Cryptocurrency and blockchain technology has revolutionized the financial industry in the past decade, with bitcoin leading the way. Recent years have resulted in expanding the blockchain industry into one of the fastest-growing industries in the world.
One sector that has enjoyed a breakout in the past 12 months is decentralized finance (DeFi). DeFi has brought about a unique approach towards financial instruments like lending, borrowing and made words like yield farming and liquidity, providing a mainstay in the crypto industry.
The DeFi sector has primarily been spurred by the rise of decentralized exchanges (DEX) that enable easy swapping, staking, and yield farming. However, Ethereum based DEXs have been plagued with the problem of high gas fees and slippages.
This could all change with the introduction of Bazarswap, a unique Ethereum based OTC decentralized exchange.
What is Bazarswap
Bazarswap was launched by the Minereum team (MNE) on March 18, 2021, as a decentralized exchange that offers a unique approach for traders to access ERC-20 tokens on its platform.
It is equipped with a p2p trading platform where traders can swap tokens from other traders within supported pools. Some of the features on Bazarswap include:
Bazarswap offers a secure OTC DEX platform for traders to trade a variety of tokens. Tokens available for trade are never transferred to the exchange and remain in the seller’s wallet until it is sold.
Since Bazarswap is non-custodial, the privacy of traders is respected since the exchange never holds crypto-assets directly. Users can also add any ERC20 token for sale on the exchange using the user-friendly interface.
Bazarswap offers no slippage on its platform, and users get the full value for tokens purchased on the exchange.
Slippage refers to the difference between the expected price of a trade and the price at which the trade is executed. Although slippage can occur at any time, it is common during periods of high volatility.
For example, let’s say that the current ask price for Ethereum on an exchange 1000 and a trader wants to place a buy order for $10000. Once the trade is executed, the trader could be surprised to find they have purchased 9.3 ETH for $10,000. This happened due to slippage that occurred during the trade.
Most Dexes are known for their high slippage. For example, on DEX like Uniswap, you need to adjust slippage to 5-10% to purchase cryptocurrencies. This reduces the total amount received, and on Bazarswap, traders can make more on their purchases.
Zero exchange fees
Bazarswap offers zero exchange fees at the moment for traders. This makes it one of the cheapest decentralized exchanges to use. This is lower than popular DEXes like Uniswap and Sushiswap, which charge 0.3%, respectively.
This fee rate helps traders secure higher returns on their investments. In addition, Bazarswap has lower gas fee costs during swaps. This is important for traders who have had to endure the rising costs of gas fees on other Ethereum based exchanges.
It should be noted that in the future, fees will be introduced and distributed to Minereum Fee shareholders. Anyone can buy these shares in the Minerum Fee Share DEX.
No liquidity mechanism
Traders are not required to provide liquidity for trades to occur on the exchange. Since it is an OTC DEX platform, trades occur between traders. This ensures that traders can access a fully decentralized platform.
Earn Rewards for Trading on Bazarswap
Bazarswap is offering traders the opportunity to get rewarded for trading on the platform. Traders that trade on bazaswap are entitled to a free ticket for the Minereum Lucky Draw blockchain experiment. The lucky draw offers up to 6ETH in prices, and traders can only claim one ticket per token. Users can learn more about the draw here.
Also, the exchange is working on providing additional earning opportunities like a staking platform where traders can stake erc20 tokens for rewards.
Bazarswap is a unique decentralized exchange with good features and can become one of the popular Dexs in the Ethereum space. To learn more about Bazarswap visit its website https://www.bazarswap.com/.