Bazarswap: First OTC Decentralized Exchange for ERC-20 Tokens

UTC by Benjamin Godfrey · 3 min read
Bazarswap: First OTC Decentralized Exchange for ERC-20 Tokens
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Amongst other things, the Bazarswap exchange offers a P2P OTC trading service that currently attracts a zero fee.

Riding on the back of the surging innovation and tailored offerings in the crypto space, particularly in the decentralized exchange (DEX) ecosystem, Bazarswap is making its debut as a new Over-the-Counter (OTC) trading platform dedicated to serving Ethereum-backed ERC-20 tokens. The DEX outfit is an offshoot of Minereum, a blockchain innovative project that aims to revolutionize the future of cryptocurrency mining.

As the first of its kind OTC exchange, Bazarswap boasts to have the support for all kinds of ERC 20 tokens, making it one of the diverse exchanges with this capability. Its numerous offerings and platform plus a simplified and responsive user interface thus set it on a path for a competitive lift-off. As a second milestone, the team also plans to release Bazarswap on Binance Smart Chain.

Features of the Bazarswap Exchange

Amongst other things, the Bazarswap exchange offers a P2P OTC trading service that currently attracts a zero fee. Over-the-counter transactions are trades made directly between two parties and take place without the mediation of an exchange. The decentralized nature of this offering from Bazarswap eliminates the need for a central intermediary as brokers transact directly with one another.

The service on offer removes slippage, a feature that is prevalent amongst other decentralized exchanges and it claims it has no defined liquidity mechanism. In a bid to gain the trust of its clients, Bazarswap does not keep custody of its customer’s tokens, and these are lodged in the appropriate wallets until they become sold.

The DEX takes account of the ubiquity of ERC-20 tokens around today and should there be any such digital asset of interest by any customer that is not listed, such tokens can easily be added to the pool. Although the exchange maintains its stand about no fees at this time, it might introduce such in the next possible future.

How Does the Bazarswap OTC Services Work

To get started on the Bazarswap exchange, you need to connect your wallet which may range from Metamask to Trust Wallet amongst others. Then you can set a sale for any of the tokens on your wallet at your desired price.

The setting of sales does not prevent you from conducting other activities such as the transfer and deposit of new coins into your wallet. Should you do this, your balances will be adequately reflected after it is successful.

The set sales will be shown to the buyers and when any sale is initiated, the balances are reflected on your dashboard accordingly. The sales pages require traders to have a balance above 0 as any value below this will remove one from the market.

Multiple addresses can also be created, provided the wallet involved can effectively help in the management of such addresses. For every trade completed, the seller receives the Ethereum equivalent of the price previously quoted.

Fee Sharing Mechanisms and Lucky Draws

Although fees are absent from the Bazarswap OTC marketplace at this time, there are plans to introduce them later on, but doing so will not only profit the Minereum team but all of the Minereum Fee Share Holders. To benefit, one needs to acquire a Minereum fee share which can be done by payments using the MNE tokens.

As an additional benefit, setting up sales on Bazarswap qualifies everyone for a free ticket for the Minereum Lucky Draw blockchain experiment, which comes with the probability of winning up to 6 ETH. Terms and conditions apply for this incentive. Read more information here.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

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