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Brains of Crypto: Exclusively Chat with the CEO of Biswap DEX about Development Area in 2023

February 21 at 13:10
Interview, Project Spotlights, BNB Chain

CEO of Biswap, innovative DEX on BNB chain, shares with us his insights on the project's aspirations, unique features, safety measures, and how Biswap is addressing challenges faced by other DEXs.

Biswap is a progressive DEX built on the BNB Chain. Biswap offers its users various cryptocurrency services, such as Exchange, Farming, Staking, etc. The platform has been providing users with a safe and secure way to buy and sell digital assets since its launch in May 2021. 

Today, we have the pleasure of speaking with EK, the CEO of Biswap! Are you interested in learning more about Biswap from its chief in charge? So without further ado, let's get to it!

What inspired you to create the Biswap DEX? 

DeFi is a world of new opportunities for the development of not only digital assets but also a place for the implementation of new ideas in modern society. We decided to become one of the creators of an idea that will provide new opportunities for crypto exchange. One word, "decentralization", inspired me to create a product of free and quick access and, most importantly, easy use - Biswap DEX. The crypto community, which has become active users of Biswap, is the primary motivation for DEX's creation and further development.

How does Biswap stand out from other DEXs on the BNB Chain?

Biswap is a successful project with the lowest trading fee, starting at 0.1% for stable pairs and 0.2% for others. In addition, the platform was the first among other DEXs to introduce the Multi-type Referral Program, which allows you to invite your friends via a referral link and not only earn together but also receive up to 20% of their earnings. 

Besides, I'd like to mention that Biswap is for everyone. We have multiple features that will benefit Traders, Token Holders, Liquidity Providers and Referrals. We care about everyone and take into account the opinion of each user.

What features are planned to be added in the first half of 2023?

Biswap has ambitious plans for the first half of 2023. The Biswap team has already been tasked with developing a concept and implementing decentralized futures trading (with an on-chain order book in the BNB network). After thorough research of futures trading, we came to a conclusion to connect a ready-made solution from ApolloX at this stage of product development. 

Our team's priority is implementing a New AMM Protocol with concentrated liquidity. It will allow liquidity providers to accumulate their capital in smaller price intervals, increase capital efficiency, and provide users with more favourable exchange conditions with less slippage.

The next task is to implement New Lock & Burn Instruments for BSW. We want to reduce the pressure on the price of the native Biswap token and provide opportunities for more earnings for long-term BSW token holders.

Routes Optimization is another crucial step towards the development of Biswap. This process will fulfil two necessary conditions: it will improve the exchange conditions for users to execute larger transactions with less slippage and allow liquidity providers to increase capital efficiency and receive greater rewards from trading fees.  

And also, Biswap Blog is an educational platform for our users that will provide them with an easy entry into the crypto world. 

How do you ensure that your DEX is safe and users’ funds are secure?

Biswap is officially audited by CertiK, with a security score of over 85%. In addition, The Masterchef contract is the core of the functionality provided by the project. It controls emission rates, mining, pools, deposit fees, etc. If you stake your BSW to BSW-BSW Launchpools or your LP tokens to the farm, they will be sent to the Masterchef address. The Masterchef is owned by the timelock, meaning that all significant changes to the Masterchef must go through the timelock first. 

It’s worth mentioning that Biswap favours multisig wallet and actively uses it to perform important timelock transactions. Multisig wallet is the main wallet that includes 8 different minor wallets, and at least 4 wallets out of 8 can execute transactions. It means if 3 wallets sign a transaction, it won’t happen. So, this is a high-security decision to manage transactions and keep assets safe.

Biswap's contracts are public and available here: 

https://biswap.cc/40i8pSG 

How did the recent events in crypto (such as the bankruptcy of FTX) affect you?

Due to the crypto market volatility, many factors affect the overall state of the decentralized industry. Since Biswap is part of this market, during situations like the one with FTX, we faced a negative sentiment from the market community. Users began to wonder about the security and risks they might encounter on CEXs, which prompted them to turn to DEXs, which do not collect personal data. 

