- September 22, 2020
- Posted by: icoblock
- Category: News
BurgerSwap is an open-sourced democratized automated market maker (AMM) that focuses on decentralization. The protocol hit the DeFi space by storm, reaching a liquidity of $400M with the staking of 12 million BNB tokens in just one day.
The platform launched on September 10th at 16:00 PM UTC and is already hailed as the very first Uniswap-like application to launch on Binance Smart Chain (BSC). By leveraging BSC, BurgerSwap benefits from faster speeds and lower trading fees compared to similar ETH-based DeFi projects.
The BurgerSwap team sees BSC as having the potential to be one of the top Proof of Stake (PoS) ecosystems. Thus, they have applied for Binance’s $100 million DeFi and CeFi Accelerator Fund to foster the BurgerSwap AMM and ecosystem expansion.
BurgerSwap V2 Can List bTokens
On Sep 22, the Burgerswap team unveiled V2 of its protocol that introduced a Burn Mechanism where a percentage of the BURGER tokens converted from trading fees will be burned forever.
Under BurgerSwap V2, traders will also be able to swap ETH and BSC-based assets via a unique custom built cross-chain BEP20 bridge.
The bridge facilitates the conversion of any ERC20 token to a wrapped bToken issued on BSC. This wrapped token can then be listed on BurgerSwap to trade and provide liquidity.
Burgerswap’s team is currently working on tutorials for how to list bTokens and interact with other important features on the BurgerSwap platform.
LP’s Get More Control Over their Assets
Another hot feature integrated into the V2 protocol is an enhanced ability for LP’s to redeem their rewards at any given time, creating instant liquidity without the need to remove liquidity.
BurgerSwap V2 also offers liquidity providers more control over their assets by allowing them to choose the currency they want to receive their rewards. LP’s can currently receive rewards in BURGER, BNB and USDT.
Since BurgerSwap doesn’t have an LP token, it can implement even more unique elements. For instance, projects on the protocol can opt to reward liquidity providers on their token pairs with their own project token or any other token.
The new BurgerSwap protocol introduces a new default distribution setting for staked rewards. Under V2, 40% of the rewards will be allocated to liquidity providers on the platform, while 30% of the rewards will go to governance/voting participants. The remaining 30% of rewards are burned forever.
User Interface (UI) Improvements
BurgerSwap V2 is built on BSC, and so all tokens will have BNB pairs. Each asset is also required to have a BURGER pair, accounting for a minimum of 1% of the asset’s liquidity to be eligible for mining rewards.
The protocol recently improved the UI around it to empower users to trade BEP20 assets in a decentralized and democratic way.
The platform continues to call on community members interested in joining its UX/UI designers and smart contract dev team to send their applications at twitter.com/burger_swap.
BurgerSwap V2 emphasizes on community and governance to bring more users, traders, and liquidity to DeFi.
The platform’s BURGER token is the first fully community governed token with no maximum supply. Each block produces 40 Burger tokens, with users getting a share of the rewards relative to the liquidity they provide.
Users can add any pair by providing liquidity, but only BNB and BURGER pairs can mine BURGER tokens.
Unlike SushiSwap, users on BurgerSwap can vote to change the platform’s parameters such as trading fees, staking rewards, and mining speed. Of course, even the reward allocations for LPs and participants in voting can also be changed by voting.
BurgerSawp’s community governance has been a success, with numerous proposals already created and executed since launch. Currently, 2 million staked BURGER tokens are pledged per vote.
The project now seeks to improve its governance system to ensure the model’s sustainability and enhance voting and access to liquidity.
Their dev team is currently working to integrate more DeFi functionalities to the protocol to build a comprehensive DeFi experience on BSC.
Burgerswap is also looking to cap the maximum supply of BURGER tokens to determine the project’s long-term value. Currently, BurgerSwap has an upper limit set at 120 BURGER per block and the lower limit of 1 BURGER.
Users can vote on the number of tokens produced per block, but the amount needs to stay within the set range to maintain a healthy state of the protocol.