Victor Ugochukwu · Oct 26, 2020 . 5min read
Burgerswap goes live as Binance Smart Chain’s first DeFi project
BurgerSwap launched just 3 days ago describing its project "a democratized AMM on Binance Smart Chain".
By Victor Ugochukwu · Sep 14, 2020 . 6min read
Ethereum is the king when it comes with DeFi whereas Tron looks like its getting some decent traction, but Binance Smart Chain is the newest kid in the block with the launch of the BurgerSwap as its first DeFi project.
In a tweet that looks like Chaopeng Zhao, Binance CEO posted of another “foody” DeFi project but this time on Binance Smart Chain.
Apparently, BurgerSwap launched just three days ago and issued a Medium blog post describing its project “a democratized AMM on Binance Smart Chain”. A first glance on the project confirms its another fork of Uniswap but this time on another smart contract platform posturing with the promise of no gas fees.
With a focus on community, BurgerSwap introduces some twists on SushiSwap or other earlier DeFi projects. The community through votes can decide on how the trading fees, staking rewards; mining speed is fixed and allocated.
BurgerSwap asides from being the first DeFi project on Binance Smart Chain?
BurgerSwap has three striking features. First is the liquidity mining rewards. At the outset, 1% of the liquidity of assets must have a BNB and BURGER pairs on Burgerswap to be eligible for mining rewards. The community may review it downwards to about 0.2% or an upward limit of 5%. Also, transaction fees set 0.35, which BurgerSwap converts to BURGER and send to the governance pool. Enough BURGER for everyone, right? Well, to get a bite, LPs must stake BURGER tokens and participate in on-chain voting at least once a week. Lastly, the exchange will apply listing fees and an approval system. The community will have the powers to decide which token to list and which to delist.
Another twist is that mining rewards is flexible and not fixed. The community may vote to speed incentives or slow to down. This is to ensure a fair distribution to token holders and miners, and thus a healthy growth of the protocol. And BurgerSwap will have no LP tokens.
According to an unconfirmed report, BurgerSwap, since launch have attracted over 12 million BNB staked in liquidity, which is almost $400 million. Interestingly, BNB price surged by nearly 30% in the past 48 hours. It is, however, unconfirmed if this price uptick was caused by users who accumulated BNB to farm BURGER.
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