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4 years ago

Who Is Behind BurgerSwap? Already $400 Million BNB Staked in 1 Day Via Binance Smart Chain

George Georgiev Sep 13, 2020 10:15
A new iteration of Uniswap, called BurgerSwap, has popped. This time, it's based on the Binance Smart Chain.
  •  As the DeFi space continues to boom, developers have come up with yet another iteration of a Uniswap-like automated market maker. Zeroing down on the meme-based food token craze, the platform is called BurgerSwap. 

https://twitter.com/cz_binance/status/1304773822407520256?ref_src=twsrc%5Etfw

  • BurgerSwap, unlike SushiSwap or other alternatives, is based on the Binance Smart Chain. 
  • It’s an implementation of ERC-2917, initiated by Tony Carson, Dr. Mehmet Sabir Kiraz, and Dr. Suleyman Kardas, and it aims to improve on Uniswap by altering the incentive and governance model. The team argues that their core code is not a fork or a copy. 
  • Users can already farm BURGER tokens as the protocol has over 12 million BNB staked in liquidity, which is almost $400 million. However, the code is only audited by the team and not by specialized external parties. 
  • One of the core differences is that all tokens will have BNB pairs instead of ETH pairs (because of Binance Smart Chain), and each asset is also required to have a BURGER pair accounting for at least 1% of the liquidity of that asset to be eligible for mining rewards. Users can vote to change the 1% ratio. 
  • Users have to stake BURGER tokens and participate in voting once a week to be eligible to claim their share of the fees. Transaction fees are set to 0.3%, and 10% of it goes to the team. 
  • The protocol doesn’t have liquidity provider (LP tokens) to avoid risks of liquidity migration. 
  • Perhaps as a result of this, the price of Binance Coin (BNB) has surged by almost 30% in the past 48 hours as users accumulate to be part of the BurgerSwap yield farming. 
BNB/USD. Source: TradingView
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George Georgiev

Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

Tags: Binance Coin (BNB) PriceChangpeng Zhao (CZ Binance)DeFiUniswap

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