The DeFi world is defined by the decentralization of financial services, including trading and exchanging currencies by leveraging the ethereum network smart contract capabilities. There are many principles supposed to guide the DeFi, including community governance and entire decentralization. However, that has proven unachievable since the inception of the first DeFi platform. Most platforms set many regulations, thus centralizing the whole of decentralized finance.
The lack of decentralization has made many enthusiasts assume that the DeFi world will soon fail since its inception is not fulfilling. However, a new DeFI platform dubbed BurgerSwap brings full decentralization and community ownership to users.
What is BurgerSwap?
BurgerSwap was the first democratized automated market maker completely decentralized through smart contracts. Like other swaps, the platform set to unveil on the BINANCE smart chain will leverage smart contract capabilities in service delivery.
Binance smart chain is Binance's parallel blockchain that brings programmability attributes to the Binance, thus providing smart contract capabilities. The token is among the most promising, with an expected year-round surging value.
Unlike most swaps that pair with ether because of the ethereum blockchain hub, BurgerSwap will pair tokens with BNB. BurgerSwap is implementing ERC- 2917 to improve on Uniswap functionalities by changing the governance model.
BurgerSwap and other swap's difference is that BurgerSwap pairs other tokens with BNB, while others use ether. The BURGER pair will have at least 1% of the assets to qualify for mining rewards, all of which are changeable by the community vote. The growth of BurgerSwap is also unparalleled since, in just the first day, the stake's value surged to 12 million BNB valued at $400 million.
The BurgerSwap Democratic Governance
Unlike any other swap, BurgerSwap plans to focus on community governance to bolster its growth. The platform allows its users to vote and change its parameters, including the rewards and minimum stakes, etc. For instance, the 1% rewarding asset stake to qualify for mining rewards is changeable by the majority community vote. Allowing community vote ensures the DeFi platform remains fully decentralized.
The primary aim of using the strongly democratic governance system is providing space for BurgerSwap's growth and sustainability and offering better liquidity access. BurgerSwap's democratic DeFi governance has already seen success with several ideas created and completed through community development. Further changes by community voting will see more burgers released per block from the current 120 per block, thus furthering rewards.
Key Features of BurgerSwap
Staking Rewards in BurgerSwap
There are only two qualifications for rewards; topmost is staking, and the second is participating in community swap development by weekly voting. The BurgerSwap platform brings the most rewarding staking platform for token holders, with the rewards set at 10% of the total transaction fees. Selecting a specific ratio suggests that the token holders will enjoy perpetual value growth with increasing transactions.
Cheaper Faster Transactions
Ethereum gas limits are rising; thus, users of any ethereum based swap pay hefty fees for any services. Moreover, the scalability issues clouding the ethereum network harden the work of completing transactions.
Unlike any other swaps, BurgerSwap's Binance Smart Chain leverages proof of stake mechanisms to offer low fee transactions, as low as 1 cent. The swap applies 0.3% to all trades, which is relatively less expensive than any other DeFi.
Furthermore, the transaction completion speed is way higher than other smart contract enabled blockchains, with each transaction taking at most 3 seconds. It, therefore, can parallel ethereum in Defi setups since it offers cheap and fast block times.
BurgerSwap V2 for Burning Coins
BurgerSwap has a burn mechanism that allows the eternal burning of converted BURGER tokens. The BurgerSwap V2 option allows traders to swap ether and BSC assets by leveraging a BEP20 bridge, allowing ERC20 token conversion to bToken. Moreover, the V2 protocol enables the holders to withdraw their rewards at any time, thus remaining with enough liquidity.
Liquidity providers also gain from using BURGER since they get full control over assets; thus, they can choose their choice for rewards. Since the platform does not have a liquidity provider's token, the providers can choose between BURGER, BNB, and USDT.
User Interface
Recent improvements on the user interface by the V2 application ensure full decentralization of trade; thus, users can easily trade BEP20 in a decentralized democratic way. Since the platform is new, users can send their better application ideas to the development team to make BURGER great.
Final Word
Although the DeFI space may be already showing the possibilities of a downfall, the introduction of the staking platform BurgerSwap will foster confidence in DeFI. The fully decentralized democratic DeFi platform allows users to participate in votes meant for improving services. For instance, the platform enables the token holders to participate in polls that set the rewards, trading fees, and govern mining activities.
Additionally, BurgerSwap offers good staking rewards of 10% of the total transaction fee collected and leaves the option of changing the community's rates. That allows staking parties to earn more over the years as the transactions increase. Moreover, the platform comes with the option of cheaper fees and faster transactions. The BurgerSwap DeFi is, therefore, the ultimate democratized AMM that restores DeFi confidence.
