Welcome to the world of DeFi, namely the Decentralized Exchange Biswap. Let’s look at what it means and how it works.
What is DeFi & How does it work?
To give you a clear vision, we should start with the definition — Decentralized Finance or DeFi.
The term Decentralized Finance (DeFi) covers financial services carried out on a blockchain. DeFi is a financial service with no central authority. It involves taking traditional elements of the financial system and replacing the middleman with a smart contract.
DeFi benefits include:
- Interest rates for investors
- Control over your own finances
- Heightened transparency
So, for DeFi to work, it needs a decentralized infrastructure to run on. This is where the blockchains come into play. The blockchain is a platform for decentralized applications (DApps).
There are many different types of DApps; here are some of the most common: Lending Platforms, Prediction Markets, Yield farmings, Decentralized Exchanges (DEXs) etc. Let’s take a closer look here on DEXs.
What is DEX & Its place in the DeFi?
Decentralized exchanges are exchanges that operate without an intermediary.
With DEXs, users can connect directly with one another to buy and sell cryptocurrencies. Assets traded under DEXs are never held in an escrow or third-party wallet, as is done with centralized exchanges.
DEXs are not as famous as their centralized counterpart but have their specific and unmatched benefits. The most obvious advantages of DEXs are security and anonymity. The fact that they are decentralized means there is no one entity that can be hacked, whereas a centralized exchange is more vulnerable to exploits, which in turn could affect its users.
So now, let’s explore Biswap DEX and its specificities.
What is Biswap DEX & How does it work?
Biswap DEX is a Decentralized Exchange that provides a wide variety of services with cryptocurrencies, such as Exchange, Farming, Staking and others (for a detailed list, see below in the article).
In order to use the services of Biswap or the services of other DEXs, you need to have a crypto wallet because all the profits you get on DEX can be obtained only through the wallet.
What is Crypto Wallet & How to connect it to Biswap?
A cryptocurrency wallet is an app that allows cryptocurrency users to store and retrieve their digital assets. When a user acquires cryptocurrency, they can store it in a cryptocurrency wallet and, from there, use it to make transactions.
For your convenience, our team has prepared guides for connecting the most popular and trusted wallets:
✔️Connecting Your Wallet to Biswap
✔️Join Biswap via Binance Chain Wallet!
✔️Using WalletConnect on Biswap
✔️Biswap Trust Wallet Guide
✔️Guide on Configuring Coin98 Wallet
✔️Connect Your Coinbase Wallet to Biswap
✔️Brief Guide on Configuring Math Wallet
✔️TokenPocket Wallet Guide
✔️Connecting Houbi to Biswap Guide!
Exclusive Biswap Offers & Directions
After successful configuring your wallet to Biswap, you will get access to the whole spaces of crypto opportunities where you can boost your crypto assets:
🚀 Biswap Exchange
🚜 Biswap Farms
🖼 Biswap NFT Marketplace
💸 Biswap NFT Earn
🤝 Biswap Referral Program
🏆 Biswap Competitions
Follow the updates to take part in Trading Competitions with various tokens, which are periodically held on Biswap.
Find All the Answers at Biswap Zendesk!
And that is not the full list of Biswap features! Dive into details on Biswap Zendesk:
There you will find all the information you need to start with Biswap!
But if you still have questions after visiting Biswap Zendesk, you can ask our qualified support team. They will be happy to help you!
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