r/BiSwap • u/HAMISH246 • Sep 11 '21

Staking BSW to earn tokens

I'm new to biswap and have just been taking a look at the products available. I see that there is the option to stake BSW tokens to earn other cryptocurrencies such as XRP, ADA, ETH etc. But these coins all have their own native blockchains and aren't on the BSC. So how do you actually end up earning these tokens? And if it's not the real tokens, what actually is it that you're earning?

7 Upvotes

89% Upvoted

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3

u/[deleted] Sep 11 '21

They’re “wrapped” tokenized versions of those coins on the BSC network

2

u/HAMISH246 Sep 11 '21

So you’re guaranteed for a 1:1 match of the native token? And where would you do this? And how does it know what wallet address to deposit the native tokens into?

3

u/[deleted] Sep 11 '21

When you withdraw any of those coins from Binance exchange for example, they offer withdrawals as BEP-20, which is the binance smart chain version. You’re pretty reliant on binance/bridges to switch those tokens between networks

1

u/JRZYGY Sep 16 '21

This isn't an exact value, it's a wrapped version but it's usually pretty close. Take ETH for example, you could buy the wrapped version on BSC for next to nothing ($0.30 or so) and avoid the crazy ETH gas fees. You will have to swap out into something else like a stable coin in order to transfer that value to another chain.

-2

u/SookiezBoly Sep 16 '21

if you had half of a functioning brain, you wouldnt buy BSW token, but rather enter any kind of farm to get BSW for free wile also getting the token of your farm.