BiShares Review 2026: dETF Indexes With Very Little TVL

BiShares is a DeFi protocol that offered decentralized exchange-traded funds (dETFs) on Fantom and BNB Chain. Its tracked TVL is now very small, and its current website does not describe that product, so treat it with caution.

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

—/10

Not rated

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Our verdict on BiShares

BiShares is an index protocol that aimed to give diversified crypto exposure through dETF tokens on Fantom and BNB Chain. With roughly $104 in tracked TVL and a homepage that no longer describes the product, it is hard to recommend for new deposits. Only experienced DeFi users who can read the contracts and check live activity should consider it, and only with small amounts. The main caveat is the lack of clear evidence that the protocol is maintained.

Score breakdown

How BiShares scores

Security: n/a
Ease of use: n/a
Fees: n/a
Features: n/a

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is BiShares?

BiShares is a DeFi protocol in the index category. It describes itself as providing safe crypto diversification through decentralized exchange-traded funds (dETFs) on multiple chains, and it is listed on Fantom and BNB Chain. It has been tracked since October 2021 and has two audits listed.

Tracked value locked is about $104, so the protocol holds almost no capital. The homepage at the official domain currently reads like a centralized crypto exchange. It mentions fiat deposits, account sign-up and ID verification, and it does not mention dETFs, BISON or the original protocol. Its claims cannot be tied to the on-chain product, and the page contains placeholder text and inconsistent dates. Readers should not assume the exchange claims apply to BiShares.

How BiShares works

A dETF is a token that represents a basket of crypto assets. Instead of buying each coin separately, a holder owns one token whose value follows the combined value of the basket. The basket is held and managed by smart contracts, not by a fund manager or broker.

BiShares describes its aim as safe crypto diversification through these dETFs across multiple chains. Holders of the BISON token vote on protocol proposals. The detailed mechanics, such as how baskets are weighted, rebalanced and redeemed, are not described in material the project publishes in a form that can be verified.

3 features

Key features

Decentralized ETF tokens

dETFs are tokens meant to give exposure to a basket of crypto assets, similar in idea to an index fund.

Multi-chain deployment

The protocol is listed on Fantom and BNB Chain.

BISON governance

BISON holders vote on proposals related to the protocol.

Pros and cons

What we like

Clear original concept: basket exposure through a single token
Governance token (BISON) lets holders vote on proposals
Two audits are listed for the protocol
Deployed on two established EVM chains

Watch out for

Tracked value locked is about $104, which suggests almost no active use
The current homepage describes a centralized-style exchange and does not mention dETFs, so it cannot be tied to the original protocol
Audit reports, team details and fee schedules for the dETF products are not published in an easy-to-find form
Index products on small protocols can suffer from thin liquidity and wide spreads
The BISON governance token's value depends on a protocol that now has very little activity

BiShares fees

BiShares does not publish a fee schedule that can be tied to its dETF products. Index protocols typically charge some combination of minting, redemption or management fees, plus normal network gas on Fantom or BNB Chain. Anyone interacting with the contracts should check the fee terms in the app or contracts before depositing. The current homepage quotes exchange-style trading fees, but they cannot be linked to the protocol's dETFs.

Is BiShares safe?

Two audits are listed, but the audit reports and the scope of what was reviewed are not set out on the current site. Index protocols carry smart-contract risk, price-oracle risk and liquidity risk, and these are greater when the protocol holds very little capital and may no longer be maintained.

The current homepage claims things like KYC/AML compliance and cold storage for a centralized exchange. These do not apply to a non-custodial DeFi protocol and cannot be verified here. Be careful with any site on this domain that asks for personal documents or deposits.

5 steps

How to get started with BiShares

1
Check recent on-chain activity and the current TVL before committing any funds.
2
Confirm the official site and contract addresses through the project's verified social account.
3
Review the published audits, if any, and read what they covered.
4
Test with a very small amount first, and consider how you would exit if liquidity is thin.
5
Never connect a wallet to a site that asks for your seed phrase or for identity documents it did not request before.

Open BiShares

Who BiShares is for

Mostly researchers and experienced DeFi users interested in how on-chain index funds have been built. It is not suited to beginners or anyone who needs reliable liquidity and ongoing support.

BiShares FAQs

What is BiShares?

BiShares is a DeFi protocol that provides crypto diversification through decentralized exchange-traded funds (dETFs) on multiple chains. It is listed on Fantom and BNB Chain, and its governance token is BISON.

Is BiShares still active?

Tracked total value locked is about $104, so very little capital is in the protocol. That level of activity raises liquidity and abandonment concerns, and anyone considering it should check recent on-chain activity first.

What is the BISON token used for?

BISON is the governance token. Holders vote on proposals related to the protocol, such as changes to how it operates.

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