The Binance Smart Chain ecosystem has become one of the most vibrant in the decentralized finance (DeFi) space. Another important aspect of the decentralized finance ecosystem is decentralized exchanges (DEX), where swaps and trading occur.
In this review, we look at Julswap, a decentralized exchange platform on the Binance Smart Chain.
What is Julswap?
Julswap is a platform that gives users access to an automated, decentralized exchange for BSC-20 tokens. The mission of the DEX is to lower the entry barrier into the DeFi ecosystem for the masses.
What’s more, with Julswap, anyone can start their own liquidity pools. This makes the platform genuinely decentralized and a hub for various DeFi gems.
How To Get Started With Julswap
Using decentralized exchanges is different from using regular centralized exchanges. There are two different user interfaces you can interact with on Juslwap. You can use the swap UI or pro trading UI. For the purposes of simplicity and this review, we will use the swap user interface.
To get started, visit https://julswap.com/#/swap.
After, you will have to connect your wallet. Click on ‘Connect to a wallet’ in the top right corner. Julswap provides two options for you to connect your Binance Smart Chain wallet. You can connect your Metamask wallet or any other wallet that has WalletConnect functionality (Eg. Trust Wallet).
Now that you have connected your wallet, you can trade any BSC-20 on Julswap. For instance, if you want to purchase Binance USD (BUSD) with Binance Coin (BNB), you will have to select ‘BNB’ in the ‘from’ section and select ‘BUSD’ to section. You will see an estimation of the current price and total amount of coins you will receive after completing the trade. Click on ‘Swap’ to complete the trade.
For a more professional trading experience, you can use the pro trader user interface by clicking ‘DEX’ in the top navigation menu or visit https://dexbeta.julswap.com/.
Top Features of Julswap
Julswap is not the only decentralized exchange on BSC. However, several traders prefer the platform because of its special features. Here some of the features that set Julswap apart from its competitors:
Lower trading fees: Most decentralized exchanges have extreme trading fees. For instance, Uniswap, one of the largest decentralized exchanges, is known for its high fees. Unlike Uniswap that runs on Ethereum, Julswap runs on Binance Smart Chain, which allows the platform to offer fast trades at a lower cost.
Self-custody of funds: This is a general feature of all decentralized exchanges. Unlike, CEXs where you have to deposit funds into your exchange wallet, DEXs put you totally in charge of your funds. You get to choose your own wallet, have access to your private keys, and simply connect your wallet only when you want to trade.
NO KYC/Trading Limits: Unlike several trading platforms that require you to verify your identity through lengthy procedures that include disclosing your details, providing birth certificates, passports, etc. Also, this makes getting started on the platform quicker since the regular procedures are out of the way. Julswap allows you to trade any amount as many times as you want. There are no withdrawal and deposit limits on the DEX.
Staking On Julswap
Julswap allows you to make passive by staking cryptocurrencies. The Julswap staking contracts give you the opportunity to participate in community staking.
Staking pools available on Julswap DEX:
- SLP JULb / BUSD
- SLP BNB / BUSD
- SLP BNB / VOXb
- SLP JULb / BNB
- SLP BNB / OBRB
The project token team deposits rewards for each staking pool into a smart contract pool. The deposited rewards are then distributed to the stakers based on a predetermined timeline.
For instance, rewards in the JULb and JFT staking pools are distributed every seven days, and the rewards for SLP token staking contracts are distributed every 90 days.
Conclusion – The JustLiquidity Ecosystem and Why You Should Use Julswap
JustLiquidity is shaping up to be one of the best crypto ecosystems with a DEX, non-fungible tokens marketplace, and more ways to explore crypto coming soon. Julswap benefits from the network effects of the ecosystem as it continues to grow. For instance, a token inaugurated on Julpad (the Justliquidity launchpad platform) is more likely to begin trading on Julswap done anywhere else.
In our review, using the platform was a fantastic experience. It is easy to use for swapping various tokens on the Binance Smart Chain. The only thing to look out for on DEXs like these is unknown tokens with suspicious tokenomics and teams behind the project.