The Famous Binance Pump
Yes, as many are now aware, Biswap recently got listed on Binance. This of course triggered a rally, which pushed the price of BSW well over the $2 mark. The price has since corrected and is currently trading at $1.19 at the time of writing. Biswap launched in 2021 and was the first DEX to trade BetFury’s BFG token. The DEX/AMM also introduced some very attractive DeFi vaults and pairings during its launch, which helped to onboard a lot of new users. I personally believe that one of the most attractive benefits of trading on Biswap is actually the reimbursement model. Every trade that you execute on Biswap will earn you a reimbursement paid out in BSW tokens. If you have to trade, you might as well get paid for it, right? This is the thinking that is still attracting many new users to the platform. A Binance listing always triggers a pump but not all Binance listed projects go on to excel. So, what is it that gives Biswap a fighting chance of success?
Size Definitely Counts
When it comes to markets and volume, in particular, size counts a great deal. A quick visit to Defisatation will confirm that Biswap is currently ranked number 3 and is only outdone by Venus and PancakeSwap. Now, consider the market caps of these projects.
Image Source – Defistation.io
PancakeSwap currently has a market cap of $2.5 billion, while Biswap’s market cap is still very low at $270 million. I am not necessarily saying that Biswap will go on to reach PancakeSwap’s market cap but rather that there is still a lot of room for growth. One also needs to factor in that CAKE was recently trading well over $40 and is currently trading below $9. When you consider the additional exposure on Binance, you can’t help but wonder how high a well-utilized project can actually go.
A project that offers great utility is a project with a future, plain and simple! Biswap has some of the best yielding DeFi vaults out there! Imagine you locked up your BSW prior to the Binance listing. You would be earning 59% to 68% in the form of SOL, ADA, or ETH! Plus, your stake in BSW would now be worth considerably more than when you purchased it. Along with great DeFi opportunities is the added compensation of trading reimbursements! There were quite a few who disagreed with me back in the day when Biswap launched. However, I was convinced that this project would ultimately succeed due to “incentivized utility”.
Image Source – Biswap.org
Biswap also offers a great referral program, which always helps to onboard new users. A platform that structures built-in incentive models, as well as utility is on the right track in my opinion.
I believe that projects that go on to “fail” after being listed on Binance lack the “secret sauce” of Crypto success. It is my opinion that projects that are fundamentally sound, and even brilliant, ultimately form a synergy that operates together with the Binance reputation. These are the projects that utilize the “Binance spotlight” to leverage a mass audience and ultimately accelerate adoption. It may still take a while but I think BSW still has a little more gas in the tank!
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto.
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