Thumbnail source: https://twitter.com/Biswap_Dex/status/1395576087745372160
The BSC (Binance Smart Chain) is arguably the most diverse blockchain in the crypto world, containing most likely thousands and thousands of unique coins with each unique purposes. One shining gem hidden in the BSC mine is Biswap, a majestic DeFi with so many great features that challenge many popular BSC DeFis, even the trusty old PancakeSwap.
What Is Biswap?
According to Biswap's docs:
We are a decentralized exchange platform for swapping BEP-20 tokens on the Binance Smart Chain network. This network guarantees superior speed and much lower network transaction cost. Biswap aims to become a benchmark for DEX platforms. We want to take up the mantle in becoming the leading DEX platform on the market for token swaps.
Why Biswap Is Legit
It does have to be accepted that BSC does contain many scam coins, including DeFis. Many have experienced rug pools, which is basically when someone builds a convincing DeFi service on the BSC, waits for it to boom, then puts out a massive sell-out of the huge amount of the coin they owe. This destroys the DeFi's market, but the scammer comes out with a good amount in his pocket. From this case, it would be assumed that Biswap would be the same thing, especially since its native coin BSW was released today, but there is evidence to suggest that Biswap is a legitimate DeFi.
The first indication of Biswap's legitimacy is the recent onboarding of Biswap, which was on the 6th of May, two weeks ago.
Currently, no reports from Certik have been released about Biswap, but it is claimed from Certik to be "In progress, under assessment by experts." However, when looking at the community poll of Biswap's security of today, it comes out well, now sitting at 92%, which is amazing considering the young age Biswap bears. The project's average security is also good, sitting from the scale at what appears 80%.
Another indication of Biswap's legitimacy is the deflationary mechanism it holds, driven by burning the token. Scam coins often do not have burning sessions, but Biswap does, and this rules out one more feature of scam coins to further prove Biswap's legitimacy. This mechanism works by getting all the fees from all accounts that have no referrer and using these fees for buying BSW. 50% of the trading fees will be used for token burning, thus reducing the supply to prevent inflation.
Biswap's community is also very active, regularly sending announcements about its development in a slick style similar to how Binance promote their services/products. In the past week on Twitter, Biswap sent 10 tweets about its promising development. Since its creation in April 2021, Biswap has sent 143 tweets. This indicates an active community, and thus an active team to respond to situations and issues that come up, and so its legitimacy.
There is also an emergency insurance fund on Biswap, further proving not only its legitimacy but its safety as well. On the docs, the statement of Biswap's emergency insurance Biswap SAFU is as follows:
Biswap SAFU is an emergency insurance fund for all our users. Starting from May 2021, 1% of all outstanding tokens will be allocated to a specific wallet to protect all our users and their funds in case of an emergency. All the funds will be stored in a separate wallet.
There are many more features that prove Biswap's legitimacy, but above are some of the top ones to clear some doubt on this promising DeFi.
What Makes Biswap So Good?
The reason Biswap is so good is from a range of factors that make it unique from many other BSC DeFis. Some of the significant features of Biswap will be gone through, but it is important to note that Biswap also has many more features that will not be mentioned. For the details of BSW, visit its docs here: https://docs.biswap.org/.
The greatest thing about Biswap is its rewards. The current staking reward for just staking BSW is over 9000% APR, and that is only APR. This means that the staking can be staked, thus earning even more rewards. This has happened with the popular BSC DeFi PantherSwap, first beginning with extraordinary APRs similar to Biswap, slowly dissipating down to less exciting returns. Currently, the APR for staking on PantherSwap of its native token PANTHER is about 377.67%. Biswap's staking rewards are expected to decrease as inflation kicks in and it gains popularity, which is why it is a good time to get into Biswap, especially with BSW released today.
And this is with only staking BSW. Biswap also has a variety of farms, some with even more APR than staking BSW. The highest at the moment is the BNB-BSW farm at over 14500%.
Another of the great features of Biswap is the fees, now one of the lowest at 0.1%. Put it this way: PancakeSwap's fee is 0.25%, but Biswap's fee is 0.1%, which is 2.5 times less. That means for every $1000 traded, you save $1.50. It may not seem a lot, but it sure adds up. Plus, you can use this amount saved to cover transaction fees, meaning it is just like trading on PancakeSwap, but without the BSC transaction fee. And that is not it for trading on Biswap. Biswap has for a limited time free swaps on its DEX (Decentralised Exchange), meaning that the trading fees are even less! The trading fees are repaid in BSW, able to be withdrawn in a button as shown below. This is why it is suggested for Biswap to be gone into now before it begins to rise and reduce its rewards.
One cool feature of Biswap that makes it even better is the Free BSW Pool it has where free BSW tokens can be earned. The Free BSW Pool essentially works by letting it run for 30 minutes, then withdraw the tokens accumulated in this period. The maximum daily profit is 1 BSW, and right now BSW is about $2, so that means this Free BSW Pool offers about $2 for free! It is important to note that it is impossible to withdraw the tokens sooner than 30 minutes and no new rewards will be given after 30 minutes, needing to be withdrawn to reset the timer. Another note is that if the page is refreshed, the timer resets, thus meaning the reward accumulation has to restart. More can be found out in Biswap's docs here: https://docs.biswap.org/core-products/free-bsw-pool. This is for a limited time as well!
How Do I Buy And Stake BSW?
Buying and staking BSW is easy and simple. Below are the basic steps of getting BSW and staking it into its lauchpool for MetaMask.
Getting onto the BSC network
1. Open MetaMask and go to 'Settings'
2. Select 'Networks' and press on the 'Add Network' button
3. Put in the following information for the new network (i.e. BSC):
Network Name: Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
ChainID: 56
Symbol: BNB
Block Explorer URL: https://bscscan.com
4. Select the newly created BSC network. This connects the MetaMask wallet to the BSC network. If you have already connected/saved the BSC network, these sets of steps can be skipped and into the next stage.
Connecting MetaMask to Biswap
5. This is easy. Click the 'Connect wallet' button that can be found on the top-right of the website, as shown below.
6. Then click on 'Metamask' since that is the intended wallet here.
Buying BSW
7. Now connected on Biswap, head over to 'Exchange' on the side menu.
8. In the 'To' box, put in BSW.
9. In the 'From' box, put in whatever currency available. Options are shown below.
10. Now enter the amount wished or select the 'Max' option to put the maximum amount that can be put in for a successful transaction.
11. Click on 'Swap,' accept the transaction, and now the entered amount will be converted to BSW, thus buying BSW.
Staking BSW
12. From the menu, go to 'Launchpools'
13. Click on 'Approve BSW'
14. Process the transaction.
15. Enter the desired amount into the launchpool.
16. Click on 'Harvest'
17. Process the transaction and you are done!
Thank you for reading! If you are considering using Biswap, please use the referral link given below to support me at no extra cost! Thanks in advance to all who choose the referral link!
https://biswap.org/?ref=6c18fc1b23cf78f9dd54
Disclaimer: The information above is not financial advice. All information is of personal opinion and based on personal research. Any information on this article should not be mistaken as fact, and any decision with crypto means you need to DYOR (Do Your Own Research) with no fault on my behalf if any accidents occur such as market loss.
