In the previous article of the BSC Project Spotlight series, we introduced you to ForTube, the world's leading DeFi lending platform launched by The Force Protocol and one of the first recipients of our $100 million Accelerator Fund.
Today, we’re sharing with you a second interview we conducted on behalf of the BSC community. The second project we want to introduce to you, called BurgerSwap, is a democratized AMM on Binance Smart Chain and another recipient of our fund.
What is BurgerSwap? Why did they decide to build on BSC, and what’s their future vision of DeFi space? Continue reading to get answers to these and a few more questions.
Without further ado, let’s dive into the interview.
Please describe your project to those who might not be familiar with BurgerSwap.
BurgerSwap: 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.
Why did you decide to migrate/build on Binance Smart Chain?
BurgerSwap: There are some obvious reasons to choose Binance Smart Chain over Ethereum and other major public chains.
- First, 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.
- Second, 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.
- Third, 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.
What do you see as the main advantage of BSC compared to other blockchains?
BurgerSwap: The transaction fee is neglectable on BSC. It has high TPS thanks to the Proof of Staked Authority consensus mechanism, making a cheap and fast trading experience possible for users. Meanwhile, BSC is a fast-growing public chain compared to others. As a BSC ecosystem project, we can access a larger user base and collaborate with more quality partners.
How was the migration process? Can you name some of the highlights or positive experiences and, on the other hand, some of the challenges?
BurgerSwap: We never had a migration process as BurgerSwap was directly built on BSC as its first chain.
What kind of perks or benefits within the Binance ecosystem directly affect the performance and success of ForTube?
BurgerSwap: First of all, as one of the biggest crypto exchanges worldwide, Binance has a significant user base, who are well-educated crypto-wise. BurgerSwap was able to access this quality user base and get itself bootstrapped easily. Meanwhile, BNB and BUSD are mainstream cryptocurrencies that were listed on BurgerSwap as the first tokens, which brought many token holders to BurgerSwap.
Marketing wise, BurgerSwap has also benefited greatly from being a part of the Binance ecosystem. We’ve had three AMAs with Binance’s main English telegram group, simplified Chinese group, and traditional Chinese group, respectively. During the AMA, BurgerSwap received many questions, and many Binance community members started to follow and use BurgerSwap.
On Halloween, BurgerSwap also collaborated with Binance in an NFT campaign and attracted many participants thanks to Binance’s large community.
What do you hope to see next from the BSC community?
BurgerSwap: We hope that BSC could collaborate with some mainstream DeFi projects, probably based on ETH, and gradually attract more DeFi projects with users and assets to build on BSC with its strengths in cost and speed.
Meanwhile, BurgerSwap would also like to see more incubator and accelerator programs for the DeFi ecosystem exclusively in order to develop a boost BSC DeFi projects.
Where do you see DeFi and BSC in five years?
BurgerSwap: We believe that DeFi will continue to grow and become a mainstream section in crypto in five years, with the participation of institutional investors. BSC will become a major player in DeFi, enjoying a similar or even larger volume and popularity as Ethereum.
If you’re interested in knowing more about the Binance incentives for BSC projects, please visit https://binancex.dev/index.html.
Alternatively, you can directly apply for the funding via this simple and straightforward form. Apply today and launch your project to the moon!