Beamswap Decentralized Exchange Review

Beamswap is a decentralized exchange with an automated market maker that supplies liquidity and facilitates P2P transactions. This platform was launched on January 18, 2022. It is a relatively new introduction to the DeFi environment. We don’t have any background information on the developers behind this system. 

Beamswap overview

Here are key features of this platform:

• Cryptocurrencies supported

Here, you can seamlessly swap between crypto coins. Some of the supported coins include GLMR, BIFI, BNB, BUSD, DAI, ETH, and FTM.

• Native token

The native token of this platform is known as GLINT. It serves as an incentive for liquidity providers. You can also stake liquidity pair tokens in yield farms to earn GLINT tokens.

• Funding methods

To conduct swaps, you must hold some coins in your wallet. Additionally, you need GLMR to pay for the gas fees for executing transactions on the network.

• Wallets supported

Before you can trade tokens, you must connect your wallet to the network. The supported wallets include Trust Wallet, Metamask, as well as those supported by the WalletConnect software.

How does Beamswap work?

On this platform, you can perform the following actions:

1. Swap tokens

This is the main product of this exchange. You can easily carry out trustless, peer-to-peer transactions on this network. As long as the token is supported by the network, you can trade directly from your wallet while enjoying low fees and fast transaction speeds.

2. Provide liquidity

You can add liquidity to the liquidity pools. Thus, you can get rewarded with a portion of the swap fees for the pairs you have provided liquidity in. You can remove liquidity whenever you wish.

3. Stake tokens in yield farms

It is possible to stake Beamswap liquidity pair tokens in yield farms in order to earn GLINT tokens. The farms incentivize those adding liquidity to the network and help nullify the risk for Impermanent Loss.

4. Bridge cryptocurrencies from other chains

Through the Beamswap bridge, you can bridge your crypto tokens from other EVM chains to Moonbeam. Right now, bridging is supported only for BSC and Ethereum. However, the developer has stated that they will add more chains soon.

5. Auto-compound on Beamshare

By depositing GLINT tokens into Beamshare, you receive SHARE tokens as receipt. Later, you can deposit SHARE tokens in Syrup pools to earn partnered project tokens once they go live. This way, you can earn double APY.

What can you buy on Beamswap?

This exchange operates on the Moonbeam network. It is an Ethereum-compatible smart contract parachain operating on the Polkadot blockchain. Some of the tokens you can buy on this exchange include GLMR, GLINT, USDC, BUSD, BNB, ETH, USDC, DAI, FTM, and BIFI.

Is Beamswap safe?

Solidity Finance, a renowned smart contract auditing company, has reviewed the code of this DEX. During the audit, some issues were found, but they were promptly resolved. Here, we should mention that the platform lacks some of the advanced security features found on other systems.

User reviews

At this moment, there are no reviews for this exchange on third-party websites. Since it is a new platform, not many people are currently using it.

Beamswap fees, compatible wallets, and transactions

There is a 0.3% fee for swapping tokens on this platform. From this, 0.17% goes to the liquidity providers and 0.03% is used for buying GLINT and depositing them in the rewards pool for Beamshare. The supported wallets include Trust Wallet, Metamask, and WalletConnect-compatible desktop wallets like Ledger Live, Tokenary, Infinity Wallet, Wallet 3, Ambire Wallet.

What are the ways to trade on Beamswap?

To trade tokens, you need to navigate to the Exchange page on the web app of the DEX platform. After that, you can select the token to buy and the one you wish to swap. From the swap, you can select the transaction deadline and the slippage tolerance. By toggling expert mode, you can allow high slippage trades. You can also disable Multihops and enable hardware wallets.

Customer support

There is no dedicated support team for this DEX. If you require assistance, you must consult the docs section. It also has communities on Discord, Telegram, and YouTube.

Should you trade with Beamswap?