The concept of decentralized finance, also known as DeFi, is a revolutionary one. It seeks to include society financially without the need for intermediaries to facilitate transactions. While Binance is the first choice for building DeFi protocols. MindchainSwap, a Binance-backed protocol, has emerged as a competitor. In this article, we will discuss Mindchain Swap in detail.
What is MindchainSwap?
MindchainSwap is a decentralized exchange built on the BNB Chain (formerly the BSC and Binance Chain). It enables its users to easily exchange BEP-20 standard tokens.
The main idea behind DeFi and DEX was to decentralize money globally. Crypto experts envision a system where centralized exchanges would not be needed. Uniswap and SushiSwap have emerged as market leaders. But there was a skewed trend with the development of most DApps on the Ethereum blockchain. This heavy reliance on the Ethereum network has created challenges such as slow transaction speeds and high gas fees.
How does MindchainSwap work?
As mentioned above, MindchainSwap is a decentralized exchange that runs on the BNB chain. It works on the automated market maker (AMM) model instead of the traditional market model, where there is one seller and one buyer.
People deposit their funds in this liquidity pool. In return, they get an LP (liquidity provider) token. On the other hand, those who want to use this liquidity pay a fee to the DeFi platform.
The AMM model allows you to earn by creating liquidity for the pool. The more you contribute, the more you get in return. You can trade LP tokens for profit. In addition, they can be farmed into another type of liquidity pool to earn MindchainSwap’s native BEP-20 token known as MIND. That’s not all: there are other types of pools that are more rewarding than others.
What can you do at MindchainSwap?
The first thing you need to do on the MindchainSwap platform is to add liquidity to the pool. People invest in the liquidity pool and collect a fee and MIND (LP tokens) in return. These are all BEP-20 standard tokens. Investors can use these tokens in various ways to earn profit on MindchainSwap.
MindchainSwap is an exchange, albeit a decentralized one, and the most basic function it supports is trading BEP-20 tokens. LP tokens will be offered to liquidity providers who enable trading for other BEP tokens. This is similar to crypto trading. MindchainSwap is built for speed and security, helping to provide a smooth trading experience.
The most profitable way to earn on MindchainSwap is yield farming, which can provide users with a lot of income. Previously earned LP token rewards can be farmed on the MindchainSwap platform, which provides a way to collect its own governance token called MIND. Since it’s like an investment, you lock in your money for rewards in return. The nomenclature used here is clearly analogous to farming terminology. Investing and waiting for your MIND reward is called farming, and reaping your reward is called farming. The volume and time of invested assets are directly proportional to the income. Navigate to the Farm tab in the sidebar to start farming.
Not everyone who trades in cryptocurrencies is an expert who can trade LP tokens and make a profit. For beginners in this field, staking emerges as the best option. With MindchainSwap, you can accumulate MIND Coins in SYRUP pools to earn more rewards
The best part is that these rewards are no longer just in the form of MIND Coins There are also a few other BEP token options. Once you decide to cash in the rewards, you need to harvest. Staking may sound similar to farming, but in crypto staking, you can lock in your investment for a certain period of time. Once you’ve planted your cake, you can relax and make a passive income.
NFT stands for Non-Fungible Token. Following its gamification approach, MindchainSwap makes it possible for users to win special NFTs, which can then be used for trading and staking. Binance has developed a specific protocol that makes creating NFTs easier than ever before.
Initial Farm Offering (IFO)
To participate in the initial farm offering, you will need to use certain tokens from MindchainSwap to gain access to the newly launched token sale. IFOs are similar to ICOs and IEOs, which we’ll discuss further below.
Benefits of using Mindchain Swap
MindchainSwap entered the market to deal with other swaps. MindchainSwap comes with many built-in features that give it an edge over its competition.
Below are some well-known benefits of using Mindchain Swap.
Interconnection: MindchainSwap developers knew that Ethereum dominates the DeFi space, and anyone using MindchainSwap for the first time will appreciate some compatibility between the two technologies. Hence, MindchainSwap developers built it with an eye on interoperability. It supports many popular wallets including MetaMask, Trust Wallet, which store both BEP-20 and ERC-20 standard tokens. MindchainSwap lists many Ethereum-based coins on its exchange.
Ease of Use: MindchainSwap’s user interface is designed to be clean and simple. It is easy to navigate and use, even for beginners. Its impeccable performance provides a top-notch trading experience. You don’t have much to handle and you never walk outside because it becomes overwhelming.
Numerous earning options: Users of MindchainSwap can benefit from various tools and techniques. You can farm, partner, or participate in NFTs and lotteries to earn profits. With so many options at your disposal, potential profits are just around the corner.
Fast: MindchainSwaps facilitates fast transactions due to network sophistication. Hence, traders rarely lose any trading opportunities due to performance issues. They may be more proactive in responding to any trading stimulus, taking profits before the game.
Cheap Transactions: MindchainSwap offers a much cheaper transaction option, with an average cost of around $0.08. This difference in price is one of the main reasons for its popularity.
Privacy: You are not required to provide any government-sanctioned identity to MindchainSwap, as it respects your privacy.
How to Swap Tokens on MindchainSwap
Connect a BEP-20-supported wallet to your MindchainSwap account to get started the first step to a token swap is to own something. To get LP tokens on MindchainSwap, you need to invest your digital assets into their liquidity pool. Select the Liquidity option on the Trade tab and click the Add Liquidity button to start adding liquidity. Once you do this, you will receive some LP tokens against your invested assets.
To start your token swap, click the Exchange button on the Trade tab in the sidebar. Choose the option you want to trade. One of these is the token you own, the other is the token you want to buy. Select and proceed with the exchange.
Is Mindchain Swap safe?
The world of blockchain is as full of risk as it is of reward. There is no absolute guarantee of safety. Like any other DeFi protocol, MindchainSwap also comes with some risks. With its advanced BNB chain architecture, MindchainSwap pays as much attention to its security as to its functionality. However, there is always the possibility of things going sideways. Thus, people should only invest what they can afford to lose.
The world is evolving. People are constantly concerned about more privacy and control. The growing demand for decentralization tells us that DeFi is here to stay and will grow. DApps are already generating a lot of revenue, creating passive income streams for millions of people around the world. The DeFi revolution may have started with Ethereum, but it certainly won’t end there. And MindchainSwap can play a big role in that.