As the saying goes – “Not your keys, not your coins.”
This is a serious folly affecting all centralized cryptocurrency exchanges — no matter how big or trusted. Basically what it implies is that if you store your crypto assets on any centralized, third-party exchange or custodian, you have no guarantee of ownership of these assets. The exchange holds the key to your wallet, which makes it also the de-facto owner of your cryptos.
BazarSwap aims to resolve this problem with its decentralized trading platform where you, and only you, get to be in control of your wallet and assets.
BazarSwap: An Overview
BazarSwap is a brand new platform launched earlier this year by the Minereum team (MNE).
BazarSwap prides itself as the first-of-its-kind OTC decentralized exchange (DEX) for ERC-20 tokens. Its objective is to make the swapping of ERC-20 tokens easy, secure, and privacy-friendly without requiring any intermediary.
Users can use the exchange to sell any ERC-20 token of their choice. And with more than 200,000 ERC-20 tokens already co-existing on the Ethereum blockchain, this has paved the way for BazarSwap to establish itself as a pretty attractive destination for traders.
Being barely a few weeks old, the token diversity is still not very high. But with steady growth in the user base, BazarSwap could very well be on the track to emerge as a comprehensive platform for a wide variety of ERC-20 tokens.
As an added perk, the platform aspires to be among the most cost-efficient crypto trading venues with minimal fees and commissions.
BazarSwap Features
On the first look, BazarSwap seems to be packing a balanced combination of features and ease of use. As we have already mentioned, it’s a fully decentralized and 100% OTC platform for ERC-20 tokens, which also happens to be BazarSwap’s unique selling point.
Because of its uncompromised decentralization, SwapBazar has the ability to woo traders who are not big fans of the way CEXs operate. Especially when it comes to the safety of user funds.
For those out of the loop, when you start trading via a CEX, you effectively lose control over all your tokens. In worst-case scenarios, you may even have to struggle big time trying to retrieve your funds from these exchanges. In fact, there have been multiple instances when such mishaps actually happened – the infamous Mt. Gox scandal, for example.
With BazarSwap, however, you are always in full control of your assets. You do not have to transfer any tokens to the exchange because all transactions are peer-to-peer.
Meanwhile, for those extra careful about security, BazarSwap has publicly shared the source code for its Smart Contract, which anyone can verify using this link over here. The smart contract address is: 0xb3cD2Bf2DC3D92E5647953314561d10a9B7CF473.
Additionally, BazarSwap has no spillage and offers zero exchange fees. Of course, you have to pay for the gas fee, but as of April 2021, it’s relatively low. As for the interface, it is easy to navigate even if we have little to no prior exposure to decentralized exchanges.
Users do not have to worry about any liquidity mechanism due to the platform’s direct and automatic payouts for both buyers and sellers.
BazarSwap’s main features include:
- No compromise on decentralization.
- OTC trading for all (peer-to-peer).
- No Slippage
- Zero Exchange fees as of April 2021.
- Direct and automatic payouts for buyers and sellers
- You are in full control of your tokens as you do not have to deposit them with the exchange.
- Users can opt to sell any ERC20 token on the platform.
How it works
The platform breaks down its modus operandi in the following five easy-to-grasp stages:
- First, you set your ERC-20 tokens for sale on BazarSwap. Keep in mind that when you offer a token for sale, you are essentially making the entire current and future balances of your selected token at a price of your preference.
- Once you have set the token for sale, you can now deposit or transfer more of it into your wallet without any restrictions whatsoever. The updated balance will be visible to you in real-time and once a buyer buys your position, your entire wallet balance of that token will change hands at the price you had picked.
- You have the option to create more than one address as a seller. In addition, you will also have the option to set different address balances at varying prices.
- In the event you have to transfer all the tokens from your wallet, the BazarSwap algorithms will instantly detect it and your address will temporarily vanish from trade pages. And if you deposit funds to your wallet at a later stage and the balance becomes greater than 0, your address will reappear on trade pages.
- When a buyer purchases a token you have offered for sale, the entire balance of that token from your wallet will be transferred to them. In return, you will automatically receive your ETH payment.
By now, you have probably figured that using the platform is not very complicated. Of course, it’s not perfect, but objectively speaking, it’s another step in the right direction for the evolution of decentralization.
BazarSwap Fees
Since its launch earlier this February, BazarSwap has maintained a no-fee structure in an attempt to attract new users. However, the exchange is honest about the fact that a certain fee, albeit a relatively small one, will be introduced at some point in the future.
Even at that stage, the Minereum Fee shareholders can expect a large chunk of the revenue coming from fees. This is to further incentivize existing holders while onboarding new ones.
You will, however, always have the liberty to sell your shares or send them to another address at will.
A Lucky Draw Promotion to Charm New Users
BazarSwap is aggressively pushing to build a strong presence in the DEX arena and the ERC-20 token trading communities worldwide. As part of this effort, the exchange has rolled out a “lucky draw” with up to 6 ETH up for grabs.
The rules are simple, all you have to do is:
- Go to BazarSwap.com and set a token balance for sale.
- Next, you go to the Minereum Lucky Draw page.
- Find the BazarSwap Area and insert the token contract address you used while setting the token for sale.
- Claim your free ticket.
- The ticket has an expiration period. That is why you should play it before it passes through 256 network confirmations.
Note that you can claim only one ticket per token.
Final Thoughts
At just over a month since launch, BazarSwap is still taking its early strides towards creating a full-fledged ecosystem. Conceptually and technologically, the platform is indeed promising. And if you are on the hunt for a truly decentralized platform for trading ERC-20 tokens in a safe, easy, and cost-efficient way, BazarSwap is an option worth mulling over.
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