Biswap V2 Review 2026: Multichain DEX on BNB Chain

Biswap V2 is a decentralized exchange that began on BNB Chain and now says it supports BNB, Ethereum, Arbitrum and Base. Users swap tokens from their own wallets and can supply liquidity to earn fees.

The project claims more than 2.7 million users, a community of over 600,000 and over $48 billion in total trading volume. Those are self-reported figures. Current DefiLlama-tracked TVL is about $5.3 million, down 1.6% over seven days.

The native token is BSW. Price pages show it trading at a very small fraction of a dollar. Biswap suits users who already trade on BNB Chain and want a familiar AMM, but liquidity is far smaller than on the largest DEXes.

Biswap is an automated market maker. Instead of matching buyers and sellers, it uses pools of two tokens funded by liquidity providers. When someone swaps, the pool adjusts the price by a formula, and the trader pays a fee.

Biswap says liquidity providers receive 80% of that fee. On BNB Chain, providers can also earn BSW, the project's token. The homepage mentions a V3 AMM protocol, which in the wider industry refers to concentrated liquidity where providers choose a price range, though Biswap's exact implementation is not detailed.

The project says trading works across BNB, Ethereum, Arbitrum and Base. Tracked TVL for this V2 entry sits on BNB Chain only.

Biswap says liquidity providers receive 80% of the trading fee, and the homepage promotes low fees. A social video title refers to a 0.2% transaction fee, but this is a single, informal source, so treat it as unconfirmed.

A complete fee table by pool tier is not published. Users see the exact fee and expected slippage in the swap interface before confirming, and they also pay normal network gas on each chain.

DefiLlama lists two audits for Biswap, and a separate security-rating page says the token contract was audited by one firm. Audit firm names, dates and findings are not given, so readers should check the reports directly. Audits reduce but do not remove smart-contract risk.

Biswap is non-custodial, so users keep control of their assets until they deposit into pools. Liquidity providers face impermanent loss and the risk of falling BSW prices. Cross-chain use adds bridge risk if funds are moved between networks. The project publishes a licence or regulatory status? No such information is published. The team warns that it will never ask for private keys, and users should watch for phishing and fake Telegram accounts.

Biswap V2 is for DeFi users who already hold assets on BNB Chain, Ethereum, Arbitrum or Base and want a simple swap venue or a place to supply liquidity. It is less suited to large traders who need deep liquidity or to anyone who wants fully documented team and audit details before depositing.