What is Biswap?
Biswap (BSW) is a decentralized exchange (DEX) for BEP-20 tokens on the Binance Smart Chain (BSC). It seeks to distinguish itself by striving to offer lower transaction fees compared to other decentralized exchanges. Biswap's functions include an automated market maker (AMM), liquidity pools, yield farming, a marketplace for non-fungible tokens (NFTs), and an initial DEX offering (IDO) launchpad. It also includes a referral system that allows users to invite others and potentially receive compensation from various activities on the platform. Biswap's governance token, BSW, has a total supply of 700 million.
How does Biswap work?
Biswap operates on a decentralized model, allowing users to trade BEP-20 tokens directly from their wallets. It uses an automated market maker system, which enables users to trade directly with a smart contract, rather than with other users. This system relies on liquidity pools, which are funded by users who deposit their tokens into these pools and may receive BSW farming rewards in return. Biswap also features a unique NFT marketplace where users can exchange NFTs using four different cryptocurrencies. Additionally, Biswap provides an IDO Launchpad that allows other blockchain projects to launch their tokens through Biswap.
What are the potential use cases for Biswap?
Biswap aims to provide a range of use cases for its users. It allows users to trade BEP-20 tokens at lower transaction fees, which can be beneficial for frequent traders. Users can also receive BSW farming rewards by providing liquidity to the platform's pools. The NFT marketplace provides a platform for users to exchange NFTs, potentially benefiting from the growing NFT market. Furthermore, the IDO Launchpad provides a platform for new blockchain projects to launch their tokens, potentially attracting more users to the Biswap platform.
What is the history of Biswap?
Biswap was launched in 2021 by a team of 27 pseudonymous members, led by a CEO known as "EK", a reported crypto veteran with seven years of experience in the space. The team members are presented on the site only as comic avatars, and no details about any potential investors are provided. Biswap's primary goal is to aim to enhance the DeFi ecosystem by providing liquidity providers with increased capital efficiency, control, and flexibility. It has implemented several deflationary mechanisms, such as burning a portion of transaction fees and a percentage of new NFT mints.
