1. What does the “price impact” mean?
The price impact is the correlation between an incoming order and the price change caused by the trade. It relates directly to the amount of liquidity in the pool/automated market maker (AMM). Or in other words, the price impact is how a Buy or Sell Order influences an automated market maker (AMM). The larger the trade, the greater the impact on AMM.
2. Why do I have to pay the “gas” fee? Who gets this money and why?
A gas fee is the payment users make to compensate for the computing energy needed to process and validate transactions within a certain blockchain. All gas fees are paid in the native token of the network where the transaction is taking place.
Gas fees are used to compensate validators who process and verify transactions on the network. Part of the fee is used to burn BNB.
3. GWEI vs gas limit: what is the difference? What affects the transaction fee?
Gwei is a unit of measure for the Ether and BNB based cryptocurrency (1 billion Gwei = 1 BNB). A gas limit is the maximum amount of units of gas you’re willing to pay for a specific transaction.
By setting the gas price (Gwei) to a higher level, the operation will be faster. In contrast, with a low gas limit, transactions could take too long to be confirmed or might even fail.
Several aspects affect blockchain fees:
- Network congestion
- Transaction confirmation time
- Transaction size
The maximum amount is determined by two indicators — Gas Price (1) (1 Gwei = 0.000000001 BNB) and Gas Limit (2). The maximum fee, for example, on the screenshot #31 is 0.001 BNB. Since the block is not highly loaded (69,9%) only 139,795 (3) of the possible 200,000 (4) were used.
If your transaction failed and you see that 99–100% of the gas has been used, increase the gas limit by 20–30%. No worries, only the amount of BNB needed for the transaction will be used.
4. How come bots are able to make transactions here? Why are they not banned?
Our platform is just a UI for the comfortable use of smart contracts that make up the Biswap ecosystem. Unfortunately, even if we introduce a captcha or something similar on our platform, it will not make any difference. In fact, it will only complicate things for ordinary users.
Bots used in DeFi interact not with the interface but with smart contracts directly. It is currently impossible to install a captcha or other protection against bots inside the blockchain.
5. Who keeps my tokens while using Biswap?
When using Biswap, most transactions can be identified as two types:
- Exchange — in one transaction, tokens come out of the user’s wallet and return. A particular contract is used for this — Router. Read more about Router Contract here.
- Staking — when users stake tokens / NFT / adds LPs; they transfer tokens into the smart contract.
Because Biswap is a decentralized exchange, the team has no direct control over tokens, no direct administration rights for the smart contract ecosystem, and liquidity management.
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