Hi all.
there are a new honey on the way...
Binance Smart Chain was launched some weeks ago and we already have 17 projects deployed and running!
Take a look here:
https://bscscan.com/yieldfarmsWhat are the advantages of having defi projects on this blockchain?
Probably others will come but for now, the most obvious is having infinitely lower transactions than the ethereum chain.
Now, I will go to introduce Burgerswap.
Introducing BurgerSwap, a democratized AMM on Binance Smart Chain
It’s amazing how Uniswap revolutionized decentralized finance and automated market making recently, even beating Coinbase in daily trading volume early September. But all of this came at a price. Gas fees have seen all time highs and have made it nearly impossible for the ordinary trader to participate in ERC20 smart contract based DeFi applications and governance.
Now that the first feeding frenzy seems over, it is time to look at what is missing, the serious way. Forget about the meme, we believe that DeFi projects have to make sense in the long term.
We prefer Burgers 🍔 over Sushi 🍣Well, remember, you can only eat sushi cold. How about some warm-hearted-good-old burgers?
While SushiSwap’s idea is kind of interesting, the project also caused a huge loss in confidence in DeFi projects due to its transparency issue. We assume all of you are somewhat familiar with how Sushi works, but we are convinced that some of us would have done things in a different way.
One major flaw of the SushiSwap project, and similar projects is, they don’t really care about community and governance. Incentives for liquidity providers and staking rewards are low and that will not change, due to the undemocratic way the protocol is created.
So, while sushi is seen as food for the elite, Burgers are for everyone, right?
And this is exactly the idea of Binance Smart Chain. Making DeFi accessible for everyone.
We love to see you smile 😃BurgerSwap is created for the community and its growth will be highly dependent on the community, by default.
BurgerSwap emphasizes the concept of a “democratized decentralized exchange”, which mean that governance is not optional but mandatory. The users make the rules!
We believe that the majority of the governance models in the DeFi space don’t apply real governance, as these models heavily rely on coders to change the contracts. BurgerSwap is the people’s exchange and its parameter are directly determined by the people.
Users of BurgerSwap can actually vote to change parameters of the exchange, including trading fees, staking rewards, mining speed, etc. And what’s more,
users can only get staking rewards if they participate in voting!Flippin’ your own Burgers 🍔Now let’s dive a bit deeper in the governance highlights of BurgerSwap.
Mining rewards (Burgers) for liquidity providersAs BurgerSwap is built on Binance Smart Chain, all tokens will have BNB pairs. In addition, each asset is also required to have a BURGER pair, which needs to account for at least 1% of the liquidity of the concerning asset to be eligible for mining rewards.
Of course, users can vote to change this. The ratio is set at 1% by default, with 0.2% lower limit and 5% upper limit.
Transaction feesTransaction fees are set at 0.3% on day one. All transaction fees are converted to BURGER and are sent to the governance pool. To be eligible to claim your share of transaction fees, you must:
- Stake BURGER tokens, and
Participate in voting (once a week)
The 0.3% transaction fee will automatically be swapped to BURGER tokens and transferred into the governance contract. When a new proposal is created, the total balance of BURGER tokens will transferred into the created proposal contract, and all users who participate in the voting of this proposal will share in the reward pool after the proposal ends.
For example:
Due to usage of the exchange, the governance contract accumulated 100 BURGER tokens. When a new proposal is created, the balance of the governance contract is transferred to the proposal contract. All users who staked BURGER tokens can vote in the proposal.
When the proposal ends, the total reward pool of 100 BURGER is divided among all users who participated in the voting.
If the proposal gets passed, the creator of the proposal receives extra BURGER rewards.Listing and delistingOnce the BurgerSwap project is mature enough, the exchange will apply listing fees and an approval system where each new listing needs to be approved by the community, though voting.
To keep out scam projects, a voting mechanism will also apply to delist tokens.
All listing fees will be added to the pool and shared with BURGER holders who vote at least once per week.
