New BNB Chain DEX BabyDogeSwap is set to launch on Oct.5. Before the swap goes on mainnet, we tried the testnet version to learn what is on offer.
Much Awaited BabyDogeSwap
The BabyDogeSwap is a highly anticipated Decentralized Exchange (DEX) on BNB Chain that went live on testnet on Aug.16. The platform, backed by a substantial meme-loving community, even issued a challenge to PancakeSwap with a teaser of becoming the preferred DEX on BNB Chain.
The BabyDoge team also mentioned multiple features that the team will incorporate in its swap. You can check them out in an earlier BSC News article.
We can’t say how far BabyDogeSwap will go, but we thought we could try it out in testnet and give our views. So here we go:
When you head to the BabyDogeSwap testnet site, you will land on a page like the one shown below.
Since the platform is still on testnet, you’ll need a MetaMask wallet and test coins/tokens. How to get test tokens? To accomplish this, please follow the BabyDoge team’s step-by-step video guide:
Once you have test coins like BNB, BUSD and USDT in your MetaMask wallet, let’s explore each feature:
You will see options to swap your tokens when you connect your wallet to the swap. Here, we’ll use $BNB to convert to $BabyDoge. You can find information regarding price changes and transaction fees below.
After clicking the “Swap” button and confirming the transaction, $BabyDoge should appear in your MetaMask wallet. The swap appears to be working smoothly in this case. If you don’t see $BabyDoge in your wallet, you must import the token address from the BscScan.
However, let’s see what happens when we swap $USDC with $BabyDoge:
As you can see, we cannot swap the tokens due to their high price impact. The same applies to a few other token pairs as well. When we swapped $BabyDoge for $USDC, it showed that we would receive $2,371,490 USDC for 1 BabyDoge.
This transaction, however, failed each time we tried to complete it with the following message.
BSC News contacted the BabyDogeSwap team to learn about persistent issues with the testnet version of the swap . According to the team, the “minor bugs” will be resolved during the Oct. 5 mainnet launch.
“The reaction of our communities has been very overall positive. Also, the feedback from them navigating our testnet has been very helpful in getting all minor bugs fixed,” Ben, a core team member of the BabyDogeSwap team, told BSC News. “Plus suggestions were also suggested and taken into account like speed performance increased to accommodate the upcoming traffic expected in the future when BabaDogeSwap is live.”
Liquidity and Asset Migration:
You can add liquidity to certain token pairs on the platform by clicking the “Add Liquidity” button.
In addition, you can add an existing pool by clicking on “Find other LP tokens.” Adding liquidity to any pair, you will earn 0.2% of all swaps proportional to your share.
BabyDogeSwap will also allow you to migrate your assets from PancakeSwap to BabyDogeSwap.
Farms and Pools
BabyDogeSwap’s farms will allow you to lend and stake assets for interest and other rewards. Here you can see that by staking BabyDoge/BTCB, you can earn an APY of 1.5% plus some tokens.
In the “Pools” section, you can stake assets like BabyDoge in exchange for other coins like USDC or ETH.
After staking your assets, you can claim rewards by clicking on the “Harvest.” Further, you can withdraw your staked assets anytime by clicking on the “Withdraw” button.
That’s not all. Additionally, BabyDoge will allow you to create your own liquidity pools by entering certain details. The details include rewards token, amount of rewards, etc.
You can create a liquidity pool for a single token or a token pair.
Through the platform, you can vote on proposals as a community member.
You can also lock up your assets on the BabyDogeSwap platform for a period during which crypto tokens cannot be traded or transacted. The purpose of these lockups is usually to maintain the value of a particular asset over the long term.
Additionally, the platform will allow you to purchase tokens using fiat currencies like $USD, $ARS, $AUD, $BRL, $INR, etc. In order to do this, you need to provide the BNB Chain token address from BscScan.
“Our developers have been doing an amazing job, taking care of all minor bugs reported from our communities,” Ben told BSC News. “As far as the potential of our BabyDogeSwap, we look forward to being able to also bring utility to onboard farm-sponsored projects joining our swap.”
The BabyDogeSwap is scheduled to launch on Oct.5. In light of some of the current testnet’s glitches, it will be interesting to see how the team resolves these issues before the mainnet launch.
Source : bsc.news
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