BSC Project Spotlight continues, and this time we interviewed BabySwap. This ecosystem built around AMM and NFTs paired with different products and offers has an active and stable community, and we believe you'll enjoy this interview. BabySwap is also one of the winners of #MVBIII Monthly Stars for August.
Spotlight on BabySwap
IMPORTANT: Please note the following content does not constitute an endorsement or approval of any of the products, services, or views of the project, organization, or individual interviewed in this article. The answers and comments from BabySwap are unedited and as received.
Nice to have you here, BabySwap. As this is your first time under the Spotlight, let’s start with a brief introduction. Tell us about BabySwap, its vision, and its mission.
BabySwap is devoted to building the best AMM+NFT BSC decentralized exchange for newborn projects, providing a more friendly trading experience and better project support.
With BabySwap, you can swap, farm, and pool. In addition, BabySwap features trade mining, USDT route, Grants program, GameFi, and also its own NFT Ecosystem.
We believe that DeFi ought to be the finance service that is easy for everyone to participate in, for both newbie and professional users. While we noticed that there are a lot of crypto startups that focus on real-world problem-solving and do create value, they usually lack attention, business resources, or initial capital. We hope to offer baby projects and baby users a more easy-to-use platform for trading, coin listing, promoting, and even value growth.
The name BabySwap is well, let’s say creative. How did you come up with the name and when was the whole idea born?
The name BabySwap comes from our initial reflections and vision. Like we mentioned before, we think DeFi is for everyone. While now the situation is, your capital has determined how profitable you are, and similarly, the capital a project can raise determines their public exposure, which in turn affects the value of the project.
Binance Smart Chain is a great place for newborn and long-tail projects to grow, however, they lack support in DEX. The existing DEX tends to only focus on BSC's top projects, and cannot effectively cater to BSC newborn and long-tail projects. This makes a threshold for Defi. These projects do not have effective operational support, such as marketing, funds, resources, and so on, so we position BabySwap as the best DEX and asset management choice for newborn projects on Binance Smart Chain. We aim to provide a more friendly trading experience and more supportive services. We hope to offer baby projects and baby users a more easy-to-use platform for trading, coin listing, promoting, and even value growth.
On the other hand, there’s a traffic dilemma of DeFi Projects. The new NFT and GameFi projects start to connect the traditional market to the crypto world by attracting new traffic, and it’s not enough, so we feel like using our way to attract people outside.
So we felt that our model was very much like a baby’s wonderland and that's how the theme “Baby” came. One baby can have enormous potential and strength, and this is what we initially visioned and hoped to offer. So the development of BabySwap is divided into two stages and is gradually evolving from DeFi to GameFi. AMM is the fundamentals, NFT is the connector, and GameFi is the traffic pool.
Can you introduce us to your team?
Our team is globalized and anonymous. BabySwap has a great team spread across different time zones, with strong expertise in blockchain development, DeFi engineering, marketing, and community building. Although the team works from different locations, we are extremely efficient and productive.
What are the main advantages of BabySwap for the user, compared to a similar project?
Our advantages are essentially convenience and low cost. The basic features are the same as PancakeSwap — swap, farms, and pools. Besides, BabySwap also has some innovative optimization and support services, including Trade Mining, Bottle growth fund, NFT, and GameFi.
Unlike other AMM decentralized exchanges on Binance Smart Chain, our recommended route is Tether (USDT), not Binance Coin (BNB) or Binance USD (BUSD). As a result, arbitrage between BabySwap and other DEXs or CEXs can cost much cheaper. Not to mention that you can get trade mining rewards along with arbitrage, which is called trade mining. Trade mining doesn’t only give more rewards and benefits to users but also increases our trading volume and liquidity.
We also have Bottle, and it’s coming soon. Each week, 0.05% of the trading fee of the whole BabySwap will buy back into BABY as the Bottle growth fund. Only the projects with top trading volume can be listed in our bottle campaign. Users will be able to vote with BABY to support their favorite projects, and the winners each week will share the growth fund.
On the other hand, we see NFT as one of our most valuable elements. As a People's DEX, we want to explore the infinite limit of the crypto world by providing various types of assets, including newborn projects and NFT. We have this amazing brand image, and we are going to make it in different NFT series. Our ultimate goal is to build the bridge for Crypto worlds and arts outside of the crypto.
Our first step is to establish our NFB. NFB (Non-Fungible Baby), refers to BabySwap minted NFT. Each NFB will have its face value that can be used for staking in the pool with a higher APR. We release different NFB limited editions about 1-3 times a week. Also, users can trade NFB on Binance NFT and other secondary markets.
Then we have a profile (avatar) and GameFi in our roadmap, please stay tuned for those innovations.
Baby is the future, NFT is the next step to the future.
Thanks for an extensive answer. Why did you decide to build on the Binance Smart Chain?
It’s simple! The high demand for the DeFi services on the Ethereum network is producing massive demand for the use of the network. This massive demand eventually transfers into high transaction fees. This makes Ethereum an unusable platform for typical day-to-day transactions. Furthermore, Ethereum is only capable of processing 25-30 transactions per second. This is not fast enough to handle periods of high volume.
Binance Smart Chain has a much better speed and much lower transaction fees. With the support of the world’s biggest crypto exchange Binance, the Binance Smart Chain is gaining a competitive advantage and liquidity. BSC will become one of the most popular blockchains of the decentralized economy. For this reason, this is also why small or newborn projects should launch on BSC, and we want to support them all.
As BabySwap grows bigger, you have to protect a lot of funds and data. What is your security strategy?
Our team gets all the security concerns from users. We value our users' and investors' assets’ security, so BabySwap has built deep cooperation with CertiK using their Skynet service and we are an open-source project. We audit every new feature before launch to make sure everything is secure. Till now BabySwap already has 7 audit reports, and now we are going to have another full-round audit via PeckShield to reassure. Your funds are safe on BabySwap.
And as we’re getting to the end of the interview, let’s talk about the future. What do you see as the main challenge for the future of DeFi?
We feel like DeFi is not decentralized enough, so people still can’t feel the power of DeFi and are still stuck with CeFi. With the policy of each country getting stricter, crypto users will start to realize the importance of DeFi. However, DeFi is not an easy area to step in. It feels like you need to know more about how wallets and addresses work, understand the private keys, and other knowledge before you master it.
This is what BabySwap is trying to do, attracting people outside of Crypto using our brand avatar. Self-interest is the best teacher, and we hope to be the bridge for people to connect the real world to crypto.
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