Biswap (BSW) crypto saw an upleg on Friday (April 8) after being in a correction for the past two days. According to CoinMarketCap, BSW crypto is up 20.18% in the last 24 hours and is trading at $1.43 per token (at the time of writing). Although the altcoin is yet to surpass its April 2 high of $2.11, the bulls appear reluctant to loosen their grip on the token.
According to CoinGecko, this altcoin is up nearly 360% over the past month, recovering from $0.32 per token to $1.43. On April 2, the digital token peaked at $2.11, which was its high for the month. The rally in Biswap Crypto follows a series of positive announcements related to the company.
What is Biswap (BSW)?
Biswap (BSW) is a decentralized exchange (DEX) that uses an automated market maker system (AMM) to execute client orders. The DEX is powered by the Binance Smart Chain (BSC) network and claims to have lower transaction fees compared to other DEXs. According to CoinMarketCap, Biswap only charges 0.1% fee compared to 0.25% and 0.3% charged by Pancakeswap and Mdex, respectively. Other DEXs like Apeswap and BSE also charge 0.3% fees.
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Of the 0.1% fee Biswap charges, 0.05% is returned to liquidity providers as a reward and the remaining 0.05% is used to burn BSW tokens.
The referral system allows users to invite others and earn referral fees through swaps, lotteries, farms, and startup pools.
Besides standard DEX features like AMM, other standout features of Biswap include an NFT marketplace, IDO launchpad, yield farming, and liquidity pools.
BSW is the native token of Biswap DEX and has a total inventory of 700 million tokens. Currently, the circulating supply of BSW tokens is 220 million, according to CoinMarketCap, which ranks it 238th based on its current market cap of $306 million. Biswap crypto hit an all-time high of $2.13 on December 8, 2021 and an all-time low of $0.2715 on October 12, 2021.
Why is Biswap crypto rising?
The recent rally in Biswap crypto started on March 21, 2022 after the DEX project received surprise support from the world’s largest crypto exchange Binance, which listed BSW tokens in its “Innovative Zone”. Yesterday, Biswap announced that users can buy BSW tokens on the Binance exchange using credit/debit cards. It also added the BSW/ETH trading pair on Binance.
On April 6th, Biswap announced via its official Twitter handle that it would soon be launching fixed stakes on the DEX for BSW and TOP token holders. On that day, it also announced a strategic alliance with BSCStation, which provides a launch pad where promising projects can conduct Initial DEX Offering (IDO).
It’s worth noting here that Binance Labs, Binance’s venture capital arm and incubator, announced a strategic partnership with Biswap last October, investing an undisclosed amount in the DEX. Nicole Zhang, Director at Binance Labs, believes that Biswap is an innovative and one of the most popular projects on BSC and this investment is in line with the company’s initiative to promote DeFi and blockchain infrastructure.
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BSW tokens could have a promising future; However, potential investors should note that it is a high-risk asset due to the extreme volatility it has shown in the past. Before considering investing in the token, one should make a thorough assessment of the risks associated with the asset.
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