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BurgerSwap is a democratized, decentralized Automated Market Maker (AMM) on Binance Smart Chain (BSC). BurgerSwap was created to serve its community, and its growth is self-dependent on the community.
Holders can easily change the structure of the BurgerSwap protocol through staking the community governance token, BURGER, allowing users to vote and initiate proposals. BurgerSwap happens to be the first AMM application on the BSC network, launched in September 2020.
The platform aims to address issues faced by most Ethereum-based exchanges with gas fees, slippage, and slow transaction speeds. In essence, it does not stray far from the structure of comparative projects from the same space as PancakeSwap. Users are ultimately incentivized for providing liquidity to the exchange.
The entire project is self-funded. Everyone involved in this project's development received no salary. Also, the developers announced that they had no intention of conducting any ICOs for the project. The team of developers gets a compensation fee that is 10% of all transaction fees.
Automated Market Makers are a type of decentralized exchange (DEX) protocol that uses a mathematical formula and game theory to price assets. This is unlike traditional exchange methods that use an order book system to pair buyers and sellers. For those who wish to learn more about AMM’s, check out the following article: Cryptonomics: Automated Market Makers.
BurgerSwap has enjoyed popularity due to its ability to swap coins from the Ethereum Network (ERC-20 Standard) to the BSC (BEP-20 Standard) and vice-versa, with significantly lower fees. This feature has enabled Ethereum users to seamlessly migrate to the BSC, where they get to make the most of low transaction fees and quick block speeds.
All tokens available on the BurgerSwap will have a BNB and a BURGER pair. The BURGER pair is used to generate liquidity for the BURGER token, and BNB is the native token for the BSC, making it commonly used. Since BurgerSwap is built on the BSC, it is a no-brainer to include this liquidity for BNB, as all AMM's do. To further incentivize BURGER liquidity, the protocol requires the burger pair to account for 1% of the asset's liquidity to be eligible for mining rewards. Overall this system acts similarly to most liquidity mining structures used to bootstrap initial liquidity and users.
BurgerSwap was created to be a democratized decentralized exchange, which implies that governance is not optional but compulsory. The developers of BurgerSwap had touted community as the best means of adopting a democratic model in the DeFi space, and they have stayed true to this. Traditional models relied on coders to change contracts, but BurgerSwap makes decisions through communal votes.
Token holders can vote to alter exchange parameters like trading fees, mining speed, staking rewards, and more. Participation is pushed through a clause that requires users to participate in governance voting to receive a specific allocation of voting incentives.
Switch Protocol is described as a true cross-chain asset swap protocol designed to solve the issues hindering the proper circulation of assets among public chains.
Switch enables ‘LossLess’ asset movement and liquidity redistribution cross-chain with ZERO slippage. The current beta version supports major stable coins, including USDT, USDC, and DAI, between Ethereum, BSC, Heco, Polygon, and Arbitrum chains.
Users are incentivized to provide liquidity for these supported assets as they are then able to earn transaction fees. BurgerSwap uses the term ‘true’ to underline that they allow the swap of original tokens instead of wrapped tokens.
Switch Protocol is committed to expansion and intends to support other mainstream assets like BTC and ETH while expanding new public chains and Layer 2, such as Solana, Polkadot, Avalanche, Terra, and Optimistic Rollup, ZK Rollup, among others. We will be following closely to see how far they get with this.
BurgerSwap has a market cap going from just over $8 million to $69 million, according to CoinMarketCap in September 2021.
CoinMarketCap also lists the current total market supply at 17,000,000, which is 4,000,000 down from last time, and offers a general indication of the intentions of BurgerSwap.
From introducing incentivized farming to celebrating its anniversary with a Decentralized Finance (DeFi) harvest festival, BurgerSwap has kept active and made solid ground since becoming the first DEX on Binance Smart Chain. Partnerships and developments have abounded as the months have gone on.
Initiatives like forming the Fast Food Alliance have opened doors to several strategic partnerships with esteemed projects like Fry.World, and set the tone for BurgerSwap’s appetite to expand and work with others.
The partnerships have been broad and ambitious, taking in projects from a range of backgrounds. Liquidity, project awareness, and a general understanding of BurgerSwap’s capabilities have been on display.
