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A couple of weeks ago I posted an article on BiSwap, and thought it would be worth a follow up to see how things are going.
BiSwap is a relatively new DeFi operator, with a few unique features.
The free tokens faucet didn't last long, it started at a max of 2 BSW / day (I believe), and rapidly dropped to 0.5 BSW/day (where I became aware and started using it, although I didn't get up to anywhere near 0.5 before it changed), then 0.2 BSW/day then it ended, and you only had three days to withdraw any remaining BSW before they disappeared completely. There was a withdrawal fee which started higher then reduced by the end to 0.1 BSW, which wiped most of my accumulated BSW, it was a shame it ended so quickly, but can't really complain too much about free stuff.
I also 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.
The BSW value crashed hard after I exchanged, I was getting 5500% APR on the launchpool, so in only a week I have doubled my BSW, and although the price crashed hard, it has recovered a bit, but is still at around 50% of what I 'paid' in BNB, so overall if I exchanged by current BSW back to BNB I'd roughly break even now. However, the launchpool is still at 1500% APR and value of BSW is growing, so I'm prepared to ride this out longer to see where it ends up.
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 BiSwap. 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/or 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:
- Low 0.1% exchange fees
- BNB gas fees on exchanges refunded in BSW (limited time offer)
- Currently being audited by Certik
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.
