Join Camnang24h to learn about the project “What Is Biswap (BSW)? How does Biswap work? What makes Biswap unique? Who Are the Founders of Biswap?” through the article below. Biswap is a decentralized exchange (DEX) that allows users to swap tokens on the BNB Smart Chain. Besides having a novel referral system and low trading fees, Biswap also offers an assortment of products and services, including a trading platform, farms, launchpools, an NFT marketplace, trading competitions, and an NFT game.
Related: What Is Kyber Network (KNC)?
With more than 1,000 tokens on the BNB Smart Chain, there is user demand for a solution to swap tokens quickly and cheaply. Biswap was originally designed to meet this demand and has since evolved into a platform that presents a range of services and opportunities for token holders.
How does Biswap work?
Biswap adopts an automated market maker (AMM) model to let users swap BEP-20 tokens issued on the BNB chain. The decentralized exchange (DEX) runs on the BNB Smart Chain network, enjoying fast transaction speeds and low network transaction costs. Boasting one of the lowest trading fees in the market at 0.2%, Biswap is a popular platform for users looking for an affordable trading platform.
Unlike centralized exchanges, Biswap does not take custody of user funds, making it a good alternative for crypto holders who value trustless systems. Biswap allows users to exchange BNB chain tokens with low fees, while earning rewards with a referral program. Users can also provide liquidity to earn passive income, stake tokens in farms and launchpools, buy NFTs on Biswap’s NFT Marketplace, and stake them in the NFT Staking Pool.
What is the price of Biswap (BSW) today?
In this section one can follow the price and chart of Biswap (BSW) traded today via the chart below. If you want to know where to buy Biswap (BSW) at current rates, the top crypto exchanges to trade Biswap (BSW) currently Binance, MEXC, Bitrue, Tapbit, and Bybit.
Who Are the Founders of Biswap?
Biswap was launched in 2021 and lists a total of 27 team members on its website. The entire team is pseudonymous and are presented on the site only as comic avatars. The CEO is “EK,” a reported crypto veteran with seven years of experience in the space. Almost every member of the Biswap team lists several years of experience in their respective field, although no details are provided. Biswap does not specify any investors it may have.
What Makes Biswap Unique?
First and foremost, Biswap tries to stand out with its lower transaction fees vis-a-vis other decentralized exchanges. For example, Biswap claims that it levies only a 0.1% fee compared to 0.25% on Pancakeswap, 0.3% on Mdex, Apeswap, and other BSC DEXes. 0.05% is returned to liquidity providers as a reward, and 0.05% is used for BSW token burning. Biswap reserves the right to increase this fee in the future and add an allocation to the team. However, it promises to keep the fee lower than the industry average.
Users can engage in transaction fee mining, meaning they can receive up to 90% of the swap fee of 0.1%, depending on the trading pair. In addition, they can provide liquidity to pools and earn BSW farming rewards. Another important feature of Biswap is its NFT marketplace that allows users to purchase NFTs using four cryptocurrencies: BNB, USDT, BUSD, and WBNB. The Biswap lottery is a lottery where users can win “substantial BSW prizes” for participating. Each user can purchase an unlimited number of tickets, with 80% being redistributed to the prize pool.
Biswap also has its own NFTs called NFT Earn, consisting of an NFT Launchpad, an NFT Staking Pool, an NFT Boost, and an NFT Level Upgrade. Users can buy so-called “Robi NFTs” and stake or boost them to make a profit.
Finally, Biswap provides an IDO Launchpad that allows other blockchain projects to launch their token through Biswap. The DEX claims it has more than 300,000 active DEX users and incentivizes new projects to participate with its $10 million incentive program.
What is BSW?
The native coin of Biswap is BSW. The max supply of BSW is 700 million, with a current BSW emission rate of 16 BSW per block.
BSW is a utility token that supports the Biswap ecosystem and facilitates the activities offered on the platform. The BSW token powers Biswap’s incentivization model and functions as a reward for network participation.
What makes Biswap unique?
Biswap is a decentralized exchange platform on the BNB Chain that provides various services and offers a unique three-type referral program. The project has been audited by CertiK, a blockchain security company focusing on analyzing and monitoring DeFi projects and blockchain protocols. Biswap has a diverse range of products and activities, which include:
- Biswap DEX with a trading fee of 0.2%
- Fee rewards
- Farming & Staking
- NFT Marketplace
- NFT Launchpad
- NFT Staking Pool
- Biswap Referral Program
- Trading Competitions
Biswap Decentralized Exchange (DEX)
The Biswap Exchange allows users to trade tokens issued on the BNB Chain with a trading fee of 0.2%. Similar to other AMM platforms, Biswap has no order book to match sellers and buyers. Instead, users trade in liquidity pools. The liquidity is provided by liquidity providers, who are incentivized with Liquidity Pool tokens (or LP tokens) to contribute to the pools.
Liquidity providers can use LP tokens to earn a portion of the trading fees or stake them in Biswap’s farms. They can remove liquidity and reclaim their share of the pool at any time.
Keep in mind that providing liquidity involves financial risk, as liquidity providers are subject to impermanent loss. Make sure you are aware of all the pros and cons of providing liquidity before taking actions. Check out Impermanent Loss Explained for more information.