For More Information about BurgerSwap, see the following links:
Complete metaverse of digital monsters on Binance Smart Chain (BSC), Binamon is set to launch a mammoth Non-fungible token (NFT) auction on the BakerySwap marketplace.
The auction would give users the chance to own one of the most potent Binamons on the NFT GameFi protocol. Binamons, the native NFTs of Binamon’s Play-to-Earn protocol, will be auctioned through BakerySwap on October 21st at 8:00 AM UTC. BakerySwap broke the news on Twitter while endorsing Binamon’s new look.
“Seems that we are going to achieve a new #NFT transaction record… October 21st 8:00 AM UTC. PS: Your new logo @binamok looks dope!” BakerySwap wrote on October 18th.
As seen in Binamon’s embedded image on Twitter, the NFT auction would be worth $37 Million. We anticipate the monster auction by Binamon in conjunction with BakerySwap shortly.
Binamon is preparing to upgrade its game in the coming weeks. The protocol’s Chief Technology Officer (CTO), Leo, teased the new product on Twitter on October 19th. Binamon, on the other hand, reposted the CTO’s Tweet on their official Twitter page, calling Bsc News and some other notable platforms to comment on the new upgrade.
“Binamon Arena UI teaser posted by our CTO, @leobinamon,” Binamon wrote. “What do you think @Cointelegraph @news_of_bsc @kucoimcom @T2LATAM? This is very exciting few weeks for Binamo!”
The tweet shows that the Binamon Arena game will be one of a kind. Therefore, Binamon users should prepare themselves for an exciting experience on the NFT GameFi protocol. Till then, we await the NFT auction on BakerySwap.
Binamon is an NFT-based, blockchain-driven online gaming platform. It is a complete gaming metaverse of digital monsters where players battle and defeat monsters to earn BMON tokens. In addition, gamers also stake their Binamons (Genesis NFTs) and earn passive income through staking.
Where to Find Binamon:
Binance carried out its 17th $BNB burn, a whopping $640 million in value in its quarterly token burn. In comparison, the previous token burn only amounted to $390 million in value then.
The transaction ID (TXID) for the BNB burn can be found here. The recent burn has decreased the total supply from 168,137,036 BNBs to 1466,801,148 BNBs. This burn mechanism will continue every quarter until 50% of the total $BNB supply is removed from circulation.
The burning mechanism works by using profits generated by the platform to buy back BNB tokens from the market and taken of circulation to reduce the total supply.
The burn mechanics also includes users’ lost tokens in accepted cases and counted as BNB’s quarterly token burn. This program was introduced last year in BNB Pioneer Burn Program to help eligible users recover losses made while trying out the Binance Smart Chain. 17,839 BNB tokens were burned from the BNB Pioneer Burn Program this round.
Binance reports that it continues to grow and has improved its category position in the market from 69.6% in June to 69.7% in July and 70.3% in August based on the research from The Block. There is a caveat placed on the statistics because the figure is only based on a small number of exchanges that the researcher deemed as ‘legitimate’.
According to our own research, which includes a much more comprehensive dataset - hence lowering our category position estimate - our “true” position is lower: somewhere about 50%. However, the relative proportions of the big exchanges are the same. - Binance believes its category position is much lower and believes that the industry’s growth should be the main focus.
Changpeng Zhao (CZ), the Chief Executive Officer (CEO) of Binance in the same announcement gave insights into Binance’s positioning and point of view on regulation. He listed 3 reasons as to why Binance welcomes regulation.
CZ believes that mass adoption requires regulation. 95% of the rest of the population, which he calls the ‘mass audience’ can only be bridged by having regulatory frameworks and licenses. The crypto industry is now entering this phase. Secondly, being the category leader stands in a good position to lead and influence regulation. Finally, regulation will weed out unethical and questionable practices thus promoting a healthy and robust industry.
The burning mechanism is fast becoming an integral part of tokenomics. Having fewer tokens in circulation can be achieved by minting lesser tokens rather than resorting to a burning mechanism. However, the perception of the community is important.
The community would likely view the presence of a deflationary mechanism and a gradual decrease in circulating supply as a more attractive feature to drive value. The scheduled burn also serves as a periodical reminder that the platform is profitable and the efforts taken to reduce the total supply regardless of the value of the tokens.
