Welcome to this post, where we are going to see how Biswap works and those aspects it has to offer you.
Biswap has become very popular in the last few weeks, where we find it in the top 5 most used DEFI in rankings like dappradar, and in this video we are going to see what different and interesting aspects it has that have led it to be one of the most used exchanges right now.
Biswap is the first decentralized exchange platform on the market with a three-rate reward system and the lowest transaction fees on the platform (0.1%). They are a decentralized exchange platform for exchanging BEP-20 tokens on the Binance Smart Chain network, just like pancakeswap. This network guarantees superior speed and much lower network transaction cost. And biswap, unlike pancakeswap, has lower commissions for exchanging rewards, and you are going to receive tokens from the platform for using it.
Biswap is an Exchange like pancakeswap or uniswap that is currently only on the binance Smart chain, and we won’t go into covering every aspect, as many aspects work the same way as any other Exchange. Instead we will focus on what is new and interesting to use biswap.
If you want to use biswap, in the description you can find a link to use it.
The first thing we found interesting is its own swap. Although you must first connect your wallet to be able to use the swap. Once the wallet is connected, we will go to Exchange. As you can see above, it says that you can make swaps at no cost. As we said before, the platform has a commission of only 0.10%, and in addition, for using the Exchange, you will receive the platform’s native token. So you will hardly pay for making transactions in biswap. As you can see, in my case I did an exchange to check that it will work, and I have a very small amount of biswap to claim, which you can later sell and exchange it for the cryptocurrency you want. This is one of the main functions, which have made the Exchange so popular, by not paying any commission for using the platform.
The operation is the same as any swap, indicate the cryptocurrencies you want to exchange, click on swap, confirm in your wallet and you will have the cryptocurrencies exchanged. In addition to an amount of biswap as a reward for using their platform above. I don’t know if there will always be this platform token reward for exchanging cryptocurrencies on biswap, but at the moment it is active and you can save money by using biswap instead of pancakeswap or any other Exchange.
With the swap covered, let’s take a look at farms. The biswap farms we are currently only going to find LP Tokens. Still, there are some very interesting ones to farm if you are interested. The only negative part of biswap farms, is that you will receive the native token of the platform, and you will not be able to receive more LP Tokens as it happens in other platforms like beefy. Even so, you can always create an LP and every so often sell the tokens you get from biswap to have more LP tokens.
Some very interesting farms are the platform’s own with usdt, biswap-usdt with more than 600% apr, iron-busd with more than 120% of a stablecoin and a partially collateralized stablecoin, usdt litcoin with more than 100% and if you like something more stable and secure, there are some lp tokens of stablecoins with very high percentages. Such as UST-BINANCE USD with more than 50% or binance usd and tusd with more than 40%. For stablecoins, these are very high percentages that you can find in few platforms.
My recommendation is that if you do farming in biswap, try to sell the token every few days and do not accumulate much biswap if you do not have expectations that it will rise. If you sell every day or every few days, the annual % you will receive will be very similar to what it shows, because you will not be so affected if the price of biswap falls, unlike if you accumulate a lot of biswap and after a month you come back, and biswap is worth half.
In launchpools at the moment you can only do staking of the platform’s own token, with a high annual %.
In competitions, you can participate in trading competitions that biswap makes on its own platform. To do this, you must use their Exchange and make many trades. So if you do trading and you like competitions, it is a good place to participate. On the other hand, if you do not trade, it does not make much sense, because to get a prize, you will have to make a lot of operations. In the ranking you will see the volumes of the people so you can have an idea of the amount of volume you have to reach to get a prize.
Finally, on any DEFI platform, it is important to be aware of security. The last thing you want is for them to disappear with all your tokens. For this, we have the audits that help us to see if the contract of the platforms has any error or not. Although an audit does not ensure 100% that there will not be any problem, it is a great help for greater security. In the case of biswap, we find that it has been audited by certik, which is one of the best DEFI platform audits to date.
Another aspect I like to look at before placing my money, is the TVL or total value locked inside the platform. If it is high, it means that more investors have trusted this platform. In the case of biswap we see that there are more than 350 million dollars in total locked value, which is quite a lot of capital, and from my point of view, gives some more security and credibility to the platform.
I hope it has helped you to see all the benefits that biswap can give you. If you want to use the platform, feel free to use the link below.