the amount of the token you want to swap and click the Swap button to proceed with the swap.
You would be prompted to sign the transaction with your wallet, which you will confirm and your token would be exchanged instantly.
As you can see from the above screenshot, you can get up to 100% of the fees you paid for swapping back in BSW tokens as cashback.
2. Liquidity mining on Biswap
You can provide liquidity into any of the pools on Biswap Exchange and earn a share of the trading fees generated from that pool.
To open the Biswap liquidity mining page, go to the Biswap website and click Liquidity.
Click on Add Liquidity, select the pool you wish to provide liquidity into and proceed with the transaction.
You would be issued a liquidity provider (LP) token which you can stake on the Biswap farms to earn BSW in addition to the trading fees you earn.
3. Yield farming on Biswap
You can stake your LP tokens in any of the Biswap Farms to earn additional BSW as a reward.
As of today, August 7, 2021, there are over 50 Farms with juicy APRs on Biswap Exchange earning BSW tokens for users.
You can “mine” more BSW and tokens of other projects by staking your BSW in the appropriate pools on Biswap.
There’s an auto-compounding and a non-compounding BSW pool where you stake your BSW and earn more BSW with high APY and APR respectively.
Other tokens you can farm on Biswap using your BSW tokens include, LTC, DOGE, NABOX, BFG, WBNB, CAKE, BUSD, ETH, BTCB, TRX, etc.
5. Referral program
Biswap is the first decentralized exchange on BSC with a 3-type referral program where you can refer your friends and earn a share of their trading fees, and 5% of their Farms and Launchpools rewards.
These rewards are paid out of the daily BSW block emissions, 4.3% of which is allocated for the referral program.
PS: If you use my referral link on this page, you will get 50% of all the rewards I earn on Biswap for referring you. Exclusively for my readers.
Biswap organises trading and other competitions to reward its active users and engage the community.
7. Transaction mining
The Biswap transaction mining is a cashback program for traders which returns up to 100% of your trading fees back to you in BSW tokens.
Essentially, transaction fees on Biswap are not even up to the already low 0.1% and in some cases, it’s literarily zero as you get 100% of the fee back.
Biswap Token (BSW)
BSW is the native token of the Biswap Exchange which is primarily used to incentivize liquidity providers and users of the platform.
The token has a maximum supply of 700,000,000 of which 10, 000,000 BSW was allocated for initial liquidity, marketing and strategic partnerships.
The remaining 600,000,000 will be released gradually through the block emission program and distributed as follows:
- 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.
Every week, BSW emission is reduced by 2 tokens until it reduces to 12 BSW per block in December 2023.
Further, the exchange buyback and burns BSW tokens every week using all the rewards from accounts with no referrer 50% of the trading fees generated on the exchange.
BSW use cases
- BSW is used to reward liquidity providers on Biswap.
- BW is used to reward referrers promoting the platform.
- BSW is used for voting and participating in the Biswap protocol.
- BSW is used to reward users of the Biswap Exchange via transaction mining.
Frequently asked questions (FAQs) about Biswap
Below are the questions users like you ask the most about Biswap.
Is Biswap safe?
Biswap has been audited by Certtik, and the team maintains an insurance fund that is intended to compensate users in the event of any losses arising from a hack or exploit of the protocol.
Effective from May 2021, 1% of the BSW block reward will be deposited into the insurance fund.
Furthermore, BiSwap was one of the top 10 Binance Most Valuable Builder II (MVBII) announced on July 29, 2021. Among other things, the program takes into consideration the security of the platform.
As a result, one can say with some level of confidence that Biswap is safe until a contrary future event proves otherwise.
My only concern is that the team has not publicly disclosed the insurance fund wallet, as such one can’t verify the truth of its existence.
Is Biswap a good investment?
With its weekly token buyback and burn program, quarterly block reward emission reduction, and fast-growing user base, I am confident that the price of BSW will only go up in the long run.
Of course, that is assuming that the team does not rug and the crypto economy does not collapse.
I have personally invested a convenient amount in BSW and I use the platform for swapping tokens mostly because of the BSW cashback and the low exchange fees.
All of my BSW tokens are staked in the auto-compounding BSW Launchpool earning some juicy high APYs.
Biswap is a fast-growing DEX on BSC popularly known for offering the lowest exchange fees and its first of a kind 3-type referral system.
In under 3 months of its launch, the exchange has grown to become one of the top 3 DEXs on BSC based on the number of users with a TVL of over $600 million.
Furthermore, out of 500 projects that participated in the Binance MVBII program, Biswap came out as one of the top 10 winners.
These are very solid achievements that show how good and effective the team is.
What I look for in a project such as Biswap and exactly what attracted me to the project are:
- A competent team that’s committed to the long term sustainability of the project.
- Good tokenomics. The combination of a limited token supply with regular burning is a recipe for future price appreciation.
- An active and growing user base. More users mean more revenue for the platform and increasing demand for the token. It also leads to bigger burns and faster deflation among other things, which are all good for the price of the project
- A working product and innovative features.
- Lucrative staking and farming opportunities.
Interestingly, all of these are present in Biswap.
What do you think about Biswap Exchange? Share your experience and opinion with us in the comments section below.