The central positive aspect that we see in such circumstances is the conclusions that stimulate the regulation of the crypto market to avoid similar cases in the future in the CEX segment.

What are the key challenges that decentralized exchanges face right now?

DEXs, like CEXs, can face different ups and downs. However, leading projects such as Biswap are doing their best to ensure that their communities don't meet the following difficulties: 

  1. DEXs with on-chain order books will have many data transactions to record.

Many of the leading DEXs are built on Ethereum. When the number of transactions increases, they tend to clog the Ethereum network and negatively affect the efficiency of the DEX.

Biswap, on the other hand, is built on the BNB Chain, which rarely faces network congestion and has more favourable conditions for exchange. Also, Biswap is open to switching to other networks in the future.

  1. Liquidity is a technical and business challenge faced by DEXs.

Biswap has a lucrative 75% LP reward for Liquidity Providers. Also, the Biswap team is working on a new AMM Protocol and will introduce a Liquidity Widget, which will positively affect the project's liquidity. Read out more in the Biswap Roadmap.

  1. Due to trade collisions, DEXs sometimes attract higher transaction fees. 

This is different with Biswap, as it has a low trade fee of 0.2% for trades with altcoin pairs on the BNB Chain

  1. DEXs generally don’t support fiat. 

We have a crypto-fiat exchange through the integration of our partners - Binance Connect and Mercuryo.

What do you think are the key advantages of using a DEX over a CEX?

As I emphasized earlier, DEX provides more opportunities for developing and implementing new ideas. Among the key advantages, I can mention that DEX:

  • Backed by blockchain & has no third-party operators
  • Smart contracts allow traders to exchange crypto
  • Peer-to-peer trading
  • Users trade directly from their wallets

As the CEO of this project, I recommend you join Biswap to experience the advantages of using DEX.

How do you see the DEX landscape changing in response to the growth of DeFi?

An interesting fact is that DeFi has gained furious development speed over the last three years and innovated more in finance than the entire banking industry over the previous 25 years. Currently, the DeFi industry is evolving with crucial segments: user-oriented approach, stablecoins, derivatives and yields. Therefore, DEXs shape their infrastructures according to such a DeFi spectrum. Biswap DEX, in its turn, builds its products by prioritizing user experience on the website and social media. Let’s not forget about stable trading pairs, which can be traded on Biswap with just a 0.1% fee. Regarding derivatives, Biswap is working on Perpetual Trading with ApolloX cooperation, which will be released in the first quarter of this year. As you can see, DEXs pave their way to success by considering the DeFi stream and being flexible as trends change rapidly, and no one wants to lose the relevancy.

What are the most important trends in DeFi to watch for in 2023?

  1. Advances in DEX and AMM (DEX’s And AMM’s Fuel DeFi Growth)

DEXs became in demand and gained popularity in 2021, as their trading volume exceeded $60 billion. This was due to automated market makers, or AMMs. At the end of 2020, Consensys stated that 93% of all DEX use AMMs to increase market liquidity. That is why it is vital to support decentralized exchanges economically and efficiently. 

  1. Crypto exchanges expanding

Diversification of coin offerings on major exchanges will be another trend in 2023. Let me explain with an example: there are currently more than 20,000 digital currencies, but not all are available on exchange platforms. The largest ones are Coinbase, which offers more or less 450 coins for trading, and Kraken, which has 160 available.

  1. Real-World Assets on the Blockchain

Currently, blockchain protocols allow transferring real assets into crypto assets. And this is an excellent opportunity to integrate traditional finance into DeFi. Archblock and MJL Capital are already working together to engage American community banks in decentralized finance.

  1. Governance Tokens Become More Important

There are more and more of them, and they work entirely differently. The peculiarity of social tokens is that DAO investors can control the development of their platform's DeFi protocol. And this allows the token to grow. After all, the value increases when more people hold governance tokens. For example, the MKR token from MakerDAO has grown 7 times since the beginning of 2020.

Our team's continuous development and work on Biswap are already showing great results, but we will achieve much more. I would also like to thank our active users, which strengthen BSW and have become an integral part of Biswap.

Together to the Moon!

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