What is Biswap and how can you use it for crypto trading?

Updated on 6 August, 2022 10:55 AM
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    As with any other currency, cryptocurrency trading is also based on an exchange of coins/tokens. These exchanges, in essence, are online trading platforms for buying and selling different kinds of cryptocurrencies. In general, all the platforms are secure and offer various trading options. It is highly efficient and time-saving and provides excellent returns with every exchange.

    This blog will primarily focus on a decentralized exchange, Biswap.

    What is Binance Smart Chain?

    All of you must know about the famous cryptocurrency exchange platform, Binance. Binance Smart Chain, also known as BSC, is built by Binance and operates in parallel with the Binance Chain. It is a blockchain protocol known to provide better alternatives to cryptocurrencies. It allows users to utilize their custom tokens and facilitates smart contract functionality. It exhibits compatibility with the Ethereum Virtual Machine (EVM). The smart chain is centralized to the company, Binance. It was launched in 2019 to support decentralized trading through Binance DEX. 

    It was created in addition to Binance’s native chain to provide the functionalities mentioned above, like allowing users to develop their Dapps unavailable in Binance Chain (BC). Dapps stand for decentralized applications that function on the blockchain.

    What is Biswap?

    Biswap is a decentralized cryptocurrency exchange that allows users to trade directly with each other. The platform is built on the BNB blockchain and utilizes smart contracts to facilitate transactions. Biswap is designed to be a fair and transparent exchange, with no hidden fees or centralized control. The platform is also intended to be user-friendly, with a simple interface that makes it easy to buy and sell cryptocurrencies. It works on the automated market maker (AMM) model. It is funded by Binance Labs, the incubator and venture capital of Binance. It supports a 3-type referral program.

    Biswap is a decentralized exchange that uses the Binance Chain blockchain. It allows users to trade Binance Coin (BNB) and other Binance-based tokens. The exchange is designed to be fast, secure, and easy to use. Biswap is the first Binance-based decentralized exchange.

    The core team behind Biswap has a lot of experience in the cryptocurrency space. The team includes co-founder and CEO Wei Zhou, who was previously the CFO of OKCoin; CTO Jaap Terlouw, who was previously the technical lead at Blocktrail; and COO Alex Mendez, who was previously the head of operations at bitFlyer.

    The Biswap exchange is built on the Binance Chain blockchain. Binance Chain is a high-performance blockchain that is designed for trading. It can handle 1,400 transactions per second. Binance Chain also has a native token, Binance Coin (BNB). Binance Coin is used to pay fees on the Binance Chain.Biswap is a decentralized exchange that uses the Binance Chain blockchain. It allows users to trade Binance Coin (BNB) and other Binance-based tokens.

    How can you start using Biswap?

    • To start using the features offered by Biswap, you must first connect your wallet with the platform. Note: You need not register with the platform, as with other decentralized exchanges. 
    • Next, select the cryptocurrencies that you want to swap. Confirm the amount shown after conversion and click on confirm to exchange your cryptocurrencies.
    • To utilize the Farm feature of Biswap, you need to stake the LP (ledger provider’s) tokens and accumulate returns daily. You can also participate in trading competitions hosted on the platform to earn rewards.  Biswap provides you with other high return features such as staking in NFTs. For the layman, NFTs are Non-Fungible tokens. It is an asset used by millions to ensure ownership of their digital assets. Non-fungible in more straightforward terms means irreplaceable, providing owners complete control over their creations without fearing copyright infringement.
    • Biswap is gaining popularity among crypto enthusiasts due to its low transaction fees. Its wide range of features provides multiple occasions to invest in crypto and securely retain your profits.

    What are some of the key features of Biswap?

    • Decentralized: There is no central authority or server that can be shut down or hacked
    • Fast: Biswap DEX can handle a high volume of trades without slowing down.
    • Anonymous: You do not need to create an account or provide personal information to trade on Biswap DEX.
    • Supports multiple currencies: Biswap DEX supports many different digital currencies, making it a convenient platform for users who hold multiple types of assets.

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