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What Is Biswap?

Biswap takes up a prominent place in the BINANCE ecosystem. So, time to have a look into this DEX.

What Is Biswap?

As a DEX on the BNB Chain, Biswap offers a variety of services. They also offer a unique referral system. It has three layers. They were also the first DEX to accept BEP-20 tokens. So, let’s have a brief look at the things you can do on Biswap. For example:

  • Launchpool
  • A new multi-reward pool
  • Fixed staking
  • Referral program
  • Lottery
  • NFT marketplace
  • Take part in their $10 million incentive program

That’s more than a handful. You can also trade BNB Chain-issued tokens with a 0.2% fee. They don’t have an order book like almost all AMMs, but you trade in liquidity pools. Providing liquidity to a pool gives you LP tokens.

With the LP tokens, you can earn a slice of the trading fees. Alternatively, you can stake them in various farms on Biswap. Just remember that liquidity pools are not risk-free. They suffer from impermanent loss. Read up on impermanent loss in our dedicated article.

Is Biswap Legit?

Biswap seems legit. You can find the team on their website. However, they only use first names and avatars. They don’t have any links to either Twitter or LinkedIn profiles.

Biswap launched in May 2021. Furthermore, they have a big following on social media. For instance, on Twitter, they have 319.6K active followers. See the picture below. It’s nice to see such an active community.

In other words, they’ve been around for well over a year now and haven’t done a rug pull. It’s not impossible, but rather unlikely, they will do one now.

Source: Twitter

Where to Buy the Biswap Coin?

Quite a few crypto exchanges offer the Biswap (BSW) token. It should come as no surprise that Binance is one of them. Other established CEXes that offer BSW are Gate.io, KuCoin, and MEXC Global.

Furthermore, there are plenty of smaller CEXes and DEXes that have BSW on offer. PancakeSwap is a well-known DEX that offers BSW.

How Do You Use Biswap?

Before you have full access to all Biswap’s features, you need to connect a wallet. For instance, MetaMask. Make sure that you connect with your METAMASK on the BSC mainnet. Once you’re connected, you can access all features. So, let’s have a look at how to use some Biswap products. For example:

Adding liquidity

  • Go to the Exchange page, now click “Liquidity.”
  • Click “Add Liquidity.”
  • Pick a token pair to your liking. Enter how much you want to deposit.

Take part in farms

  • You first need to provide liquidity. This will give you LP tokens. Now you use these LP tokens in the Biswap farms.
  • Go to the “Farms” page.
  • Look for a farming pair. Make sure it has your LP tokens.
  • Click “Stake.” Enter how much you want to stake.
  • Approve the transaction in your MetaMask or other wallet.
  • On this page, you can also monitor your rewards. You can unstake anytime. Just click on “Harvest.”
  • You need to confirm the unstake transaction in your wallet.

Staking

You can stake BSW in launch pools.

  • Go to Launchpools. Select a launch pool of your liking. Here you can stake BSW tokens. You earn other tokens as rewards.
  • Confirm token withdrawal.
  • Enter how many BSW you want to stake. Clock the “Confirm” button.
  • Confirm the transaction in your wallet.
  • Rewards or staked tokens are available at any time to cash out.
How Do You Connect Biswap to Trust Wallet?

Trust Wallet is only available on your mobile as an app. So, download it as an Android or iOS version. You also need to install and set up the Trust Wallet. See the video below on how to do this. Make sure to write down and securely safe your seed phrase. If you lose this phrase, you may not be able to access your assets anymore.

Connecting Biswap to your Trust Wallet is an easy and straightforward task. Biswap has a Medium post in which they explain this in five easy steps. Step six is that you’re already connected.

There is lots of other information in this article as well. For example, how to import your wallet into a Trust Wallet. 

Is Biswap Safe?

Biswap appears to be legit and also safe. Their team is not really doxxed. On the other hand, they had a Certik audit. This is one of the top auditor firms in the crypto world.

Furthermore, Biswap earned a Binance award in July 2021. That was the “Most ‘Valuable Builder II (MVBII)” award. They were in the top 10 of exchanges that got rewarded. Security was one of the criteria.

So, there are two positive “yes” answers, but also one negative “no” answer. 

As already pointed out, they are now active since May 2021. In the world of a DEX, that’s fairly established. We could not find any information that Biswap suffered a hack.

Conclusion

We answered six popular questions about the Biswap DEX on the BNB Chain. Among others, we discussed if Biswap is safe and legit. You also learned how to use Biswap. This platform has many other features to offer.

Here’s the latest CoinGecko information for the BSW token. The current price is $0.282164 with a market cap of $91 million. There is a 700 million max supply of BSW tokens. 332.6 million tokens circulate already

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 9/23/2022

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