To encourage swaps on its platform, Biswap reimburses transaction fees to users in the form of BSW. When you make a swap on Biswap, there is a trading fee of 0.2%. Up to 50% of the trading fee will be sent to your “Fee Return” balance in the form of BSW tokens.
Farming & Staking
Users can deposit LP tokens in Biswap Farms and stake for BSW rewards. Some of the most popular LP tokens are:
- BNB – BSW LP
- BNB – BUSD LP
- BNB – USDT LP
- BUSD – USDT LP
- ETH – BTCB LP
Users can also stake their BSW tokens in the Launchpool. The Biswap Analytics page contains more information about the network.
Users can take part in the Biswap Lottery and earn BSW prizes by purchasing lottery tickets with BSW.
Digital art collectors and NFT fans can use BSW to trade NFTs on the Biswap NFT Marketplace. Benefits offered by Biswap NFT Marketplace include:
- Low commission fee: At 1%, the commission fee is currently the lowest one on the BNB Chain.
- Exclusive NFT Auctions: Participants of the auction can earn 5% from the price difference between their own and the next closest bid.
- Unique Biswap NFT Collection: If you manage to purchase NFTs from the Biswap NFT Collection, you can stake them in the NFT Staking Pool.
Receive Robi Boosts when you buy or sell on the Biswap NFT Marketplace: Robi Boosts allow users to earn more in the NFT Staking Pool. When an NFT transaction is completed, the buyer and seller receive an equal share of the commission fee in Robi Boosts.
Virtual crypto robots are available for purchase as Robbies NFTs on the Biswap’s NFT Launchpad. Each Robbies NFT has a random amount of Robi Boosts. The higher the Robi Boosts, the higher price it can fetch and the rewards it can earn in the NFT Staking Pool.
NFT Staking Pool
Users can stake Robbies NFTs via Biswap’s NFT Staking Pool. Rewards in the NFT Staking Pool are dependent on how much Robi Boosts your NFT has.
Biswap Referral Program
Users who help grow the Biswap community can also earn BSW rewards. Using a unique 3-type referral program, you can invite friends to register and participate for referral rewards. Earn BSW when they take part in:
- Exchange: You can earn up to 20% in referral rewards every time your referee makes a swap on the Biswap Exchange.
- Farms & Launchpools: You can earn 5% of your referee’s earnings from farms and launchpools. Your referral rewards will be ready for withdrawal once your referee withdraws BSW tokens to their wallet.
- Lottery: If your referee buys a lottery ticket, you as the referrer will receive 2% of the amount spent as a referral reward.
How to use Biswap?
If you are on the Biswap homepage, you may notice that many features are inaccessible. The full suite of features will become available once your MetaMask wallet is connected to the platform.
How to connect MetaMask to Biswap?
First, connect your MetaMask wallet to the BNB Smart Chain. If you haven’t done it before, you can check out our guide on how to connect MetaMask to the BNB Smart Chain.
Once you are connected to the BNB chain, go to the Biswap homepage and click the “Connect Wallet” button. Make sure you switch from the Mainnet Ethereum network to the BNB Smart Chain. After connecting your wallet to Biswap, you will be able to navigate across the Biswap ecosystem to access all Biswap products.
How to add liquidity on Biswap?
Before you contribute to a pool, please make sure that you are aware of the risks involved, including impermanent loss. Once you have made up your mind, follow these steps:
- Go to the Biswap Exchange page and click “Liquidity.”
- Click “Add Liquidity.”
- Choose a token pair, and enter the amount you want to deposit.
How to participate in Biswap farms
Once you have contributed to liquidity pools and received your LP tokens, you can stake them in farms to earn BSW tokens. Follow these instructions:
- Go to the Farms page.
- Select the appropriate farming pair that has your LP tokens.
- Click “Stake” and enter the amount you want to stake.
- Approve the transaction on your wallet.
Once you have completed the staking process, you can monitor it on the same page to check on your BSW rewards. If you want to withdraw your rewards, simply click on “Harvest” and confirm the transaction on your wallet.
How to stake on Biswap
To stake your BSW tokens in Launchpools,
- Click Launchpools, and choose a launchpool of your choice. You can stake BSW tokens and earn other tokens via Launchpools.
- Approve token withdrawal.
- Enter the amount of BSW you want to stake and press “Confirm.”
- Approve the transaction on your wallet.
Withdrawal is flexible and you may cash out your earnings and/or staked tokens at any time.
How to buy BSW on Binance
You can buy BSW on cryptocurrency exchanges like Binance.
1. Log in to your Binance account and go to [Trade] -> [Spot].
2. Type “BSW” on the search bar to see the available trading pairs. We will use BSW/BUSD as an example.
3. Go to the [Spot] box and enter the amount of BSW you want to buy. In this example, we will use a Market order to buy 100 BUSD of BSW. Click [Buy BSW] to confirm your order, and the purchased BSW will be credited to your Spot Wallet.
On top of trading, Biswap offers innovative opportunities to grow one’s portfolio through DeFi, GameFi, and NFT Staking. With its attractive range of activities, it’s no surprise that Biswap is currently one of the most popular projects on the BNB Chain.
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