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What is Burgerswap – explained!

Introduction

The crypto ecosystem is filled with various applications of blockchain technology. Centralised exchanges, decentralised exchanges, decentralised finance apps, and more, occupy a huge chunk of the ecosystem, yet they are very different from each other. However, interoperability is the cornerstone of comprehensive development. BurgerSwap was developed in recognition of this.

Here’s a deep dive into what makes BurgerSwap unique and how to use Burgerswap.

What is BurgerSwap?

BurgerSwap was launched as the first-ever platform to aggregate and interlink rates and prices from major decentralised and centralised exchanges. The cross-chain platform integrated the exchanges and decentralised finance apps onto one platform so that users could easily access any crypto asset and transfer funds between the platforms. Burgerswap combines the switch protocol and offers the best prices to facilitate its unique feature.

BurgerSwap started as a community project that used the ERC2917 standard. Since BurgerSwap started as a community project, it has no founders. BurgerSwap’s plans include launching a metaverse game called “burgergame”.

What is BurgerSwap’s history?

Most of the BurgerSwap developers hail from different parts of the world, making it a very decentralised and democratic system. It is essentially an Automated Market Maker (AMM), which means that instead of a central exchange or a buyer connecting with a seller, transactions take place on a liquidity pool governed by smart contracts. These liquidity pools are funded by investors who offer their crypto in exchange for rewards.

Since its launch in September 2020, BurgerSwap has followed a swapping mechanism that is entirely governed by the community through votes. 

BurgerSwap’s Native Token is BURGER which can be staked. Stalking BURGER gives governance (voting) benefits through which investors can create proposals, influence the transaction fees, block rewards, and many other critical decisions within the BurgerSwap network.

What are BurgerSwap’s unique features?

  1. BurgerSwap uses game theory and mathematical formulae to determine the price of the assets.
  2. Though it uses centralised exchanges to arrive at a price, BurgerSwap is essentially a decentralised AMM exchange on the Binance Smart Chain Network.
  3. Through BurgerSwap, you can swap coins between the ERC-20 Ethereum network and the BEP-20 Binance Smart Chain network.
  4. BurgerSwap charges very low transaction fees and offers high-speed transaction times. This is typically achieved by allowing Ethereum-based investors to move to the Binance Smart Chain and use its lower transaction fees.
  5. If you hold BURGER, you can vote on matters that could alter the functioning of the BurgerSwap network. These include deciding the transacting fee, staking rewards, and much more.
  6. The tokens have a BNB (Binance Coin) and BURGER trading pair. This provides more accessibility and liquidity.
  7. Every new project listed on BurgerSwap comes with a listing fee. The community can vote on whether to allow or to reject the project. The listing fee is distributed through a liquidity pool to BurgerSwap holders that have voting rights.

How to use BurgerSwap?

As a decentralised platform, you can use BurgerSwap by linking your crypto wallet (like MetaMask) to the BurgerSwap network. Ensure that you have shifted from Ethereum’s Mainnet to Binance Smart Chain. Once the wallet is linked, you will be able to see the BurgerSwap features like Swap, Pool, Governance, and Bridge, each with its unique function like swapping BEP-20 tokens, staking governance, and the cross-chain bridge.

Conclusion

The unique BurgerSwap platform was launched recently and has already won the hearts of many investors. Though much like the rest of the crypto world, BURGER is also taking a massive hit, it is bound to cover, especially because they have, so far, fulfilled everything they envisioned as per their white papers. Stay tuned to ZebPay for more interesting updates on BurgerSwap and other popular tokens. Start your trading journey on India’s trusted crypto exchange, ZebPay.

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