The voting period is set to 1 day by default and can be changed by vote to a maximum of 7 days.
Mining rewardsAdoption is key for an application to grow. User incentives can be speeded up or slowed down by voting, to ensure a fair distribution to token holders and miners, and thus a healthy growth of the protocol.
No LP tokensBurgerSwap does not have LP tokens, so there is no risk of liquidity being migrated to any other protocol.
Binance Smart Chain. It just tastes better!Binance Smart Chain has recently announced their mainnet and many DeFi projects are already building on it.
BurgerSwap is the very first Uniswap-like application launching on Binance Smart Chain. The exchange was launched on September 10th at 16:00 PM UTC and is live for users to start trading, farming and voting!
There are some obvious reasons to choose Binance Smart Chain over Ethereum and other major public chains.
- Speed and trading fees: while Ethereum Gas prices have soared to absurd heights, dragging transaction speed to unacceptable levels, Binance Smart Chain applies fixed ultra-low transaction fees, as low as 1 cent with a 3 second block time.
- Adoption: Binance has built one of the largest cryptocurrency ecosystems and is preparing to make its way into DeFi. BurgerSwap will cater to a large audience of Binance users who want to participate in DeFi and governance.
- Ease of use: Binance Smart Chain comes with an Ethereum Virtual Machine-compatible environment, which allows Solidity developers to move into the new chain with almost no friction.
Why we’re loving ❤️ itThe BurgerSwap exchange was built from the ground up, with 14 contracts deployed and significantly more code than any competitor in the space, while not having copied a single line of code for Uniswap and comparable protocols.
The recipeThe BURGER token started out with an infinite supply. However, after listening careful and talking to our community members we decided to cap the maximum supply to 21,000,000 BURGER (data can be changed due the governance polls).
BURGER tokens can only be mined by providing liquidity. Every block produces 40 Burger tokens (data can be changed due the governance polls), your share is based on liquidity you are providing.
The number of tokens produced per block can be changed by the community through voting. But there is a range created to keep a healthy state of the protocol, meaning the upper limit is set at 120 BURGER per block and the lower limit is set at 1 BURGER per block.
To be able to trade a certain BNB pair, the corresponding BURGER pair needs to have at least 1% of the liquidity relative to the BNB pair. If this minimum liquidity is not met, you need to provide liquidity to the BURGER pair in order to be able to trade. Again, this can be changed by voting.
Example:A user can add ABC token to BurgerSwap by providing ABC/BNB liquidity, being able to mine BURGER directly. Then provide 1% ABC/BURGER liquidity to make ABC tokens swapable.
If the ABC/BNB pair has 100 BNB liquidity on both sides (100 BNB and 100 BNB worth of ABC tokens)
The ABC/BURGER pair should to have at least 1 BNB worth of BURGER and 1 BNB worth of ABC tokens to be eligible for trading.
Users can add any pair by providing liquidity, just like on Uniswap, But only BNB and BURGER pairs will be able to mine BURGER tokens. Other pairs can exist on the exchange, but will have no BURGER rewards.
To bootstrap liquidity of the BURGER token, the BNB/BURGER pair will have double rewards.
There is no pre-mine and no dev share. Obviously the Burger King, our chef, will not be able to liquidate any significant share to disadvantage BURGER token holders.
Instead, 10% of transaction fees will be sent to the team account. As the team is looking for long term success of the exchange, it will make no sense to liquidate large amounts of BURGER tokens, which could harm the project.
original article:https://medium.com/@bnburgerking/introducing-burgerswap-a-democratized-amm-on-binance-smart-chain-ac19287b5a2a**Disclaimer**
The content of my media are intended FOR GENERAL INFORMATION PURPOSES not financial advice. The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video/Text is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Purchasing cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome. Past performance does not indicate future results.
This information is what was found publicly on the internet. This is all my own opinion. All information is meant for public awareness and is public domain. Please take this information and do your own research.
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