What is Biswap (BSW) and how to Earn Money from Biswap?
Due to the large number of tokens available on BNB Smart Chain, there is a need for a way to exchange them quickly and inexpensively. Biswap was created to fill this demand and has since grown into an expansive platform offering multiple advantages for token holders.
How does Biswap work?
Biswap utilizes an automated market maker (AMM) model to facilitate the swapping of BEP-20 tokens that are hosted on the BNB chain. This decentralized exchange operates on the BNB Smart Chain network, which enables it to provide rapid transaction speeds and relatively low fees for transactions. Its trading fee rate of 0.2% is one of the most economical in its field, making it a favored choice among users who want a cost-effective platform for trading.
Biswap offers a trustless system for crypto holders, as it does not control user funds. It features low fees when exchanging BNB tokens, and users can benefit from rewards through its referral program. Biswap also allows users to earn passive income by providing liquidity, stake tokens in farms and launchpools, purchase NFTs on its marketplace, and stake them in the NFT Staking Pool.
What is BSW?
The native token used in Biswap is BSW. There will be a maximum of 700 million BSW released, and each block will produce 16 more BSW.
The BSW token is an essential component of the Biswap ecosystem, enabling users to engage in activities on the platform. Furthermore, it serves as a reward for those who take part in the network and is integral to Biswap’s incentivization strategy.
What makes Biswap unique?
Biswap is a decentralized exchange platform built on the BNB Chain that offers a wide range of services and features a three-level referral program. The project has been evaluated by CertiK, an organization focused on inspecting DeFi projects and blockchain protocols for security. Its many products and activities include:
- Biswap DEX with a trading fee of 0.1%
- Fee rewards
- Farming & Staking
- NFT Marketplace
- NFT Launchpad
- NFT Staking Pool
- Biswap Referral Program
- Trading Competitions
Biswap Decentralized Exchange (DEX)
Biswap Exchange enables users to swap tokens issued on the BNB Chain with a transaction cost of 0.2%. Just like other Automated Market Maker (AMM) platforms, Biswap does not have an order book to match buyers and sellers. Instead, they use liquidity pools for trading. The liquidity is furnished by liquidators who are rewarded with Liquidity Pool tokens (LP tokens) for contributing to the pools.
Liquidity providers are able to acquire a portion of the trading fees by holding LP tokens or by staking them in Biswap’s farms. At any point, they can withdraw their liquidity and regain their part of the pool.
Remember that offering liquidity comes with a certain amount of risk, as liquidity providers can experience impermanent loss. Make sure you understand all the advantages and disadvantages of providing liquidity before taking any steps.
Biswap encourages users to use its platform by reimbursing transaction fees in the form of BSW tokens. When making a swap on Biswap, a trading fee of 0.2% will be incurred, and up to half of this fee can be credited to the user’s “Fee Return” balance in BSW tokens.
Farming & Staking
Users can add LP tokens to Biswap Farms and stake them for BSW incentives. A selection of the most widely used LP tokens are:
- BNB – BSW LP
- BNB – BUSD LP
- BNB – USDT LP
- BUSD – USDT LP
- ETH – BTCB LP
Users can also put their BSW tokens in the Launchpool. The Biswap Analytics page has more details about the network.
Participants can join the Biswap Lottery and win BSW rewards when they buy lottery tickets with BSW.
Digital art aficionados and NFT devotees are able to use BSW to swap NFTs on the Biswap NFT Marketplace, which offers several advantages such as:
- Low commission fee: At 1%, the commission fee is currently the lowest one on the BNB Chain.
- Exclusive NFT Auctions: Participants of the auction can earn 5% from the price difference between their own and the next closest bid.
- Unique Biswap NFT Collection: If you manage to purchase NFTs from the Biswap NFT Collection, you can stake them in the NFT Staking Pool.
- Receive Robi Boosts when you buy or sell on the Biswap NFT Marketplace: Robi Boosts allow users to earn more in the NFT Staking Pool. When an NFT transaction is completed, the buyer and seller receive an equal share of the commission fee in Robi Boosts.
Robbies NFTs can be acquired on the Biswap’s NFT Launchpad. Each one of these digital crypto robots has a haphazard quantity of Robi Boosts. The more Robi Boosts, the costlier it is, and the greater rewards it can generate in the NFT Staking Pool.
NFT Staking Pool
You can place your Robbies NFTs in Biswap’s NFT Staking Pool and earn rewards based on the number of Robi Boosts it has.
Biswap Referral Program
Those who contribute to the development of the Biswap community can receive BSW rewards. A 3-tier referral scheme enables individuals to invite people to join and be rewarded for referrals. When invited friends participate in activities, BSW can be earned:
- Exchange: You can earn up to 20% in referral rewards every time your referee makes a swap on the Biswap Exchange.
- Farms & Launchpools: You can earn 5% of your referee’s earnings from farms and launchpools. Your referral rewards will be ready for withdrawal once your referee withdraws BSW tokens to their wallet.
- Lottery: If your referee buys a lottery ticket, you as the referrer will receive 2% of the amount spent as a referral reward.
How to use Biswap?
If you visit the Biswap homepage, you will find that some features are not available. You must connect your MetaMask wallet to the platform to access all of Biswap’s features.
How to connect MetaMask to Biswap?
First, connect your MetaMask wallet to the BNB Smart Chain. If you haven’t done it before, you can check out our 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. Make sure you switch from the Mainnet Ethereum network to the BNB Smart Chain. After connecting your wallet to Biswap, you will be able to navigate across the Biswap ecosystem to access all Biswap products.
How to add liquidity on Biswap?
Before you decide to take part in a pool, it is important that you understand the risks associated with it, including the possibility of an impermanent loss. Once you have reached a decision, these are the steps to follow:
- Go to the Biswap Exchange page and click “Liquidity.”
- Click “Add Liquidity.”
- Choose a token pair, and enter the amount you want to deposit.
How to participate in Biswap farms?
Once you have added funds to liquidity pools and acquired your LP tokens, you can use them to gain BSW tokens by staking them in farms. The following steps will show you how:
- Go to the Farms page.
- Select the appropriate farming pair that has your LP tokens.
- Click “Stake” and enter the amount you want to stake.
- Approve the transaction on your wallet.
Once you have finished setting up the staking process, you can follow its progress on the same page to observe your BSW rewards. To remove your rewards, just click “Harvest” and confirm the action in your wallet.
How to stake on Biswap?
To stake your BSW tokens in Launchpools,
- Click Launchpools, and choose a launchpool of your choice. You can stake BSW tokens and earn other tokens via Launchpools.
- Approve token withdrawal.
- Enter the amount of BSW you want to stake and press “Confirm.”
- Approve the transaction on your wallet.
Withdrawal is flexible and you may cash out your earnings and/or staked tokens at any time.
On top of trading, Biswap offers innovative opportunities to grow one’s portfolio through DeFi, GameFi, and NFT Staking. With its attractive range of activities, it’s no surprise that Biswap is currently one of the most popular projects on the BNB Chain.