TL;DR - SUMMARY
BurgerSwap is a DeFi protocol that operates on the Binance Smart Chain (BSC). It allows you to carry out exchanges (swaps) of tokens issued in BSC, as well as earn rewards for providing liquidity to these decentralized markets.
Unlike other similar DeFi projects, such as Uniswap and SushiSwap, in BurgerSwap you will not find the usual "Liquidity Provider" (LP) tokens - that is, liquidity provider tokens. Instead, everyone who contributes liquidity to certain selected pairs receives BURGER tokens that represent their participation in the pool.
What is BurgerSwap?
BurgerSwap is a DeFi protocol built on Binance Smart Chain (BSC). BurgerSwap operates as a decentralized exchange (DEX) that adopts the automated market maker (AMM) model. Similar to PancakeSwap, BakerySwap and other protocols, it allows users to earn tokens by providing liquidity.
Conectar MetaMask a BurgerSwap
Before connecting your MetaMask wallet to BurgerSwap, you will need to connect it to Binance Smart Chain. If you don't know how to do it, take a look at Connect MetaMask to Binance Smart Chain.
Next, go to the BurgerSwap home page (https://burgerswap.org). Click the “Connect Wallet” button, and make sure you have changed the Mainnet from the Ethereum network to Binance Smart Chain in the selector.
After connecting your wallet, you will be able to view and navigate through BurgerSwap products (Swap, Pool, Governance, Bridge, etc.).
How to use BurgerSwap
At BurgerSwap, you will be able to trade many BEP-20 tokens (i.e. cryptoassets that work on BSC). You can find a list of available pairs here.
For example, if you want to trade BNB for BURGER, you can go to "Swap", enter the amount of BNB to exchange, and click the "Swap" button.
Make sure to check the Price Impact, Transaction Fee, and other details before exchanging your tokens.
How to add liquidity to a BurgerSwap Pool
Any user can contribute liquidity (add tokens) on the BurgerSwap platform. These tokens can be employed to create a new liquidity reserve (liquidity pool) or be added to an already existing one.
To add liquidity, navigate to the "Pool" tab, click “Add Liquidity” and choose the token pair. Please note that you will need to click the "Approve" button before adding liquidity to the reserve, and making a transaction on the blockchain. This transaction will allow your tokens to be used by BurgerSwap contracts. As soon as this transaction has been executed, you can proceed to add liquidity.
By adding liquidity to a pool, you will receive BURGER tokens in proportion to your participation in it. Please refer to the BurgerSwap guides for more detailed information.
BurgerSwap Governance
The BurgerSwap Governance tab is the place where you can stake your BURGER tokens. To create new governance proposals or vote on existing ones, you will need to stake BURGER.
Bridge cross-chain de BurgerSwap
Since BurgerSwap runs on the BSC, you can only trade or provide liquidity using BEP-20 tokens. However, BurgerSwap offers a Bridge Cross-Chain service that allows you to convert any ERC-20 token into a wrapped BEP-20 version (bTokens). This is similar to how some of the tokenized Bitcoin is created on Ethereum, but in this case, conversions occur between ERC-20 and BEP-20 tokens.
You've probably noticed that the Burgerswap exchange has many assets that are not native BSC tokens, such as BTC, ETH, BCH or XRP. These can only be traded on the BSC network because they were converted to BEP-20 tokens, either via Bridge (bTokens) or via Binance withdrawals.
Please note that you may need to switch your MetaMask network between Ethereum and the BSC blockchain during the process. Additionally, bTokens can only be traded if sufficient liquidity is provided to your respective BNB and BURGER pairs (bToken/BNB and bToken/BURGER). That's why it's important to be aware of the price impact before approving a trade. Trading pairs with low liquidity will likely incur a large amount of slippage in your trades.
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Cultivating BURGER
BurgerSwap offers rewards in BURGER, USDT and BNB. Users can farm tokens in two different ways: by providing liquidity and by participating in governance.
Anyone who provides liquidity to BurgerSwap will receive BURGER tokens proportionally to their share of the reserve. As long as they continue to provide liquidity, they are eligible to receive rewards.
As of November 2020, BurgerSwap charges 0.3% trading fees on all pairs, with a portion of them allocated to liquidity providers. They also receive a portion of BURGER generated in each new block.
Alternatively, users can receive rewards by participating in the governance of the project through the voting system.
Additionally, BurgerSwap has a burning mechanism that destroys a percentage of BURGER acquired from trading fees.
In summary, the reward allocation rates are:
40% of the rewards are allocated to liquidity providers on the platform.
30% of the rewards are allocated to governance/voting participants.
30% of rewards burn forever.
Rates are subject to change as new proposals are made and voted on by new users.
Is BurgerSwap safe?
Blockchain security company Beosin audited the first version of the smart contract in September 2020. As of November 2020, no problems have been reported with BurgerSwap.
However, depositing money into a smart contract is always risky as there may be errors that were not noticed during the code audit. You should never deposit funds that you cannot afford to lose.
In conclusion
BurgerSwap was one of the first DeFi projects to launch on Binance Smart Chain. Despite its similarities to other platforms, BurgerSwap offers unique features such as cross-chain bridger and governance system.
