First of all, we are humbled by the huge attention and the number of transactions on our platform during the last 24 hours, less than a day after our initial launch 🙏 🙏..
We are very proud of what we have achieved in just 48 hours. We have generated a record number of transactions on the Binance Smart Chain and attracted people from all over the world to use our application.
All made possible by Binance Smart Chain!
Besides the kudos we received, there have been some criticism as well, mostly aimed at the “anonymous food coin” hype and its downsides.
We want to take this opportunity to make clear that BurgerSwap is not an anonymous project, we never aimed to be anon, we just have been busy buidling. We invite you to read on and discover who is behind the project, so we can get back to what we are good at: creating innovative technology to help the space evolve.
We are all Burger Kings (and Queens👸🏻)
BurgerSwap is an implementation of ERC-2917 (which is initiated by Tony Tai (a.k.a. Tony Carson), Dr. Mehmet Sabir Kiraz, Dr. Süleyman Kardaş) which improves the power of Uniswap by changing the incentive model and community governance.
This idea resulted in the original whitepaper for a democratized, incentivized and decentralized AMM, with the working title “DEMAX”. They submitted the ERC-2917 standard with the purpose of decoupling the interests generation and productivity providers.
We want to emphasize that the core part of our code for BurgerSwap (a.k.a. DEMAX) platform is not forked or copied, it is built from the ground up and was open-sourced within 24 hours after BurgerSwap launched.
We love Sushi🍣 but we prefer Burgers🍔
The idea of incentivizing liquidity providers with tokens was brilliantly thought out by the SushiSwap team (Sorawit Suriyakarn and Sam Bankman-Fried???) and initially the DeFi community seemed to like Sushi as much as we do. We are not drawing any conclusions about the incident. There is no right or wrong, only code. And the code looks pretty tasty😋.
The initial idea of DEMAX was to bring incentives to Ethereum based AMM’s to reward LP’s. But along the way, new problems arose — Gas fees got out of hand and the huge usage increase made Uniswap and comparable applications expensive and slow.
As both researchers have made many friends in the space over the years, they frequently discussed their ideas with likeminded people.
Ryan Fang, Co-founder of Ankr and one of our advisors, lately explored the functionalities and potential of Binance Smart Chain as Co-initiator of DeFi platform Bounce.finance, a price discovery platform which launched their decentralized auction application on Binance Smart Chain recently.
Our team is currently spread across the US, UK, China and Turkey and we are looking to expand (a.k.a. we are hiring).
Together we recognized the benefits of launching the democratized exchange on Binance Smart Chain, as it would resolve some critical issues — Binance Smart Chain is fast, cheap, EVM compatible and it has already many assets listed in its BEP-20 format.
Riding the food hype was merely a marketing decision, but does not in any way affect the way we love to build and promote useful DeFi tools to improve the space. We believe a project should be judged by its functionalities, adoption and sustainability in the market, not by its logo or name.
We are self-funded, don’t take any salaries and we have no intention of conducting any fundraising activities. We believe in this project and are incentivized by the growth and adoption it. As mentioned before, 10% of all the fees with go to the team. There is no initial dev-share and the portion of team tokens will always be proportional to the total circulation.
We see the fact that some of us are involved in other projects more as an opportunity than a threat or weakness. These projects are all complementary and can ultimately benefit from each others’ tech.
While you can already farm Burger tokens, you should still be aware that the contract is audited by our team internally only and should still be audited by specialized external parties. As we posted on Twitter yesterday, we still invite reputable auditors from the space to audit the contract. There is a 1,000 BNB reward (taken from our personal rewards) for the first one to confirm officially and take the job.
Now that this is out of the way, we can proudly go back to swappin’ Burgers on the Binance Smart Chain!
- BurgerSwap announcement: https://medium.com/@bnburgerking/introducing-burgerswap-a-democratized-amm-on-binance-smart-chain-ac19287b5a2a
- BurgerSwap exchange: https://burgerswap.org/
- Github: https://github.com/burgerswap-org/burgerswap-core
- Twitter: https://twitter.com/burger_swap
- Telegram: https://t.me/burgerswap