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Last updated: Nov 22, 2022
Biswap is an automated market maker allowing users to exchange tokens on BNB Chain. The project provides farming, an NFT marketplace, launchpools, and a launchpad for IDO offerings. Biswap also has a lucrative referral system, which includes three different products from which referrers earn rewards, as long as their referrals interact with them. Referrals can earn up to 20% from their referral swap commission on the DEX and 5% from their earnings on Farms and Launchpads.
When adding liquidity to a pool, users are given LP tokens, which earn 0.05% of each transaction, the pools also allow for LP tokens staking, which is rewarded by Biswap with BSW tokens through the project’s Farms feature. The farms’ main functionality is staking LP tokens for BSW rewards.
The NFT marketplace connects buyers with sellers and supports BSW, WBNB, USDT, and BUSD as means of payment. The team whitelists NFT contracts and marks them as such, however non-whitelisted NFT contracts are still available for trading. Biswap’s marketplace also hosts an auction service. Once a deal is completed on the marketplace, Biswap also rewards its users with Robi Boost, which is described as a tool to earn more crypto from NFT staking pools on Biswap. The rewards are equal to the commission fee divided to the current price of RB and are split equally between the buyer and seller. Robi Boost is described as It can only be earned by making exchanges on the DEX or buy/sell transactions on the marketplace, but only from the whitelisted NFT trades.
Biswap describes their launchpools as a less resource-intense alternative to mining. Through the feature, BSW and other tokens can be used to earn other projects’ tokens in the form of rewards for staking, depending on the chosen pool, its total amount of staked tokens, and the users’ share in it. There is a minimum amount of time required for staking which is subject to governance, however, the rewards are calculated every three seconds and all pending rewards are harvestable at any moment.
The Launchpad can be used by new projects during the initial launch of their tokens, and require BSW tokens for participation in buying of freshly launched tokens. Through this feature, Biswap promises options for partnerships between projects from its ecosystem, as well as other marketing incentives like trading competitions and collaborative events aiming at increasing the popularity of the IDO token and the project behind it.
The 0.1% Biswap fee charged for token swaps on the exchange, as well as other transaction over the platform, is divided into two equal halves, 0.05% go to liquidity providers in the form of a “free reward”, and the other 0.05% is used for BSW token burning.
The company also offers various competitions for its users, which require participation in interactions with the protocols’ products. The Biswap app conducts a lottery, which is described as a “game of chance in which winners are selected randomly”. In order to participate in it, the users need to buy lottery tickets worth $1 per one, with BSW tokens. Each round of the lottery lasts for 12 hours, and users may buy an unlimited number of tickets, where they get a discount for buying in bulk. 80% of all ticket purchases are allocated to the prize pool, and if no one wins them, the prizes roll over to the next round.
The supported Biswap wallets include MetaMask, TrustWallet, TokenPocker, MathWallet, and Coin98. Besides that, there is an integration of WalletConnect available for use.
BSW is used for governance of the project and has numerous utilities on the platform. The max supply of Biswap’s BSW token is 700,000,000 tokens. The current distribution of tokens is 20 per block, as voted by the community. The initial supply of the token was 10,000,000 out of which 400,000 were used for adding the initial liquidity of the asset. The rest was used for marketing and partnerships.
The remaining tokens get distributed at a fixed rate per block being mined in the following proportions: 80.7% for Farms and Launchpools, 4.3% for the referral program, 9% for the team, 5% towards an investment fund, and 1% goes towards an emergency insurance fund. There is also a Biswap incentive to allocate 100 million BSW tokens for transaction fee mining.
The token also utilizes a deflationary burn mechanism, which includes the destruction of all the rewards from accounts with no referrers, 50% of trading fees, 13% of all the purchased lottery tickets, 10% of BSW from NFT sales revenue, 10% of minting of some NFTs, and other programs.
The token burning is scheduled once per month, however, Biswap has reserved the right to change or amend the burning schedule according to its own discretion at any time and for any reason.
The Biswap team somewhat keeps their anonymity but provides information on their background. The CEO named EK claims to have more than seven years of experience in the crypto industry. There is no factual information on his past work experience, on the company’s website the team resorted to describing his personal qualities instead. The rest of the team is presented in the same way with both their past experience and hobbies given an equal amount of attention.
The Biswap audit can be found in the protocol dashboard on this webpage.
Biswap has partnerships with various projects, with the most recent collaborations including the venture company Dreamboat Capital, Biswap aims to use this relationship to reach further into the Asian crypto community. Biswap also has partherships with SafePal, Token Pocket, Coinbase Wallet, Hot Cross, CryptoBattles, ULAND, TopGoal, LaCucina, ACryptoS, BornBadBoys, UnusDAO, and many others.
The Biswap team’s short-term focus is on listing on the main DEXes and CEXes, improvements on the marketplace, connecting more networks, creating exclusive opportunities to BSW holders, and creating a new Launchpad system.
The long-term goals published in the current roadmap include marketing promotion via media and bloggers, developing a better UI, introducing limit orders, lending and borrowing, as well as general work on the “global expansion of the Biswap ecosystem”.
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