BasedSwap is a decentralized tool designed to simplify the use of various DeFi (decentralized finance) services. It functions as a liquidity aggregator and bridge, allowing users to swiftly exchange assets or bridge them across different chains, such as Solana and Ethereum, through a user-friendly interface.^[1]

BasedSwap integrates with many well-known decentralized exchanges, such as Uniswap, Kyber, Curve, DeBridge DLN, Li.Fi, and the 0x network.^[2]

Overview

Launched in April 2024, BasedSwap is a decentralized tool that streamlines DeFi (decentralized finance) services by offering rapid asset exchange and bridging capabilities across various chains like Base, Solana, Ethereum, Polygon, Arbitrum, Optimism, Avax, and BSC. It simplifies swapping by aggregating funds from major decentralized exchanges such as Uniswap, Kyber, Curve, and DeBridge DLN into one easy-to-use platform, reducing slippage and eliminating the need to deal with complex processes.^[3]
This platform also enables seamless and secure trades across chains, allowing users to bridge assets from one EVM network (such as Base) to another EVM network (like BNB) similar to any other bridge. In this scenario, only the EVM wallet (such as Metamask or Trust wallet) needs to be connected. Additionally, BasedSwap enables users to transfer tokens not only between EVM chains (like BASE and BNB) but also between Solana and EVM chains. This allows them to connect their EVM wallet (like Metamask) and their non-EVM wallet (like Phantom) together so the bridge knows where to send the tokens.^[4]

BasedSwap can be easily accessed either through its website or integrated into other decentralized applications via the BasedSwap API. For swaps on Base, BasedSwap charges a fee of 0.2%, and for using the bridge, the fee is 2%. However, the exciting part is that BasedSwap rewards its token holders with a share of 1.5% of all fees collected through its revenue-sharing program.^[5]

How it works

To use BasedSwap, users only need two wallets: one for Ethereum (such as Metamask) and another for Solana (like Phantom). These wallets enable users to interact with BasedSwap on both EVM and Solana networks. It is recommended to use Metamask for Ethereum and Phantom for Solana for the best experience. By connecting both wallets, BasedSwap ensures that users' funds are transferred correctly, reducing the risk of sending assets to the wrong address.^[5]

BasedSwap's interface is similar to Uniswap's, but with additional details about its optimization techniques. The BasedSwap dApp also enables users to transfer assets between five different chains, including Solana, offering a seamless cross-chain experience. They can also move their assets from other chains to Base to explore the Base ecosystem.

The project's main highlights include its rapid bridging (30 seconds or less) and Cross Chain Swaps, made possible by its extensive liquidity pools and insured cross-chain transactions. Users can purchase any token from any chain using any token via the bridge (e.g., using Solana to buy Brett on Base). BasedSwap offers route insurance, ensuring that in the event of an unforeseen issue during the bridging process, users' funds are safely returned to their originating wallet.^[3][5]

Use Case

• Large Swaps: BasedSwap handles significant orders adeptly. When orders exceed 15 ETH, it automatically divides them across various decentralized exchanges to ensure optimal execution.
• Optimizing Capital Deployment: Through PathFinder, its custom routing algorithm, BasedSwap enhances transaction efficiency across different DeFi protocols. It can directly interact with Aave's or Compound's deposit contracts, as well as DeBridge's DLN ecosystem. This allows users to seamlessly swap collateral, like converting cDAI to aDAI.
• Profit Maximization and Savings: Leveraging PathFinder, BasedSwap assists users in maximizing profits while minimizing gas costs. Users can swiftly capitalize on token price increases or set up earning strategies in a single transaction, ensuring smooth execution without regrets.
• Simplified Payments: BasedSwap simplifies payments in currencies users don't possess. With Swap & Transfer, users can make payments using any token they own, with BasedSwap handling the transfer seamlessly. This feature makes paying friends or associates straightforward – users just need to double-check the destination address.
• Cross-Chain Transactions: BasedSwap facilitates the exchange of assets between different blockchains effortlessly. This broadens its utility by providing access to more assets and liquidity pools across various blockchains. Whether users are transferring assets from Ethereum to other chains or vice versa, BasedSwap's cross-chain feature offers enhanced flexibility and interoperability in DeFi.^[5][1]

Tokenomics

BasedSwap has a native token called $BSW, it has a total supply of 100 million BSW tokens, with 90% (90M BSW) placed into the liquidity pool for the fair launch, and 10% going to marketing, development, CEX, and team allocations. It can be traded currently on Uniswap, Bitay, B2Z Exchange and DODO.^[6]

Token Allocation:

• Buy/sell taxes: 3/3
• 90% liquidity pool
• 3% CEX listings
• 3% team allocation
• 4% marketing allocation^[7][8]