Sep 24, 2020
BurgerSwap’s First Bi-Weekly Update
Today BURGER is listed on Binance.com! Exactly 2 weeks since the launch of BurgerSwap, the first decentralized and democratized AMM on Binance Smart Chain. It has been an incredible ride so far!
The Numbers don’t Lie!
Let’s take a look at the numbers first, to give you an idea of how crazy our first two weeks have been.
- Total number of users: >5,000
- Total Value Locked on BurgerSwap: >50,000,000 USD
- Number of addresses holding BURGER: >10,000
- Total liquidity on BurgerSwap: >35,000,000 USD
- 24 hour trading volume: >12,000,000 USD
The numbers have catapulted BurgerSwap to the top applications on Binance Smart Chain by transaction volume, and the BURGER token to one of the top traded BEP20 assets.
Introduction of BurgerSwap 🍔
On September 10th we introduced BurgerSwap to the world, as the first AMM on Binance Smart Chain. As the first democratic DeFi platform, with mandatory voting, we realized that our growth would be highly dependent on the community. And the community has not disappointed us.
During the first 48 hours of trading and farming, BurgerSwap generated a record number of transactions on Binance Smart Chain and attracted thousands of users.
And we received reactions from some of the biggest names in the space, which indirectly led us to reveal our identities, as we have never aspired to be an anonymous project.
Incentivizing Liquidity Providers
Right from the start we have incentivized usage by launching campaigns with various high-profile projects on Binance Smart Chain. To kickstart liquidity and trading we listed some hot BEP20 tokens like CREAM, ANKR, FOR and JUL and launched liquidity campaigns, as well as for the LINK and DOT BEP20 assets, rewarding users in BURGER and project tokens.
Real Community Governance
Our goal from the start was to create a democratic DeFi platform with mandatory incentivized community governance for everyone.
We believe that the majority of the governance models in the DeFi space don’t apply real governance, as these models heavily rely on coders to change the contracts. BurgerSwap is the people’s exchange and its parameters are directly determined by the people.
Users of BurgerSwap can vote to change parameters of the exchange, including trading fees, staking rewards, mining speed, etc. and they can only get staking rewards if they participate in voting.
During the first two weeks, users have been creating proposals and voting actively on 10 governance parameters. Check the image below for the current status of the parameters.
The most voted parameters as of today are:
- The number of BURGER tokens produced per block
- Transaction fee
New Features and UI Improvements
We have started out with a basic version for everyone to try, but mostly to listen to our community and users. In addition to community governance we have worked around the clock to continuously improve the user experience and add new interesting features.
On September 22nd, BurgerSwap V2 was launched, including some hot new features.
- A burning functionality, where a percentage of the BURGER tokens converted from trading fees will be burned forever.
- The BurgerSwap bridge, which allows users and projects to convert any ERC20 token to a wrapped bToken issued on Binance Smart Chain, which then can be listed on BurgerSwap to trade and provide liquidity.
Please note that bTokens need to be listed on BurgerSwap before they are tradable! The listing process for bTokens is under construction.
- Liquidity providers are able to choose the currency in which they want to receive their rewards. Available choices are BURGER, BNB and USDT.
- Projects have the option to reward liquidity providers on their token pairs with whichever token (either their own project token or any other token).
Binance Smart Chain Accelerator Fund Application
We believe that the Binance Smart Chain has the potential to be one of the major PoS ecosystems and we would be glad to grow together with it.
We have been in contact with the Binance Smart Chain team since shortly after launching have applied for the $100 million DeFi and CeFi Accelerator Fund to support development of our AMM and ecosystem.
The listing of BURGER token on Binance.com marks the beginning of a great collaboration between Binance, the Binance Smart Chain team and our community driven project. We are looking towards the future with confidence that BurgerSwap is here to stay!
Links
- BurgerSwap announcement: https://medium.com/@bnburgerking/introducing-burgerswap-a-democratized-amm-on-binance-smart-chain-ac19287b5a2a
- BurgerSwap exchange: https://burgerswap.org/
- BURGER🍔 token contract: https://www.bscscan.com/token/0xAe9269f27437f0fcBC232d39Ec814844a51d6b8f
- Github: https://github.com/burgerswap-org/burgerswap-core
- Twitter: https://twitter.com/burger_swap
- Telegram: https://t.me/burgerswap
- Telegram Announcements: https://t.me/BurgerSwapAnn
