What is BurgerSwap you may ask yourself, as the new iteration of Uniswap emerged but now based on the Binance Smart Chain. There is more than $400 million stakes in one day via this smart chain as we can see more today in our binance news.
As the DeFi space continues to boom, the developers come up with another iteration of a Uniswap-like automated market maker. Zeroing down on this food craze in the defi space, the platform is called BurgerSwap. But What is BurgerSwap?
BUIDL it, and they come. I do not know who built this one, but it's already live on #BSC.
BurgerSwap https://t.co/hsFQCZ8bcq
— CZ Binance (@cz_binance) September 12, 2020
Unlike SushiSwap, this one is based on the Binance Smart Chain. It is an implementation of ERC-2917 by Toni Carson, Dr. Mehmet Sabir Kiraz, and Suleyman Kardas. It aims to improve Uniswap by altering the governance model. The team argued that their core code is not a copy nor a fork. Users can farm the Burger tokens as the protocol has more than 12 million BNB staked in liquidity which is almost $400 million. The code however is audited by the team and not by a third party.
One of the main differences is that the tokens all have BNB pairs instead of the ETH pairs as each asset is required to have a Burger pair accounts for 1% of liquidity of that asset to be eligible for mining rewards. The users can vote to change the 1% ratio and they will have to stake the tokens and participate in voting once per week in order to be able to claim their shares. The transaction fees are set to 0.3% and 10% of them go to the team.
The protocol does not have liquidity provider tokens in order to avoid risks of liquidity migration. Maybe, as a result, the price of the Binance Chain surged by about 30% in the past 48 hours as the users started accumulating to be a part of the BurgerSwap yield farming.
As per the recent binance coin news, One Binance trader believes that bitcoin will move higher in the near-term once it surpasses the $10,000 psychological support. Both bulls and bears have arguments for their cases right now as the bulls believe that BTC holding this level will lead to a high chance of increase, while the bears believe that more losses in the momentum legacy markets will suppress Bitcoin
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