Beginning with BogSwap and BogCharts
New York, NY, Dec. 14, 2021 (GLOBE NEWSWIRE) — (via Blockchain Wire) Bogged Finance — the most actively used Decentralized Finance (DeFi) trading tools suite on Binance Smart Chain has announced the start of their cross-chain expansion today.
BogCharts and BogSwap, the core DeFi products of Bogged Finance, are now available for millions of Polygon blockchain traders and crypto enthusiasts.
Bogged Finance, which according to DappRadar has processed $249.5M of transactions in the past month, stated in their Medium post: “In true DeFi spirit, we wish to provide our tools on as many different chains as possible, to give cryptocurrency traders the ultimate freedom from centralized exchanges.”
They then announced that to begin this process, they would be making BogSwap, and BogCharts available on Polygon.
BogSwap tool enables DeFi traders to exchange (swap) various tokens, similar to how one would trade cryptocurrencies on a traditional centralized exchange (CEX). However, BogSwap takes advantage of decentralized exchange platforms (DEX) to put the process in the trader’s hands. For example, one could exchange BUSD, a pegged US Dollar token, for wrapped Ethereum, exactly the same as one could spend Dollars to buy Ethereum on a CEX, except the trade happens in a completely decentralized manner, ensuring that trader gets exactly what they pay for, without any trading fees.
Drawn by the security and transparency, cryptocurrency traders have been flocking to DeFi trading, as shown by the explosion in usage of popular chains like the BSC and Polygon. However a common complaint, according to Bogged Finance, is the lack of availability of trading tools popularised by CEXes, like accurate price charting, limit orders, and stop-losses.
Bogged Finance have endeavored to bring these tools to traders, and successfully done so on the Binance Smart Chain. Today marks the start of their efforts to expand to other DeFi communities. Polygon blockchain users will now be able to use BogSwap to exchange their digital assets. The BogCharts, which currently attracts over 2 million monthly BSC visitors, will allow them to monitor and analyze the real-time price data of Polygon tokens.
According to their website, they forgo traditional methods of charging for services. While basic functionality, such as charting and trading, is free, users can hold the platform’s native cryptocurrency token (BOG) to access more advanced features, such as portfolio tracking and trailing stop-losses. This unusual method of payment is being adapted by many DeFi platforms as native tokens can be used to give holders more control over a platform, through a Decentralised Autonomous Organization (DAO).
For example, if Bogged Finance wanted to enact changes to how their platform worked, they could put this to a community governance vote. This makes the platform more suited to the needs of its users. Another benefit of the “hold to pay” model is that long-term the BOG holders can get compensated through a process called Staking.
Models such as these are a reason DeFi is truly breaking the mold on old notions of how a financial institution could operate. Whether this will revolutionize the financial world or not is for time to tell, but Bogged Finance certainly does their best to shake things up.