BabyDogeSwap launched on Oct.6, as a challenge to PancakeSwap’s DEX hegemony on BNB Chain. We tried it out and learned about its various features.
BabyDogeSwap Launches on Mainnet
With its large community support, BabyDogeSwap is one of the most awaited projects from the Baby Doge team. On Oct. 6, the team launched the Decentralized Exchange (DEX) on BNB Chain.
We had previously discussed the BabyDogeSwap testnet, which launched in August, and discussed some issues. You can check it out here.
Today, let’s check some of the DEX features that are on offer.
Head to BabyDogeSwap Site
You will see a page like the one shown below when you visit the BabyDogeSwap website.
Unlike the testnet swap, you don’t need test coins — but real coins and tokens in your wallet.
Go to the Swap by clicking on the “Swap’” button that you can find in the top left of the page. In this case, we will use $BNB again to convert to $BabyDoge.
Upon clicking the “Swap” button and confirming the transaction, $BabyDoge should appear in your Metamask wallet. If you don’t see it appear in the wallet, you should import the token address of $BabyDoge by filling in the details in MetaMask. You can find them here.
Remembr that on the testnet swap, we had some issues swapping USDC or BUSD with BabyDoge. So let’s try swapping BUSD for BabyDoge and see what happens:
It looks like the BabyDogeSwap testnet issues aren’t reflected here. Slippage tolerance is well within 12%. There does not appear to be any problem with swapping BUSD for BabyDoge as well as for other pairs.
Let’s move to other features:
Liquidity and Asset Migration
The “Add Liquidity” button on the BabyDogeSwap platform allows you to add liquidity to specific token pairs.
Adding liquidity to any pair will earn you 0.2% returns on all swaps, proportional to your share of the liquidity.
You can also migrate your assets from PancakeSwap to BabyDogeSwap using BabyDogeSwap.
Farms and Pools
With BabyDogeSwap farms, you can lend and stake assets for interest and other rewards. You can get a pair if you don’t have one by clicking the option on the left. For instance, for BNB/BUSD, you can form a liquidity pool by clicking on the BNB/BUSD pool on the left.
Place the respective amounts in the boxes to create the pools.
After that, you can click on “Supply” below to confirm the supply from your wallet.
You can also see your liquidity pair by going over the liquidity page.
Once you have created the pair, go back to the “Farm” page and click on “Enable” to make it available for farming.
Again, you need to confirm the transaction from your wallet, and voilà, your assets are now in the Farm.
The Pools section allows you to stake assets like BabyDoge to earn tokens like BabyDoge, USDC, or ETH.
Let’s go with BabyDoge. You just need to click on Enable followed by confirming the transaction from your wallet.
You can click on “Harvest” after you stake your assets to claim rewards. You can withdraw your staked assets anytime by clicking the “Withdraw” button.
Through the platform, you can vote on proposals as a community member. As you can see below, there is currently a community proposal. You can proceed and vote your preferences.
On BabyDogeSwap, you can also lock up your assets to maintain the value of a particular asset over the long term. Currently, BSW tokens from Biswap are available to lock.
Additionally, you can purchase tokens using fiat currencies on the platform. To do this, you must provide the BNB Chain token address. You can find it on BSCscan or CoinMarketCap.
At the time of writing, the total volume of BabyDogeSwap is $102.03K, with $17.98 million in liquidity. BSC News reached out to the BabyDogeSwap team to learn more about the DEX, but we didn’t get an immediate reply.
Source : bsc.news
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