BurgerSwap AMA Recap at FinNexus
Earlier this week, we partnered up with FinNexus and together launched FNX Farm, presenting both communities products with great returns. On April 1, 2021, our Marketing Manager spoke at FinNexus Telegram AMA. Just in case you missed it, we’ve created a transcript which you can view below.
Q&A with FinNexus Administrator:
Q1. Before we start AMA, we will love to know about your role and day to day work experience?
Hey guys, nice to meet you all here. I’m Shake Shack, the marketing manager of BurgerSwap. I have been in crypto for more than three years.
Recently, BurgerSwap and FinNexus just reached a strategic partnership and we are in collaboration presenting both communities with great returns and interesting marketing campaigns. FNX Farm is ongoing now.
Click here to join: https://burgerswap.org/farms
We have also prepared a user guide for you guys.
Q2. Can you tell us all more about the project, the idea, how it started? and especially why is it needed?
BurgerSwap is a democratized AMM on Binance Smart Chain with four main functions: Swap, Liquidity Pool, Governance, and ERC20-BEP20 token transfer [cross] Bridge. BurgerSwap strives to provide the most decentralized and democratic user experience for DeFi believers all around the world. Users can earn rewards by providing liquidity and participating in governance on BurgerSwap. On BurgerSwap, users control the assets and the platform.
BurgerSwap is designed to solve the high Gas and slow transaction challenges met by ETH DEX users. We aim to provide users with great trading experience. Apart from BSC tokens, we also have ETH-BSC bridge, with which ETH users can easily use their ERC20 token on BurgerSwap. Now BurgerSwap has evolved into one of the biggest DEXs in the whole DeFi world with nearly 500 trading pairs listed and a total 24H transaction volume of nearly $1.3 M today.
Make sure to follow us through these channels:
Q3. And congratulations on the newly-launched BurgerSwap Pro with many improvements, could you tell us more about the new version?
After months’ development and rounds of tests, BurgerSwap finally announced the launch of our brand new version — BurgerSwap Pro last week. While keeping the original yellow and black design, the interface of BurgerSwap adopts a more user-friendly and easy-to-navigate design. Meanwhile, five main features have been added to cater to the new needs.
1. LP Tokens
BurgerSwap Pro has introduced the LP (Liquidity Provider) Token mechanism. However, LPs do not have to stake their LP Tokens on the BurgerSwap platform to mine rewards. They will automatically receive liquid mining rewards as the LP Token [stays] in their wallets. LP Tokens can be used in multiple ways: IFO, [farming] extra mining rewards in other tokens to realize a double mining mechanism, and more to come.
Farms is a new product where users are able to acquire new token rewards in return by staking [Burger] LP (BLP) tokens. Burger Farms allow users to stake BLP token to farm and earn rewards for free, in addition to the reward they obtained by providing liquidity. In Burger Farms, you can unstake at any time. Rewards are calculated per block. Burger Farms also help projects to issue and distribute their project tokens in a decentralized way.
FinNexus (FNX) is the first project hosted on Burger Farms. Users are able to stake their FNX-BURGER BLP token into the FNX Farming Pool to share the 14,000 cFNX rewards.
Apart from the upgraded BurgerSwap’s native bToken Bridge, BurgerSwap Pro has also integrated BURGER token ERC20-BEP20 [cross] Bridge [with] the Binance Bridge, so that users can conveniently choose which Bridge to use [all in] one place.
BurgerSwap Pro has integrated a brand-new lending platform where users are able to mine rewards in BURGER by supplying and borrowing, as well as earn interests by supplying tokens. Currently, users are allowed to borrow BURGER by collateralizing USDT and borrow USDT by collateralizing BURGER. More tokens, including LP Tokens will be integrated in the near future to boost users’ capital efficiency.
5. BurgerSwap Pro in Korean
With BURGER’s listing on Bithumb Official as BurgerSwap’s first step in moving forward in the Korean market, BurgerSwap Pro has officially added Korean language for more Korean users to enjoy a competitive trading experience. BurgerSwap will soon launch more marketing campaigns aiming to further boost its Korean community.
Q4. Can you tell us about market pie you are trying to conquer and your competitors?
The market we are looking at is the exchange market. And it is already a trend that the industry is decentralizing trading. Although the DEX market is still limited by several reasons, higher user barrier, difficult terms, impairment loss, etc. But DEXes are attracting an increasing number of traders with its decentralized nature and liquidity mining program. We believe that in the near future, more ppl will actually prefer DEX to CEX. So what we are aiming at is a multi-billion USD crypto trading market. Our competitors for now are leading DEX on both BSC and ETH. However, when we are looking at a larger picture, BurgerSwap’s competitors are big CEXes.
Q5: BurgerSwap has certainly evolved into one of the most popular DeFi projects on BSC and even among the broader DeFi market. And it has recently been added to Bithumb Official, marking a great step towards the mainstream Korean market. Our community is curious about what makes BurgerSwap stand out?
BurgerSwap is a democratized AMM on Binance Smart Chain with four main functions: Swap, Liquidity Pool, Governance, and ERC20-BEP20 token transfer Bridge. BurgerSwap strives to provide the most decentralized and democratic user experience for DeFi believers all around the world. Users can earn rewards by providing liquidity and participating in governance on BurgerSwap. On BurgerSwap, users control the assets and the platform.
First of all, BurgeSwap is here to stay. We always put our community and users as priority and aim for long-term sustainable development. We now have launched BurgerSwap V2 and will consistently improve on it. Four words make BurgerSwap stand out: faster, cheaper, flexible, and democratized.
