Introducing Swap Farming on Liquid Swap: $1,000,000 BNB Up for Grabs!
Main Takeaways:
You can earn BNB rewards totaling up to 50% of the transaction fee when you swap specific token pairs on Swap Farming.
$1,000,000 BNB in bonus funds are available to Swap Farming users who participate between 22 November and 22 December.
To access Binance Swap Farming, visit the “Trade” tab at the top of the Binance homepage.
Binance is back with a brand new way for users to swap and trade their coins, while enjoying some of the best rates on the market. Binance Swap Farming uses the automated market maker (AMM) model to help you easily and securely swap cryptocurrency pairs from a pool of coins and tokens.
To celebrate the Swap Farming launch, We’re also offering a $1,000,000 BNB fund that will reward Swap Farming users with up to 50% in fee rebate, paid out in BNB.
How Does Swap Farming Work?
Automated market makers allow you to trade your coins from a liquidity pool rather than directly with another party. Pairs of tokens are pooled together, and each token’s price is determined by its ratio. One user could provide BNB and BUSD tokens in equal amounts to the BNB - BUSD pool. Someone else could then use these tokens to swap between BNB and BUSD for a fee.
During our $1,000,000 BNB giveaway, up to 50% of your fee will be rebated in BNB, depending on your account’s VIP level. This promotion will run from 22 November, 2021 at 00:00 (UTC) to 22 December, 2021 at 00:00 (UTC).
Let’s see how it works: A VIP Level 0 user wants to swap €1,000 for BUSD using Binance Swap Farming. They go to the pool, put their €1,000 in and receive an equivalent amount of BUSD back. The user pays a transaction fee and claims back half of that transaction fee in BNB as a reward, given the fee rebate is 50%.
How Can I Take Part in Swap Farming?
1. Find Swap Farming from the Binance homepage
First, log in to your Binance account. Hover over [Trade] on the navigation bar and then click [Swap Farming]. You’ll then find yourself on the Swap Farming page.
2. Choose the token pair you want to swap
You can select from multiple cryptocurrencies in the [From] and [To] fields. Enter the amount you’d like to swap and confirm the details of your trade. Slippage and the fee are calculated automatically.
3. Click [Swap] to proceed
Click [Swap] to finish the transaction. You can then go through the process of claiming your reward by following our How to Claim Swap Rewards in Binance Swap Farming guide.
Get Started with Binance Swap Farming
Whether you’re making an occasional one-off trade or are a regular swapper, you have until 22 December at 00:00 (UTC) to get involved and start Swap Farming your crypto. Before taking part in Swap Farming, always make sure you do your own research (DYOR) before deciding to take any risks.
For more detailed information on how to use Swap Farm and claim your rewards, refer to the following FAQs and guides:
(Support) How to Use Binance Swap Farming
(Academy) What Is an Automated Market Maker (AMM)?
(Academy) What Are Liquidity Pools in DeFi and How Do They Work?
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