New BNB chain DEX BabyDogeSwap will be launched on October 5th. Before the swap goes to mainnet, we tried the testnet version to see what’s on offer.
Highly-anticipated BabyDogeSwap
The BabyDogeSwap is a highly anticipated decentralized exchange (DEX) on the BNB chain that went live on testnet on August 16th. Backed by a sizeable meme-loving community, the platform even challenged PancakeSwap by proposing to become the preferred DEX on the BNB chain.
The BabyDoge team also mentioned several features the team will be adding to their exchange. You can read them in a previous BSC News article.
We can’t say how far BabyDogeSwap will go, but we thought we could try it on the testnet and give our opinion. Here we go:
BabyDogeSwap testnet
If you go to BabyDogeSwap’s testnet site, you will land on a page like the one shown below.
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Since the platform is still on the testnet, you will need a MetaMask wallet and test coins/tokens. How do I get test tokens? To achieve this, please follow the BabyDoge team’s step-by-step video guide:
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Once you have test coins like BNB, BUSD, and USDT in your MetaMask wallet, let’s explore each feature:
Exchange:
You will see options to swap your tokens when you connect your wallet to the swap. Here we use $BNB to convert to $BabyDoge. Below you will find information on price changes and transaction fees.
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After clicking the “Exchange” button and confirming the transaction, $BabyDoge should appear in your MetaMask wallet. The exchange seems to work smoothly in this case. If you don’t see $BabyDoge in your wallet, you need to import the token address from the BscScan.
However, let’s see what happens when we swap $USDC with $BabyDoge:
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As you can see, we cannot trade the tokens due to their high price action. The same is also true for some other token pairs. When we exchanged $BabyDoge for $USDC it showed that we would receive 2,371,490 USDC for 1 BabyDoge.
However, this transaction failed every time we tried to complete it with the following message.
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BSC News has contacted the BabySwap team to inquire about ongoing issues with the testnet version of the swap. According to the team, the “minor bugs” will be fixed during the October 5 mainnet launch.
Source“The overall response from our communities has been very positive. Also, the feedback from them navigating our testnet was very helpful in fixing any minor bugs,” Ben, a core team member of the BabyDogSwap team, told BSC News. “In addition, suggestions were made and taken into account, e.g. B. an increase in speed performance to accommodate the upcoming traffic expected in the future when BabaDogeSwap is live.”
Liquidity and wealth migration:
You can add liquidity to specific token pairs on the platform by clicking the Add Liquidity button.
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Additionally, you can add an existing pool by clicking Find More LP Tokens. Adding liquidity to each pair earns you 0.2% of all swaps proportional to your stake.
You can also use BabyDogeSwap to migrate your assets from PancakeSwap to BabyDogeSwap.
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farms and pools
BabyDogeSwap’s farms allow you to lend and wager assets for interest and other rewards. Here you can see that by staking BabyDoge/BTCB you can earn an APY of 1.5% plus some tokens.
In the Pools section, you can stake assets like BabyDoge against other coins like USDC or ETH.
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After wagering your fortune, you can claim rewards by clicking “Reap”. In addition, you can withdraw your wagered assets at any time by clicking the Withdraw button.
That’s not all. Additionally, BabyDoge allows you to create your own liquidity pools by entering specific details. The details include reward tokens, amount of rewards, etc.
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You can create a liquidity pool for a single token or a pair of tokens.
extras
As a community member, you can use the platform to vote on proposals.
You can also freeze your assets on the BabyDogeSwap platform for a period when crypto tokens cannot be traded or transacted. The purpose of these lockups is usually to preserve the value of a particular asset over the long term.
In addition, the platform allows you to buy tokens using fiat currencies such as $USD, $ARS, $AUD, $BRL, $INR, etc. To do this, you need to provide the token address of BscScan’s BNB chain.
“Our developers have done a great job addressing any minor bugs reported by our communities,” Ben told BSC News. “As for the potential of our BabyDogeSwap, we look forward to also having farm-sponsored projects joining our swap onboard.”
The BabyDogeSwap is scheduled to start on October 5th. Given some disruptions to the current testnet, it will be interesting to see how the team resolves these issues ahead of the mainnet launch.
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