In the past couple of months BiSwap has been making a name for itself and its BSW token on BINANCE Smart Chain. The decentralized exchange attracts more than 21 thousand active user wallets per week with a Total Value Locked of more than $310 million. Let’s take a look at what sets the platform apart from the competition on Binance Smart Chain.
From the perspective of user acquisition BiSwap offers various incentives, including a three-type referral system and – even more important – platform transaction fees of only 0.1%. In addition BiSwap allows user to swap tokens for free, as users receive the corresponding costs of their trading fees in BSW tokens.
Transaction Fee Mining is the biggest game changer on the BiSwap platform, giving all users the ability to earn BSW simply by trading and interacting with the platform. This potentially brings lots of BSW onto the market, alongside the farming and staking functionalities. Therefore BiSwap regularly burns a part of its token supply in order to create scarcity:
- They use 50% of the trading fees to buy back tokens from the market and then burn those tokens
- All rewards from unregistered referrals get burned in the weekly BSW token burning
- There’s a 1.99% performance fee from each harvest in the BSW Auto Compound pool, that gets burned on a weekly basis
- And finally they burn 13% of all the sales of their lottery tickets
Pools, farms and staking
Like any other DeFi platform BiSwap offers the option to provide liquidity to trading pairs. When users provide liquidity to for example the BNB-BSW pool, they will then receive so-called Liquidity Pool tokens, or LP tokens. These function as a sort of receipt for your input in the pool. Users can then stake these LP tokens in the Farms, allowing liquidity providers to earn passive income paid in BSW tokens. The Annual Percentage Yield (APR) on these farms is anyway between 42% up to 156% for promoted farms.
Furthermore, BiSwap allows users to simply stake BSW tokens and earn something else in return. There’s an auto compound functoinality to stake BSW and earn BSW in return. In addition users can stake BSW to for example earn DPET tokens, ETH or BTCB, a wrapped version of BTC. It’s also possible to flip things around, and stake DPET, LINK, XRP or DOT in exchange for BSW.
BSW and the road ahead
BiSwap and their BSW token have positioned themselves well to continue their journey in the world of DeFi. The project launched late May and has been growing its footprint ever since. Like many other DeFi projects the TVL of BiSwap took a bit of a hit since late August, but the DeFi industry seems to be recovering. BiSwap and BSW offer many attractive ingredients to their users, setting the platform up for future success in the Binance Smart Chain DeFi ecosystem.
