Who Is Behind BurgerSwap? Already $400 Million BNB Staked in 1 Day Via Binance Smart Chain
cryptopotato.com 2020-09-14 22:50
Reading time: ~2 m
- 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.
BUIDL it, and they come. I do not know who built this one, but it’s already live on #BSC.
— CZ Binance (@cz_binance) September 12, 2020
- 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.