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

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

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

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 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 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

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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

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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.

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 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

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:

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 BSW
  • Simply transacting on the Biswap interface entitles you to cashback rewards which sometimes may be up to 100% of the original transaction fees
  • When 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.

PROS

  • 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

CONS

  • It’s a relatively new exchange and has not stood the test of time
  • It’s exclusively meant for tokens on the binance smart chain. The BSC is tied with Binance, which is a centralized legal corporation. Thus, if something happens to Binance(if it gets sued or sanctioned, for example), it could have a spiraling effect on the whole BSC and, subsequently, on Biswap
  • The team is anonymous. This means they can disappear anytime if they want to
  • The team decides everything. In that sense, it’s not decentralized yet as community governance and voting systems have not been implemented.
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CaptainAltcoin’s writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com



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