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What Is Burger Swap?
LearnDefiNewbie
May 12, 2022

What Is Burger Swap?

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What is a BurgerSwap?

BurgerSwap is a decentralized crypto exchange built on BSC (Binance Smart Chain). It allows users to swap and trade cryptocurrencies thanks to favorable conditions from the AMM market. This AMM will be backed by BurgerSwap’s liquidity pool, from which users can provide tokens in exchange for rewards from the platform.

The main aim of BurgerSwap is to solve the problems of most Ethereum-based transactions with gas fees, slippage, and transaction speed. On BurgerSwap, users can swap ERC20 tokens easily.

How does BurgerSwap work?

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Setting up BurgerSwap is pretty straightforward. Users first need to have an online wallet that supports ERC20 tokens. Users only need to visit the official website of BurgerSwap and link it to their wallet to conduct transactions.

Users will need BURGER tokens on the exchange to facilitate their transactions. It is sold on electronic exchanges; users can buy it there. If anyone owns Binance Coin (BNB), they can transfer them to their wallet and make a transaction to convert them to BURGER tokens.

When making transactions on the exchange, users will be provided with a feature to adjust the slippage of the trade they are making. This is the amount of change in price a user is willing to bear when conducting a swap. It can be selected at 0.1%, 0.5%, or 1%. The higher the percentage, the higher the slippage rate.

However, when choosing lower levels of slippage, the transaction may not be successful because the spread on the floor is higher than the user’s initial set level. At that time, the user can increase this slippage. The success rate of the transaction will also increase.

Mining liquidity on BurgerSwap

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Liquidity pools on BurgerSwap are collections of tokens from users and are used to facilitate the most transactions and swaps on the exchange. The people who provide liquidity to the pool are called Liquidity Providers (LP).

Liquidity providers will receive profits proportional to the assets they have locked in liquidity pools in the form of BURGER tokens. To participate in providing liquidity to the exchange, users must also own additional BNB tokens, as the blockchain charges gas with this token.

Although there are many different liquidity pools to choose from, if users want to open an additional pool of their own, they can also do so. Users will have to choose a token pair and deposit the trading pair into the pool. There is also a minimum percentage of token deposits that users need to look closely at, in order to provide liquidity for the token and the BNB pair as well.

Users should remember that only BNB and BURGER pairs are used to mine more BURGER tokens. If the user provides liquidity to other token pairs, BURGER will not be received as a reward.

BurgerSwap’s outstanding features

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Lending on crypto exchanges

BurgerSwap also provides a feature that allows users to lend their property to others. At this point, BurgerSwap will aggregate the specified assets for re-lending and then lend to others at a specific interest rate. After that, the interest earned will be put into the fund and then redistributed to the respective suppliers the amount that person has deposited to lend.

Administration Rewards

The developers of BurgerSwap create a community that together governs this protocol. Burger token holders will have the ability to make and approve proposals related to BurgerSwap parameters such as transaction fees and block rewards. If a proposal is approved, the approver will also receive incentives from the system.

Token Burger

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Name: Burger Swap

Ticker: BURGER

Blockchain: Binance Smart Chain

Token Standard: BEP-20

Contract: 0xae9269f27437f0fcbc232d39ec814844a51d6b8f

Token Type: Utility, Governance

BURGER total supply: 21,000,000

BURGER 12,515,758

Token Allocation

All BURGER tokens will be distributed to users as rewards only when they provide liquidity to the protocol.

40 burgers will be generated per block.

What is the BURGER token used for?

  • Administration
  • Rewards for liquidity providers
  • Staking

Transaction fee

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The transaction fee on BurgerSwap is 0.3%. Any transaction fees collected are converted into BURGER tokens and added to the admin group. To claim transaction fees, users must deposit BURGER tokens and participate in governance once a week. This can be done easily with the Binance Smart Chain MetaMask integration.

Every time a new governance proposal is created, the total BURGER token balance will be rolled into a newly created proposal contract. If a user participates in voting on a proposal, they will receive a portion of this reward after the proposal ends. Furthermore, if a proposal is successful, the creator will receive a BURGER token reward.

Why use BurgerSwap?

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Several reasons are turning people away from Ethereum: the Binance Smart Chain (BSC). BSC is generally faster and cheaper than Ethereum. With gas prices so high, many people simply cannot afford to use Ethereum-based DeFi protocols. BSC has a fixed transaction fee that can be as low as 1 cent. Furthermore, the block confirmation time is about three seconds per block. Also, when compared to Ethereum, BSC has a much lower barrier to entry.

Binance is thriving at the moment, with a number of successful projects, all backed by one of the largest and most successful blockchain communities around. Complete with compatibility with the Ethereum virtual machine, Binance Smart Chain helps developers seamlessly transition and migrate to the new BSC platform.

BurgerSwap is not a clone. The project was built using 14 initial contracts, which is essentially more code than any of BurgerSwap’s competitors have produced. While many similar protocols are simply clones of UniSwap, BurgerSwap designed the protocol from the ground up. This brings an element of authenticity to the project that can make it appealing to both new and old users.

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