BabySwap is a decentralized exchange that allows crypto users to trade, earn, and play. The platform works on the BNB chain to support AMM, NFT, and GameFi. For traders, the service offers potential baby projects that can be nurtured via farming, bottling, trading, and other features of the DEX. Further, the exchange allows growth funds, friendly display, resources, and more.
As per its profile on Medium.com, the platform was formed in June 2021. We could not find info on the location of the company, its team members, their expertise and experience, and other related details .
The DEX is a supportive Baby Metaverse comprising NFT, AMM, and GameFi for fledgling projects on the Binance Smart Chain (BSC). It provides the best support for projects by giving arbitrage support, growth fund, resources, entertaining activities, etc.
- Low transaction cost
- A diverse range of features
- No vendor transparency
- Lack of proven track record
Key features of BabySwap
Important features of the DEX are listed below:
- BABY is the token of the decentralized exchange.
- You can trade mine the native token by getting free BABY with every trade.
- A smart router feature links to the liquidity pool with the best rates for a trade.
- You can receive LP tokens by adding your tokens to the liquidity pools.
- Fund your project using the growth fund through the voting power of the user.
What wallets does it support?
The DEX supports many wallets such as :
- Wallet Connect
- Coinbase Wallet
- SafePal Wallet
- ONTO Wallet
- Binance Chain Wallet
Connecting the wallet to the DEX can be done with the following steps:
- Download your wallet or import your wallet if you have a BNB chain wallet
- If you don’t have a wallet, click on New Wallet and create one. Now choose the BNB chain
- You need to have BNB for gas fees so ensure you have sufficient BNB for trading on the DEX
- Click on ‘DApp’ and enter ‘BabySwap’
- Click on the ‘DEX’ to enter
- Now you are connected to the DEX
How does BabySwap work?
To get started with the platform, here are the steps you need to follow:
- Create a BNB Chain supported wallet. There are separate guides present for the creation of each of the supported wallet
- You need to get BEP20, the native token of the BNB Chain which you can get via your Binance account or from other centralized exchanges
- Connect the wallet with the DEX and you can start using the features of the platform
What can you buy with BabySwap?
Some of the popular assets you can purchase on the DEX are:
- and more
Are there any risks with BabySwap?
The most important risk that you need to be aware of is the risks caused by liquidity. Impermanent loss is caused when one of the paired assets is volatile and trading can reduce the amount of asset. If the price of the volatile asset increases and the holding of liquidity providers reduces, there is an impermanent loss.
You pay a 0.30% trading fee for every trade which is split up as:
- 0.15% is returned to the liquidity pools as a fee reward for liquidity providers.
- 0.05% is given to buyback BABY for burning.
- 0.05% is taken for buying back BABY and distributing it to all vBABY holders.
- 0.05% is distributed to vBABY holders as USDT dividends.
You can use BEP20 tokens for trading on the DEX. You can also use any crypto token including USDT for the trading which attracts BABY rewards for every trade.
Should you buy it?
The DEX offers a diverse range of features including swap, smart router, farming, bottles, IDO, IFO, and more that can help in boosting the projects of users. Further, the platform offers lower fees. However, you need to consider factors like the lack of vendor info and performance proof.
BabySwap promises lower fees due to the use of USDT. Easy token swap, a diverse range of features, BNB chain support, and a simple trading method are beneficial aspects of the DEX. However, you need to consider the lack of vendor info, the risk of impermanent loss, and the absence of a proven track record before you decide on using the platform.