Summary

BurgerSwap is a DeFi protocol running on Binance Smart Chain (BSC). It allows you to exchange between tokens issued by BSC and earn rewards for providing liquidity to these decentralized markets.

Unlike other similar DeFi projects such as Uniswap and SushiSwap, you will not find the usual Liquidity Provider (LP) tokens on BurgerSwap. Instead, everyone who provides liquidity to an eligible trading pair will receive BURGER tokens representing their share of the pool.

What is SushiSwap?

BurgerSwap is a DeFi protocol built on Binance Smart Chain (BSC) as a decentralized exchange (DEX) using the Automated Market Maker (AMM) model. Similar to PancakeSwap, BakerySwap and other protocols, it allows users to earn tokens by providing liquidity.

Link MetaMask to BurgerSwap

Before linking your MetaMask wallet to BurgerSwap, you need to first Connect your wallet to Binance Smart Chain. If you don’t know how to do it, please check out “Associating MetaMask with Binance Smart Chain”.

Next, go to the BurgerSwap homepage (https://burgerswap.org). Click the "Associate Wallet" button. Make sure you switch from the Ethereum main network to Binance Smart Chain.

After linking your wallet, you will be able to view and browse BurgerSwap products (exchanges, mining pools, governance, cross-chain bridges, and more).

How to use BurgerSwap?

At BurgerSwap, you can exchange for a variety of BEP-20 tokens (i.e. crypto assets running on BSC). You can find a list of available trading pairs here.

For example, if you want to trade BURGER with BNB, you can go to Swap, insert the amount of BNB you want to exchange, and click the "Swap" button.

Be sure to check the price impact, transaction fees, and other details before exchanging tokens.

How to add liquidity to BurgerSwap pool?

Any user can provide liquidity (add tokens) to the BurgerSwap platform. These tokens can be used to create new liquidity pools or be added to existing liquidity pools.

To provide liquidity, navigate to the Pool tab, click "Add Liquidity" and select a token pair. Please note that you will need to click the "Approve" button before adding liquidity to the pool and trading on the blockchain. This transaction allows you to use the tokens in the BurgerSwap contract. Once the transaction goes through, you can continue to add liquidity.

When you add liquidity to the pool, you will receive proportional to your share in the pool BURGER token. Please see the BurgerSwap guide for details.

BurgerSwap Governance

You can stake BURGER tokens through the "BurgerSwap Governance" tag. You need to use BURGER to create a new governance scheme or vote on an existing scheme.

BurgerSwap cross-chain bridge

Since BurgerSwap runs on BSC, You can only trade or provide liquidity using BEP-20 tokens. However, BurgerSwap provides a cross-chain bridge service that allows you to convert any ERC-20 token into a wrapped BEP-20 version (bTokens). This is similar to how some tokenized Bitcoins are created on Ethereum, but in this case the conversion occurs between ERC-20 and BEP-20 tokens.

You may have noticed that the Burgerswap trading platform provides many assets that are not native BSC tokens, such as BTC, ETH, and BCH Or XRP. These assets can only be traded on the BSC network as they are converted into BEP-20 tokens via cross-links (bTokens) or through Binance withdrawals.

Keep in mind that during this process you may need to replace your MetaMask network with the Ethereum and BSC blockchains. Additionally, bTokens can only be used for trading when their respective Binance Coin (BNB) and BURGER token pairs (bToken/BNB and bToken/BURGER) have sufficient liquidity. Therefore, it is crucial to pay attention to the price impact before approving a transaction. Lower liquidity trading pairs will most likely result in larger slippage on your trades.

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BURGER Mining

BurgerSwap offers BURGER, USDT and Binance Coin (BNB) rewards. Users can mine tokens in two different ways: providing liquidity and participating in governance.

Any user who provides liquidity to BurgerSwap will receive BURGER tokens proportional to their share of the pool. As long as they continue to provide liquidity, they are eligible for rewards.

As of November 2020, BurgerSwap charges a 0.3% trading fee for all trading pairs, a portion of which will be allocated to liquidity providers. They will also receive a certain share of BURGER from each new block.

Users can also participate in project governance through the voting system to receive rewards.

In addition, BurgerSwap has set up a mechanism to destroy a certain proportion of BURGER obtained from transaction fees.

In general, the reward distribution ratio is as follows:

• 40% of the rewards will be distributed to liquidity providers on the platform.
• 30% of rewards will be distributed to governance/voting participants.
• 30% of the rewards will be permanently destroyed.

This ratio may change as new users propose and vote on new proposals.

Is BurgerSwap safe?

Blockchain security company Beosin audited the first version of the smart contract in September 2020. As of November 2020, BakerySwap has not reported any issues.

However, depositing funds into smart contracts is always risky, after all, something may slip through the cracks during the vulnerability review process. You should not deposit funds that exceed your personal risk tolerance.

Summary

BurgerSwap is one of the first DeFi projects launched by Binance Smart Chain. Although similar to other platforms, BurgerSwap offers unique features such as cross-chain bridges and governance systems.