Basing on BSC enabled its high speed and low cost. Meanwhile, BurgerSwap implements the ERC-2917 proposal with the goal to make it possible for liquidity providers to withdraw their earned rewards at any point in time, creating instant liquidity without having to redeem any LP tokens. With the ERC-2917 proposal, BurgerSwap has realized higher flexibility than Uniswap and SushiSwap, providing users with more freedom and control over their assets.
BurgerSwap is created for the community and its growth will be highly dependent on the community, by default. BurgerSwap emphasizes the concept of a “democratized decentralized exchange”, which means that governance is not optional but mandatory. The users make the rules!
BurgerSwap has made it possible for any user to create proposals to adjust transaction fees, block rewards and other system parameters of the exchange, and any user staking BURGER tokens can vote to pass or reject a proposal.
This is built in a completely decentralized way without the control of any centralized entity, through smart contracts. Hence, the platform has been developed to be a completely decentralized and democratized exchange.
The BurgerSwap decentralized governance system cannot be managed and controlled by any centralized entity. Users will be rewarded with BURGER tokens as long as they create liquidity, stake and vote in the governance system.
Q&A with FinNexus Community:
Q1. Why was BSC preferred over Ethereum?
There are some obvious reasons to choose Binance Smart Chain over Ethereum and other major public chains.
Speed and trading fees: while Ethereum Gas prices have soared to absurd heights, dragging transaction speed to unacceptable levels, Binance Smart Chain applies fixed ultra-low transaction fees, as low as 1 cent with a 3 second block time.
Adoption: Binance has built one of the largest cryptocurrency ecosystems and is preparing to make its way into DeFi. BurgerSwap will cater to a large audience of Binance users who want to participate in DeFi and governance.
Ease of use: Binance Smart Chain comes with an Ethereum Virtual Machine-compatible environment, which allows Solidity developers to move into the new chain with almost no friction.
Q2. How do you earn burger on burgerswap?
There are three ways to earn $BURGER on BurgerSwap:
1. Stake $BURGER in governance and participate in voting to earn staking rewards.
Each vote will collect $BURGER mining rewards from the governance pool.
These rewards will be distributed proportionally to all users who stake $BURGER and participate in the vote. Please note that there is a minimum staking period, which is also subject to community governance.
2. Provide liquidity on $BURGER pairs on https://burgerswap.org/
By providing liquidity you will earn both mining rewards from the $BURGER liquidity mining pool, as well as a percentage of transaction fees on the specific pair. The mining rewards are only distributed among LPs on $BURGER pairs. The transaction fees are distributed to LPs on ALL pairs.
3. Stake $BURGER with external parties
Q3. What’s the easiest and cheapest way to send funds to burger swap ?
I [am guessing] you mean provide liquidity on BurgerSwap.
[Here, we have a detailed user guide in 11 languages, but it will be updated soon as we now have [BurgerSwap] Pro.
Q4. How Decentralized is burgerswap on BSC? The biggest concerns [I] see with BSC is that it is not Decentralized enough. How are you keeping BurgerSwap Decentralized? Would a move to Ethereum help with it?
With more people getting to know BSC as a great solution to Gas fee and speed challenges, it is gradually becoming more and more popular. More funds and more stakeholders are now involved in BSC ecosystem and the number is still increasing. All these are making BSC more decentralized and decentralization is the core and on BurgerSwap, the community can vote on many parameters of the platform [and they] manage it.
Q5. BurgerSwap has an extremely active community with more 10,000 members. And we know that you update your community with the lastest news on a rather frequent and timely basis. Could you also give our community some recent updates on BurgerSwap?
The biggest news would be that BurgerSwap will be listed on a major a Latin American exchange soon. We are excited to explore this brand new [and] emerging market and we have prepared a series of marketing events to let more people know about us and enjoy the high-speed and cheap trading experience provided by BurgerSwap. BurgerSwap will support Spanish soon and we will also establish a Spanish community to better serve Latin American users. Korean market will be our next goal following.
Follow our Twitter and join our Telegram group to get the first-hand news about BurgerSwap.
Q6. Governance has always been the core of DeFi world. What is the governance system in BurgerSwap like, and how do users participate in community governance?
Currently, there are a total of nearly 850K BURGER tokens staked in governance on BurgerSwap. Users can not only make decisions for the platform through voting, but also earn $BURGER rewards.
BurgerSwap is created for the community and its growth will be highly dependent on the community, by default. BurgerSwap emphasizes the concept of a “democratized decentralized exchange”, which means that governance is not optional but mandatory. The users make the rules with the BURGER tokens they hold!
BurgerSwap has made it possible for any user to create proposals to adjust transaction fees, block rewards and other system parameters of the exchange, and any user staking BURGER tokens can vote to pass or reject a proposal. And the default voting period for a proposal is 1 day, which is one of the parameters that can be changed by BURGER holders. Participating in BurgerSwap’s governance does not only bring you decision making power, but also generous rewards.
Q7: What about the supply of Burger?
The BURGER token started out with an infinite supply. However, after listening carefully and talking to our community members, we decided to cap the maximum supply to 21,000,000 BURGER.
BURGER tokens can only be mined by providing liquidity. Currently, [one] block produces 0.1 Burger tokens, your share is based on [the amount of] liquidity you are providing.
The number of tokens produced per block can be changed by the community through voting. But there is a range created to keep a healthy state of the protocol, meaning the upper limit is set at 3.1 BURGER per block and the lower limit is set at 0 BURGER per block.
~End of AMA~