BiSwap Surpasses 1 Billion Total Transactions, Jumps to Top 5 DEX on BSC

BiSwap passes the 1 billion transactions milestone and is listed amongst the top DEXs on BSC in a mere few months after its launch.

By
Chung Yee
on
September 23, 2021
Category:
BSC News

Three Type Referral System

BiSwap is one of the fastest-growing Decentralized Exchanges (DEX) on the Binance Smart Chain (BSC) and is currently ranked 2nd on BSC’s DApps Ranking with $388,738,132 in Total Value Locked (TVL)

BiSwap also passed an impressive milestone with over 1 billion total transactions completed on the platform. The DEX has steadily grown in popularity and is indicative in this figure.

Biswap aims to become a benchmark for DEX platforms. We want to take up the mantle in becoming the leading DEX platform on the market for token swaps. - BiSwap announces its long-term target to be the leading DEX platform in its Project Overview.

BiSwap launched on May 24, 2021, with an audit from Certik, one of the leading blockchain security companies, and a commendable 89 security score. Audits by reputable blockchain security firms are fast becoming a necessity with the increasing frequency of attacks by malicious actors.

Source: Since its inception, BiSwap had an impressive run to be amongst the top DEXs on BSC

BiSwap boasts the first three type referral system and the lowest platform transaction fee at 0.1%. It is a platform that allows for the swapping of BEP-20 tokens on the BSC network. 

Creating a Holistic Ecosystem

BiSwap aspires to provide its community with a fair and innovative platform that offers high-quality products and services. A comparable competitor to BiSwap within the same network is PancakeSwap

A few features that exist on both ecosystems are the burning mechanism, lottery, and Non-Fungible Tokens (NFTs) integration. PancakeSwap recently announced its NFT launch will take place on September 30 to mark its one-year anniversary.     

Source: BiSwappers will benefit from a wide ecosystem as BiSwap continues to forge strategic partnership and increases its range of products and services

The result of a platform that only went live in May this year is impressive. Although in terms of TVL, BiSwap is far behind. It has a chance to establish itself as an alternative to PancakeSwap, despite being only a few months old. 

At the time of writing, PancakeSwap has a $9.8 billion TVL. BiSwap’s TVL is only 3% of that total. The BiSwap platform is powered by its native token $BSW and is now trading at $0.69. The PancakeSwap token, CAKE, hovers around $20 in value. 

A Promising Project

BiSwap has achieved many milestones within a short period of time. This is mainly contributed by the spurt of growth in Decentralized Finance (DeFi). The team behind BiSwap has shown that they have a blueprint that they are working on extensively. Alternatively, taking a peek at the closest competitor would also give some hint on maneuvering ahead. 

There are a few checklists that BiSwap has satisfied. It has an insurance fund for its users, known as BiSwap SAFU. The insurance works as an emergency fund intended to protect its users in the event any untoward incident is to occur. 1% of all outstanding tokens are allocated for this use. 

The second initiative that the team has implemented is a bug bounty program. A system of incentives that rewards users for taking active steps to prevent exploits are one of the most effective ways to improve security. 

Source: BiSwap’s roadmap is an ambitious one with the aim of providing value to its community

Road Ahead

A DeFi ecosystem is still evolving and developing new standards and benchmarks. The start has been promising and BiSwap has been achieving the right results.  Platforms such as BiSwap will be tested time and again by malicious actors in this space. Therefore active preventive measures by the team are instrumental to the success of the platform. 

Where to find more about BiSwap:

Website | Twitter | Telegram | Blog | YouTube

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Chung Yee

Chung Yee has a legal background and has been involved in research works for the legal and compliance industry. Writing is his passion, centered on topics such as the blockchain and finance. His largest crypto holdings are Solana, Ethereum, and BNB Token.

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