BurgerSwap: What Is It and How Does It Work?
After the decentralized finance (DeFi) sector blew up in 2020, Binance quickly launched its second blockchain. Known as Binance Smart Chain, the new blockchain was faster and a lot more efficient than the original. It was not long before new projects started launching on it and among the first ones was BurgerSwap.
BurgerSwap emerged as a decentralized exchange (DEX) with the goal of making decentralized finance more available. Over time, it continued to evolve into something even bigger. This guide will explore BurgerSwap as we discuss what it is and how it helps the crypto space.
What Is BurgerSwap?
BurgerSwap originally emerged as a DEX on the Binance Smart Chain. As such, it allowed users to perform cryptocurrency swaps within the BSC ecosystem. The swaps are facilitated by the project’s AMM (Automated Market Maker) and its liquidity pool.
The platform aims to solve the issues that are typically encountered on exchanges that run on the Ethereum blockchain. Back then, Ethereum still had slow transaction speeds, it was unable to scale and the gas fees ran relatively high. Binance also developed an ETH-BSC bridge, which allowed users to swap their ERC-20 tokens on the BSC.
What Is BurgerSwap’s Native Token?
BURGER token is the native token of the BurgerSwap DEX and its entire ecosystem. It’s a utility token that has a number of uses, including paying transaction fees. Other than that, it is used in trading, staking, voting and gaming. Since BURGER tokens served so much utility, their value quickly joined the price surge in 2021.
The token initially skyrocketed to the price of $20.72 in May 2021, which is the token's all time high. The crypto winter that started in late 2021 then took over and the token’s value continued to drop.
According to the project’s tokenomics, 40% of the supply was used as rewards for liquidity providers. Another 20% was allocated to governance participants,and the final 30% was burnt. You can store BURGER in an OKX wallet, as well as several other wallets.
What Can You Do in the BurgerSwap Ecosystem?
BurgerSwap’s ecosystem lets you perform a number of decentralized finance (DeFi) related activities. One of the biggest and most popular ones is staking. Aside from BURGER tokens, users are able to stake: BNB, BUSD, BTCB, USDT, HMDX, MDX and even ETH. In return, users earn xBURGER and USDT as rewards.
Liquidity farming is another popular DeFi activity which provides users with BLP tokens. These tokens are also among those that can be staked on the platform. Another popular feature on the DEX is lending. Borrowers take the money from the lending pool and return it with interest. This interest represents pure profits for the lender.
Another big use case for BURGER tokens is governance. Governance has grown to be a popular use case for many coins and tokens. Essentially, by holding their tokens, users gain voting rights. This lets them vote on proposals, or submit their own proposals meant to impact the project. Typically, the more tokens one holds, the greater the weight of their vote.
There are more roles for BURGER tokens within this ecosystem. However, in order to understand them, we must first discuss how the ecosystem evolved over time.
What Is BurgerCities?
As mentioned earlier, BurgerSwap emerged as a decentralized exchange as one of the first projects and products of BSC. However, as the project developed, it evolved into something new — BurgerCities. This is a blockchain-enabled Play-To-Earn (P2E) MetaFi ecosystem.
This MetaFi ecosystem is essentially a combination of the metaverse and DeFi — both extremely important sectors of Web3. After the NFT space blew up in 2021, a number of NFT Projects emerged, and one of them was BurgerCitites.
As the development continued, the project continued to add new features and benefits. It allows users to engage in gaming, socializing and other activities in the virtual world. Of course, other DeFi activities, such as staking, yield farming, lending, and even simple token swaps are still available on the BurgerSwap platform.
As the platform supports gaming, it also falls under the category of GameFi. In fact, it has taken GameFi to a new level by developing a game that combines multiple economic models. Its aim was to enhance user experience and enjoyment by improving the quality of the games the platform offers.
Its offering includes things like NFT-themed heroes and in-game trading of items, which are also NFT-based. The game also offers daily tasks that reward users who complete them. Binance Smart Chain was created to facilitate the smooth, efficient creation of NFTs, and BurgerCities seems to have taken full advantage of that.
How Does BurgerCities Work?
The idea behind BurgerCities was to combine DeFi, NFTs, and the Metaverse. These are the three largest trends that emerged in the crypto industry in the early 2020s. Combining all of this is what enabled BurgerSwap to evolve into BurgerCities to begin with. The project particularly focused on its P2E structure, introducing various aspects of it.
For example, the team introduced central-NFT heroes, which powers BurgerCities’ gameplay. These are utility-enabled NFTs that have diverse use cases. Users can breed them using a summon function, which in return creates new heroes, some rarer than others. The rarity is categorized in four levels — Green, Blue, Purple, and Orange.
Apart from that, Heroes can also be used to earn in-game items, which include gold and other precious materials. Players can also engage in PvE or PvP battles, which rewards users who win their battles.
BurgerCities Metaverse
Like most metaverse projects, BurgerCities allows users to purchase metaverse land, own it, and develop it. With a high degree of editability, the metaverse land is expected to be highly customizable.
Landowners will also be allowed to rent their land or buildings within the metaverse, this is another avenue that allows users to earn within the metaverse. Additionally, the land can be used to simulate business scenarios, and practice in-game decision-making and strategies.
The project also has a Black Market platform, which allows players to trade and swap digital assets. The procedure is quick and it is very cheap to do it thanks to the project’s aggregation protocols. Because of them, swapping is available at highly competitive rates.
Arguably one of the biggest features within the metaverse right now is the Central Bank, which is a single-coin dual-mining revenue aggregator. Its role is to maximize staking rewards for users. This is achieved by matching the staking assets with the high-yield pools.
BurgerSwap Continues To Evolve
It is very encouraging to see projects like BurgerSwap evolve and achieve great progress in a short amount of time. In only a few short years, BurgerSwap evolved into BurgerCities, offering numerous advanced features.
This signifies that the project has clear goals and that it knows how to achieve them. It has a supportive community, good technology, and elaborate plans for the future. With that being the case, it comes as no surprise that users are optimistic about the project.
FAQs
What Is BurgerSwap?
BurgerSwap initially emerged as a decentralized exchange and a DeFi protocol on BSC. In time, it evolved into a vibrant ecosystem, complete with its own metaverse.
Who Is Behind BurgerSwap?
BurgerSwap was founded by Tony Carson, Dr. Suleyman Kardas, and Dr. Mehmet Sabir Kiraz. The three co-founders launched the project in September 2020 on Binance Smart Chain. The idea was to use profound projects for solving real-life problems.
Is BurgerSwap on Ethereum?
No, BurgerSwap runs on Binance Smart Chain. However, thanks to a bridge that connects BSC and Ethereum, the two chains are linked. This allows ERC-20 tokens to access BurgerSwap, but they first must convert to a BEP-20 version.
