It has been another 6 months since I last wrote about , a dex on the BINANCE Smart Chain.
was a relatively new DeFi operator, launching during the last bull market, with a few unique features.
They passed a Certik Audit Report of their smart contracts with no major issues, there were a few minor issues that the devs are now at work sorting out but it seems the contract side of things is legit.
A while ago I exchanged a small amount of BNB for BSW to then stake in their Launchpool, there seems to be little risk to using the Launchpool as you are not pairing, therefore impermanent loss is not a factor, only the actual value of the BSW token, if you were buying BSW you'd be risking change of value of the token and as a new token and project its unproven in terms of how it would ride out a bear market or whether any future events may crash the value. So far this bear market, whilst the value has taken a dive like the rest of the crypto market. As BNB hasn't dropped % as much as many of the other tokens, this is a good chance to swap some BNB for BSW and hopefully see larger gains as the market warms up.
BSW price went up dramatically during the bull market, and has since dropped back down as have the majority of crypto coins & tokens, so now is a pretty good time to get in if you've been watching for a while.
The main issue with the Launchpool, was that you had to manually compound, and therefore pay gas fees every time you wanted to claim. There is now an autocompound Launchpool, similar to the CAKE Syrup pool on PancakeSwap (but without the annoying autoburn feature), which means your APY is much higher. Understanding the difference between APY and APR is important - the APR is what you are getting annually as a % return assuming your investment remains the same, its daily % gain is APR/365. APY is annual percentage yield and is usually much higher as it factors in compounding over that 12 months, the exact calculation will depend on how frequently the compounding takes place, therefore in the autocompound, this is likely to take place more often than you would do manually - there is a small fee for this but unless you had enough to be compounding multiple times per day and paying the gas fees to do so its generally better to use the auto function.
Obviously the liquidity pools come with their own risks and I'd advise against investing money without doing your own further research into the project.
It's easiest to connect using a METAMASK wallet - if you don't have one already, they are easy to set up. You'll need to add Binance Smart Chain onto the available networks and ensure it is connected to this network before you then connect to . You can do this from the menu, settings, advanced, custom RPC then using the following details:
- Network Name: BSC Mainnet
- New RPC URL: https://bsc-dataseed1.binance.org/https://bsc-dataseed2.binance.org
- ChainID: 56, or 0x38 if 56 doesn’t work
- Symbol: BNB
- Block Explorer URL:https://bscscan.com/
Make sure you leave some BNB in your wallet for gas fees
After you've done this you can add BSW as a custom BEP-20 token using the contract address: 0x965f527d9159dce6288a2219db51fc6eef120dd1
Other good points to note about BiSwap:
- BSW is available to buy on Binance if you prefer not to use the swap
- has passed 10 billion transactions
- Low 0.2% exchange fees
- Certik now complete - Certik Audit Report
If you choose to look into BiSwap further I'd really appreciate using my referral link: BiSwap Referral Link
Disclaimers & Copyright:
Any links in my posts are referral where possible so if you sign up and use the site via those links I get something, or we both get something out of it, if there is no referral link available it’s just a straight link to the site. I really appreciate anyone using referral links as it supports covering my time writing these articles. None of my opinions or recommendations are based on whether a referral link is available and I have received no other incentive to write any of these articles, they are a true representative of my own experiences, good and bad.
This is not financial advice and I am not a financial advisor. Do your own research before making any investments.
