Résumé
BurgerSwap is a DeFi protocol running on Binance Smart Chain (BSC). It allows you to trade tokens issued on BSC and earn rewards by providing liquidity to these decentralized markets.
Unlike other similar DeFi projects like Uniswap and SushiSwap, you won't find the usual Liquidity Provider (LP) tokens on BurgerSwap. Instead, everyone who provides liquidity to eligible pairs receives BURGER tokens that represent their share of the pool.
What is BurgerSwap?
BurgerSwap is a DeFi protocol running on the Binance Smart Chain (BSC). It operates as a decentralized exchange (DEX) using the automated market-maker model. Just like PancakeSwap, BakerySwap and other protocols, it allows users to earn tokens by providing liquidity.
Connect MetaMask to BurgerSwap
Before connecting your MetaMask wallet to BurgerSwap, you need to connect your wallet to Binance Smart Chain. If you don't know how to do this, check out Connect MetaMask to Binance Smart Chain.
Next, navigate to the BurgerSwap homepage (https://burgerswap.org). Click the “Connect Wallet” button. Make sure you have moved from the Mainnet Ethereum network to the Binance Smart Chain network.
After connecting your wallet, you will be able to view and navigate through BurgerSwap products (Swap, Pool, Governance, Bridge, etc.).
How to use BurgerSwap
On BurgerSwap you can trade many BEP-20 tokens (i.e. cryptoassets that operate on BSC). You can find a list of available pairs here.
For example, if you want to trade BNB for BURGER, you can access the Swap feature, insert the amount of BNB to swap, then click the Swap button.
Be sure to check price impact, transaction fees, and other details before trading your tokens.
How to Add Liquidity to a BurgerSwap Pool
Any user can provide liquidity (add tokens) to the BurgerSwap platform. These tokens can be used to create a new liquidity pool or be added to an existing pool.
To provide liquidity, navigate to the Pool tab, click “Add Liquidity”, and choose the token pair. Please note that you will need to click the Approve button before adding liquidity to the pool and performing a blockchain transaction. This transaction allows BurgerSwap contracts to use your tokens. Once this transaction is complete, you can continue adding liquidity.
When you add liquidity to a pool, you receive BURGER tokens in proportion to your share of the pool. Please refer to BurgerSwap guides for detailed information.
Governance de BurgerSwap
The Governance tab of BurgerSwap is where you can stake your BURGER tokens. You must stake BURGER to create new governance proposals or to vote on existing proposals.
BurgerSwap inter-chain gateway
As BurgerSwap runs on BSC, you can only trade or provide liquidity using BEP-20 tokens. However, BurgerSwap offers a cross-chain gateway service that allows you to convert any ERC-20 token into a BEP-20 wrapped version (bTokens). This method is similar to how some of the tokenized Bitcoin on Ethereum are created, but in this case, the conversions are between ERC-20 and BEP-20 tokens.
You have probably noticed that the Burgerswap exchange has many assets that are not native BSC tokens, such as BTC, ETH, BCH or XRP. They can only be traded on the BSC network, as they have been converted to BEP-20 tokens, either via Bridge (bTokens) or via a Binance withdrawal.
Keep in mind that you may need to change your MetaMask network between Ethereum and BSC during the process. Additionally, bTokens can only be traded if they have sufficient liquidity for their respective BNB and BURGER pairs (bToken/BNB and bToken/BURGER). This is why it is important to keep an eye on price impact before approving a trade. Trading pairs with low liquidity will likely result in significant slippage on your trades.
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Farmer you BURGER
BurgerSwap offers rewards in BURGER, USDT, and BNB. Users can farm tokens in two different ways: by providing liquidity and by participating in governance.
Everyone who provides liquidity to BurgerSwap will receive BURGER tokens in proportion to their share of the pool. As long as they continue to provide liquidity, they can receive rewards.
As of November 2020, BurgerSwap charges 0.3% trading fees on all pairs, and a portion of these fees are allocated to liquidity providers. They also receive a portion of the BURGER issued in each new block.
Furthermore, users can receive rewards by participating in the governance of the project through the voting system.
Additionally, BurgerSwap has a destruction mechanism that destroys a percentage of BURGER acquired from trading fees.
In summary, the reward allocation rates are as follows:
40% of rewards are awarded to liquidity providers on the platform.
30% of rewards are awarded to governance/voting participants.
30% of rewards are destroyed forever.
Rates are subject to change as new users make and vote on new proposals.
Is BurgerSwap safe?
Blockchain security company Beosin audited the first version of the smart contract in September 2020. Until today, no issues have been reported regarding BurgerSwap.
However, it is always risky to deposit money into a smart contract, as there may be bugs that were not detected during the code audit. You should never deposit funds that you cannot afford to lose.
To conclude
BurgerSwap was one of the first DeFi projects to launch on Binance Smart Chain. Despite its similarities with other platforms, BurgerSwap offers unique features, such as the cross-chain gateway and governance system.