BurgerSwap is a decentralized Automated Market Maker (AMM) on the Binance Smart Chain (BSC) network
BurgerSwap is a democratized, decentralized Automated Market Maker (AMM) on Binance Smart Chain (BSC). BurgerSwap was created to serve its community, and its growth is self-dependent on the community.
Holders can easily change the structure of the BurgerSwap protocol through staking the community governance token, BURGER, allowing users to vote and initiate proposals. BurgerSwap happens to be the first AMM application on the BSC network, launched in September 2020.
The platform aims to address issues faced by most Ethereum-based exchanges with gas fees, slippage, and slow transaction speeds. In essence, it does not stray far from the structure of comparative projects from the same space as PancakeSwap. Users are ultimately incentivized for providing liquidity to the exchange.
The entire project is self-funded. Everyone involved in this project's development received no salary. Also, the developers announced that they had no intention of conducting any ICOs for the project. The team of developers gets a compensation fee that is 10% of all transaction fees.
Automated Market Makers are a type of decentralized exchange (DEX) protocol that uses a mathematical formula and game theory to price assets. This is unlike traditional exchange methods that use an order book system to pair buyers and sellers. For those who wish to learn more about AMM’s, check out the following article: Cryptonomics: Automated Market Makers.
BurgerSwap has enjoyed popularity due to its ability to swap coins from the Ethereum Network (ERC-20 Standard) to the BSC (BEP-20 Standard) and vice-versa, with significantly lower fees. This feature has enabled Ethereum users to seamlessly migrate to the BSC, where they get to make the most of low transaction fees and quick block speeds.
All tokens available on the BurgerSwap will have a BNB and a BURGER pair. The BURGER pair is used to generate liquidity for the BURGER token, and BNB is the native token for the BSC, making it commonly used. Since BurgerSwap is built on the BSC, it is a no-brainer to include this liquidity for BNB, as all AMM's do. To further incentivize BURGER liquidity, the protocol requires the burger pair to account for 1% of the asset's liquidity to be eligible for mining rewards. Overall this system acts similarly to most liquidity mining structures used to bootstrap initial liquidity and users.
BurgerSwap was created to be a democratized decentralized exchange, which implies that governance is not optional but compulsory. The developers of BurgerSwap had touted community as the best means of adopting a democratic model in the DeFi space, and they have stayed true to this. Traditional models relied on coders to change contracts, but BurgerSwap makes decisions through communal votes.
Token holders can vote to alter exchange parameters like trading fees, mining speed, staking rewards, and more. Participation is pushed through a clause that requires users to participate in governance voting to receive a specific allocation of voting incentives.
Switch Protocol is described as a true cross-chain asset swap protocol designed to solve the issues hindering the proper circulation of assets among public chains.
Switch enables ‘LossLess’ asset movement and liquidity redistribution cross-chain with ZERO slippage. The current beta version supports major stable coins, including USDT, USDC, and DAI, between Ethereum, BSC, Heco, Polygon, and Arbitrum chains.
Users are incentivized to provide liquidity for these supported assets as they are then able to earn transaction fees. BurgerSwap uses the term ‘true’ to underline that they allow the swap of original tokens instead of wrapped tokens.
Switch Protocol is committed to expansion and intends to support other mainstream assets like BTC and ETH while expanding new public chains and Layer 2, such as Solana, Polkadot, Avalanche, Terra, and Optimistic Rollup, ZK Rollup, among others. We will be following closely to see how far they get with this.
BurgerSwap has a market cap going from just over $8 million to $69 million, according to CoinMarketCap in September 2021.
CoinMarketCap also lists the current total market supply at 17,000,000, which is 4,000,000 down from last time, and offers a general indication of the intentions of BurgerSwap.
From introducing incentivized farming to celebrating its anniversary with a Decentralized Finance (DeFi) harvest festival, BurgerSwap has kept active and made solid ground since becoming the first DEX on Binance Smart Chain. Partnerships and developments have abounded as the months have gone on.
Initiatives like forming the Fast Food Alliance have opened doors to several strategic partnerships with esteemed projects like Fry.World, and set the tone for BurgerSwap’s appetite to expand and work with others.
The partnerships have been broad and ambitious, taking in projects from a range of backgrounds. Liquidity, project awareness, and a general understanding of BurgerSwap’s capabilities have been on display.
For More Information about BurgerSwap, see the following links:
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