Binance announced today that it will list Biswap (BSW) in its innovation region.
There was a 120% increase in the price of BSW before the listing to be held at 16.30 CEST today.
The Binance announcement is as follows;
“Binance will list Biswap (BSW) in the Innovation Zone and open trading at 2022-03-21 13:30 (UTC) for the BSW/BNB, BSW/BUSD and BSW/USDT trading pairs.
Users can now start depositing BSW
Withdrawals for BSW will open 2022-03-22 13:30 (UTC).”
So what is this innovation zone?
The Innovation Zone is a special trading zone where users can trade new, innovative tokens with higher volatility, which are likely to pose a higher risk than other coins.
Therefore, when trading such projects, it should be taken into account that the risk is high.
What is Biswap?
BiSwap is a decentralized exchange (DEX) built on the BNB Chain. Biswap aims to stand out by offering low transaction fees and having the GameFi application. A portion of Biswap’s revenue will be used to repurchase and burn the local government token, BSW.
Who’s on the Team?
The team consists of 27 people using anonymous names and avatars.
What is the Feature that Distinguishes the Project from Others?
Biswap tries to stand out with lower transaction fees compared to other decentralized exchanges. For example, Biswap claims to charge only 0.1% compared to 0.25% on Pancakeswap and 0.3% on Mdex, Apeswap and other BSC DEXs.
Of this transaction fee, 0.05% is returned to the liquidity providers as a reward, while 0.05% is used for BSW token burning. While the project reserves the right to increase these fees and allocate them to the team, it promises to keep the transaction fees below the industry average.
The anonymity of the team behind the project is something that investors should consider when assessing their risks. We will be watching if the project, which has caught a good hype with the Binance listing, will be able to continue this.