What is Biswap DEX? BSW crypto trading volume spikes 25,000%

Highlights

• Biswap is competing in the decentralized exchange space, which has features like staking
• Biswap claims it can be used to trade NFTs, besides for the launching of new crypto tokens
• BSW token’s trading volume has soared of late, but its price prediction is difficult due to the volatility

Not only are new blockchain-based projects competing to provide trading services to crypto enthusiasts, even big banks in the US also seem to be jumping in. According to reports, Goldman Sachs lately traded cryptocurrency over the counter (OTC), which was considered by some as the bank’s move toward acting as an enabler for institutional investors interested in cryptos.

In the crypto exchanges space, two participant groups -- centralized exchanges, and decentralized exchanges -- are competing hard. The latter claim they do away with a central entity in trading. One decentralized exchange is Biswap. Let’s know more.

What is Biswap DEX?

The exchange claims to be an automated market maker in the crypto universe. It uses the Binance Smart Chain (BSC) to enable swapping of BEP-20 crypto tokens.

Users can stake their holding on the platform to earn liquidity pool (LP) tokens. Stakers provide liquidity, and if any swapping of their tokens is done on the platform, a 0.05 per cent reward accrues to the staker.

Also read: Pawtocol crypto’s trading volume soars: What is it & UPI token?

Biswap claims it enables farming, where in-house tokens are given as a reward to the liquidity provider. It is projecting its “3-type referral” program as a way to maximize returns from cryptos.

The project also has a marketplace for non-fungible tokens (NFTs), where four cryptos, including the in-house token, can be used to purchase NFTs. Biswap claims it enables fixed price sales of NFTs, besides helping conduct auctions of these digital assets. Robi NFTs are a part of the Biswap NFT ecosystem.

The project claims to also help new blockchain-based projects launch their native tokens using Biswap’s Initial DEX Offering (IDO) services.

Biswap’s BSW crypto

BSW is the native token of the Biswap blockchain project. It can be used in matters of governance and in rewarding the liquidity providers within Biswap’s DEX.

Also read: What is Loopring DeFi protocol & its LRC token?

BSW crypto price

The BSW token of Biswap had a market cap of over US$180 million, as of writing. It is not a high market cap crypto but ranks among the top 300 cryptos on the CoinMarketCap list.

The BSW token was trading at over US$0.9, with its price and trading volume having climbed over the past 24 hours. The trading volume over the past 24 hours was over US$1 billion. The trading volume was up approximately 25,000 per cent as of writing. BSW’s maximum supply can be 700 million tokens, of which nearly 27 per cent is already in supply.

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The BSW crypto was priced over US$1 on January 1, but it had recently dropped to under US$0.3, which makes the BSW crypto’s price prediction difficult due to the volatility it has exhibited.

Data provided by CoinMarketCap.com

Bottom line

Biswap is a DEX, which also provides an NFT marketplace to its users. The platform claims it can be used to launch new tokens through IDOs. The BSW token is the platform’s in-house crypto, which has risen sharply over the past 24 hours.

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