What Is a Biswap and BSW Token?
Biswap is a DEX that operates on the BNB Smart Chain and enables token swapping. It has low trading fees, a unique referral system, and provides an array of products and services. These include trading competitions, a trading platform, launchpools, farms, an NFT marketplace, and an NFT game.
Basics
Created to meet user demand for a quick and cost-effective token-swapping solution on the BNB Smart Chain, Biswap has grown into a comprehensive platform that provides a variety of services and opportunities to token holders. As there are over 1,000 tokens available on the BNB Smart Chain, there is a clear need for a solution that enables fast and affordable token swapping, and Biswap was developed to fulfill this need. Over time, it has expanded to offer an array of products and services, including a trading platform, NFT marketplace, trading competitions, farms, launchpools, and even an NFT game.
How Does Biswap Work?
Biswap is a DEX that runs on the BNB Smart Chain network, allowing users to swap BEP-20 tokens issued on the BNB chain through its automated market maker (AMM) model. With fast transaction speeds and low network transaction costs, Biswap has one of the lowest trading fees in the market at 0.2%.
Biswap is a trustless system that does not take custody of user funds, making it a good alternative for crypto holders. Users can exchange BNB chain tokens with low fees and earn rewards through Biswap’s referral program. Additionally, users can 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 BSW Token?
Biswap operates on its native token BSW, which has a maximum supply of 700 million and currently emits 16 BSW per block. The BSW token serves as a utility token for the platform and supports Biswap's ecosystem by providing incentives for network participation. Users can earn BSW tokens by using the platform's various services and functionalities.
Unique Features of Biswap
CertiK, a blockchain security firm, has audited Biswap on the BNB Smart Chain. Biswap is unique in offering a three-type referral program, and it provides various services. Its products include the Biswap DEX with a 0.2% trading fee, farming and staking, launchpools, an NFT marketplace and launchpad, and an NFT staking pool. Biswap also has a lottery, trading competitions, and fee rewards.
Biswap DEX
Biswap is a decentralized platform on the BNB Chain that facilitates token trading with a trading fee of 0.2%. The exchange uses an automated market maker model, meaning users trade in liquidity pools instead of an order book.
Liquidity providers are incentivized with Liquidity Pool tokens (LP tokens) to add liquidity to the pools. They can use these tokens to earn a portion of the trading fees or stake them in Biswap’s farms. LP token holders can remove their liquidity at any time. However, providing liquidity is not without risk, as liquidity providers may face impermanent loss. It is important to understand the risks and benefits of providing liquidity before doing so. For more information, check out Impermanent Loss Explained.
Fee Rewards
Biswap rewards users for trading on its exchange by reimbursing transaction fees in BSW tokens. The trading fee is 0.2%, and up to 50% of the fee is returned to the user's "Fee Return" balance as BSW tokens.
Farming & Staking
Biswap's Farms allow users to deposit LP tokens and stake for BSW rewards. 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 offers more information about the network.
Lottery
Biswap users have the opportunity to participate in a Lottery and earn BSW rewards by purchasing lottery tickets using BSW tokens.
NFT Marketplace
Biswap NFT Marketplace provides a platform for digital art collectors and NFT enthusiasts to trade NFTs using BSW. The marketplace offers several benefits, such as a low commission fee of 1%, which is the lowest fee currently available on the BNB Chain.
Users can participate in exclusive NFT auctions on the Biswap NFT Marketplace and earn 5% of the price difference between their own and the next closest bid. Additionally, users who purchase NFTs from the unique Biswap NFT Collection can stake them in the NFT Staking Pool.
When users buy or sell NFTs on the Biswap NFT Marketplace, they receive Robi Boosts, which can be used to earn more in the NFT Staking Pool. The buyer and seller receive an equal share of the commission fee in Robi Boosts after completing an NFT transaction.
NFT Launchpad
Robbies NFTs, which are virtual crypto robots, can be purchased on Biswap's NFT Launchpad. Each Robbies NFT has a random amount of Robi Boosts, which determine its value and reward potential in the NFT Staking Pool. The higher the amount of Robi Boosts, the higher the price that can be obtained for the NFT.
NFT Staking Pool
The NFT Staking Pool offered by Biswap enables users to stake their Robbies NFTs and earn rewards based on the Robi Boosts their NFTs possess.
Biswap Referral Program
Biswap rewards users who invite friends to join and participate in its community with BSW tokens through a 3-tier referral program. Users can earn referral rewards when their referees take part in the following:
- Exchange: Referees' swaps on the Biswap Exchange can earn up to 20% in referral rewards for the referrer.
- Farms & Launchpools: Referees' earnings from farms and launchpools can earn the referrer 5% in referral rewards, which can be withdrawn once the referee withdraws their BSW tokens to their wallet.
- Lottery: Referrers can receive 2% of the amount spent on lottery tickets by their referees as referral rewards.
How to Use Biswap?
To access all the features on the Biswap homepage, you need to connect your MetaMask wallet to the platform. Follow these simple steps to connect your wallet:
First, connect your MetaMask wallet to the BNB Smart Chain. If you need help with this step, check out Biswap’s 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. Ensure that you switch from the Mainnet Ethereum network to the BNB Smart Chain. Once your wallet is connected to Biswap, you will be able to access all the products in the Biswap ecosystem.
How to Add Liquidity on Biswap?
To add liquidity to Biswap, it is important to understand the risks involved, including impermanent loss. If you are ready to proceed, follow these steps:
- Visit the Biswap Exchange page and click on the “Liquidity” option.
- Click on the “Add Liquidity” button.
- Select the token pair you want to contribute to and input the amount you wish to deposit.
How to Participate in Biswap Farms
To participate in Biswap farms and earn BSW tokens, follow these steps after contributing to liquidity pools and receiving your LP tokens:
- Navigate to the Farms page on Biswap.
- Choose the farming pair that matches your LP tokens.
- Click on “Stake” and input the amount you want to stake.
- Approve the transaction on your wallet.
- To monitor your BSW rewards, stay on the same page.
- If you want to withdraw your rewards, click on “Harvest” and confirm the transaction on your wallet.
How to Stake on Biswap
To participate in Biswap's Launchpools and stake your BSW tokens, follow these steps:
- Visit the Launchpools page and select the pool of your choice.
- Stake your BSW tokens to earn rewards in other tokens.
- Approve the token withdrawal process.
- Enter the amount of BSW you wish to stake and confirm the transaction.
- Approve the transaction on your wallet.
You can withdraw your earnings and staked tokens at any time, providing a flexible withdrawal option.
Conclusion
Biswap is a well-known project on the BNB Chain, offering a variety of investment opportunities beyond trading, including DeFi, GameFi, and NFT Staking. The platform's diverse offerings have made it an attractive option for those looking to grow their portfolio in innovative ways.