(Draft) Introducing BSCswap (BSWAP) , a new governance token to cover BSC DeFi ecosystem
BSCswap (BSWAP) is the name of new community governance utility token with zero team, founder, dev, investor, vc, and advisor shares. It will solve the problem with the existing Yield Farming tokens’ bad token economics as well as the structure of fair distribution. Furthermore, it will role as a governance token for $UNI + $BAL + $CRV + $YFI, exclusively for Binance Smart Chain ecosystem.
Why Binance Smart Chain?
The main role of BSCswap (BSWAP) token is to unite the on-chain liquidity for BSC ecosystem participants and bring them better trading experience on BSCswap platform. The main reason to choose Binance Smart Chain is that it is fast as the well-known Ethereum killer platforms like Tron or EOS, however it supports the exact technical implementations for Ethereum DeFi applications to migrate over to Binance Smart Chain. For example, you don’t need to change the main web3 library you use to interact with smart contracts as well as the code of the smart contract. By switching parameters, you can enjoy the full advantage of Binance Smart Chain such as low transaction fees, faster confirmation speed, and better user experience afterall.
What we aim to build
Binance Smart Chain is a very young platform and currently it lacks support for DeFi innovators to launch their token with fulfilled on-chain liquidity like Ethereum mainnet offers. Therefore, we want to give them enough liquidity by providing an appropriate on-chain liquidity aggregation platform with the full compatibility with existing Uniswap Exchange on Ethereum mainnet. Currently, only the broken version of Uniswap forks is available and the only limited number of tokens are participating for the exchange. We want to change this matter by opening the door to any BEP20 tokens available and welcome them with sufficient amount of liquidity.
How we are going to reduce risk for farming
To aggregate on-chain liquidity, the yield farming token offering staking for LP tokens is necessary and since we are aiming to sustain them in long term, proper allocation of token economics are necessary. Instead of having enormous amounts of founder shares like UNI or SUSHI, we will allocate the full supply for the community participants who help the on-chain liquidity improved and some amount of share needs to be allocated in a safe manner. Like Tron’s SUN did, we will have a Genesis Mining Pool for the participation with USDT with 7 days lock-up period and they will be secured in a verified smart contract while the coins are used for staking BSWAP. In this method, the first 20% of supply allocated for Genesis Mining will be free from the risk of price volatility, and will ensure more mining participants as well as the healthier growth of the community.
Who will participate for future governance
After the genesis mining ends, we will fork snapshot.page for Binance Smart Chain mainnet and elect new governors for token ecosystem. Those who elected by the token shares will serve the communities' future decisions such as whitelisting new LP token pools, etc. More details will be announced after the Genesis Mining ends.
The future distribution of the token
After the 20% of the tokens are minted from Genesis Mining, the token will be supplied in every trading pairs of BSCswap with a low inflation rate of 4%, halving rewards every 4 years like Bitcoin does. The main role of the farming will be changed to airdropping a lot of money to give advantage for platform users and gather the community from the Ethereum platform to Binance Smart Chain ecosystem. Like Binance.com serves as the crypto communities’ first home, BSCswap will serve as the BSC community members’ first home for DeFi and it will be the strong bedrock for on-chain liquidity and the exchange.
Join the future of BSC ecosystem