(Written and published on readcash last September 6, 2021)

Disclaimer: This article is for proper documentation about BenSwap (SmartBCH) guidelines especially made for beginners. Any information listed below is for educational purposes only and not financial advice. Always conduct due diligence and DYOR before taking any actions.

Benswap and its Green Ben dog $EBEN token are making loud barks and growls in the DeFi space nowadays especially inside the BCH community. In just a few days after its launch, last quarter of August, BenSwap got more than $19M growth in its TVL (Total Value Locked). That only shows that many more users were onboarded and enjoying the yield interest of the platform. The Green Ben ($EBEN) price is also increasing day by day and even reached $1+ at the time of writing (09/02/21/@2:30 pm), giving me x900 profits from my initial investment.

Many have tried, but many are still having difficulty grasping about BenSwap and $EBEN stuff, and that's the reason why I made this article, to give you the full BenSwap (smartBCH) guidelines, especially for beginners.

BenSwap (smartBCH) Guidelines

BenSwap (smartBCH) was launched in the last week of August and the yield farming started when the Presale ended in August 28 and users started to accumulate interest from the $EBEN they have staked and placed on the Farm.

From $914,258.68 Total Value Locked on August 28, the DEX already has $20,775,597.94 TVL with more than a $19M increase. Its market cap increases from $641,921 to $6,973,388 with more than $6M increase at the time of writing.

Is it really worth it to dive into the pool and farm on the greenery of BenSwap?

Check this article about how to set up a smartBCH network on Metamask wallet:

How To Set Up Smartbch Network On Metamask And Smartbch Coinflex Bridge

Or simply:

• Go to your MetaMask wallet.

• Go to settings

• Click Networks

• Add Network

• Network Name: SmartBCH

• RPC URL: https://smartbch.fountainhead.cash/mainnet or https://smartbch.greyh.at (either of the two)

• Chain ID: 10000

• Currency Symbol: BCH

• Block Explorer URL: https://www.smartscan.cash

You can also check this article on how to send and withdraw BCH (SEP20) to/from CoinFlex to Metamask wallet, and $EBEN Staking on BenSwap.

Diving Into The Sphere Of SmartBCH (Trying The BenSwap Pool)

What is BenSwap (smartBCH)?

BenSwap has the lowest trading fee 0.2% (0.17% to liquidity and 0.03% to BenSwap Treasury).

What is Green Ben ($EBEN)?

Add $EBEN token to your Metamask:

• Click "Add Tokens"

• Paste this Contract address: 0x77CB87b57F54667978Eb1B199b28a0db8C8E1c0B

• Token Symbol: EBEN

• Token of Precision: 18

To facilitate a fair launch, BenSwap EBEN conducted a Presale and concluded on August 28, 2021, and has been able to sell a total of 4,237,955 EBEN tokens.

For the development, marketing, partnership, and all other costs, additional EBEN in every 10 EBEN minted are sent to the dev wallet.

Features On Benswap (SmartBCH):

EBEN holders can use features on BenSwap and enjoy the APR to accumulate more EBEN. Features of BenSwap include:

• Yield Farming

• Staking

• Trading

Other SEP20 tokens are also listed on BenSwap and are usable for staking and farming, such as $CATS and $WBCH. We'll expect more SEP20 tokens to be added to BenSwap in the near future.

BENSWAP (SMARTBCH) YIELD FARMING:

Users can provide liquidity and stake LP tokens to accumulate more EBEN.

Currently, BenSwap Farm has 3 Liquidity Pools:

• $EBEN-BCH LP with 1506.95% APR.

• $CATS-BCH LP with 487.92% APR.

• $CATS-EBEN LP with 447.60% APR.

For example, you want to farm EBEN on $EBEN-BCH LP, you need both EBEN and BCH tokens.

To add liquidity of your favorite tokens, just navigate to:

• "Trade" and select "Liquidity."

• Click "Add Liquidity."

• Choose the pair you want to add.

For example: For every 0.1 BCH you want to add, you need 53.2783 EBEN)

• Click "Approve" to approve tokens you want to add.

• Click "Supply" and you will receive LP tokens after completing the process.

To stake the LP tokens on the BenSwap Farm, just navigate to:

• "Farm" and select the pair of LP you have chosen (ex. EBEN-BCH LP)

• Click "Approve Contract" for you to add your LP tokens into the pool. (Make sure to change the gas fee to 1.05 GWEI)

• Then click "Stake" to stake your EBEN-BCH LP tokens.

To Unstake: Just click the "-" button.

To Add more LP: Just click the "+" button.

To Harvest the profit: Just click the "Harvest" button.

*Note: Always edit the gas fee to 1.05 GWEI.

BENSWAP (SMARTBCH) STAKING:

Staking is the process of locking up your tokens in the pools to earn more tokens of the same kind. BenSwap currently has two pools for staking.

• EBEN Pool with 411.09% APR.

• WBCH Pool with 18.07% APR.

To stake your preferred token, EBEN or WBCH, simply navigate to:

• "Pools" and choose "EBEN" or "WBCH" Pool.

• Click "Approve Contract" so you can stake your EBEN. (Change the gas fee to 1.05 GWEI and click Approve.)

• Click "+" to stake your EBEN.

• Click "Confirm."

To Unstake: Just click the "-" button.

To Stake more tokens: Just click the "+" button.

To Harvest the profit: Just click the "Harvest" button.

You can also click the "Compound" if you want your gained interest to earn more EBEN.

*Note: Always edit the gas fee to 1.05 GWEI.

BENSWAP (SMARTBCH) TRADING:

BenSwap is also available for buying/trading SmartBCH SEP20 tokens.

Simply navigate to:

• "Trade" and click "Exchange."

• Select the pair of tokens you want to trade.

For example, you want to swap your $CATS to $EBEN.

• Click "Approve $CATS." (Change the gas fee to 1.05 GWEI and click Approve.)

• Click "Swap" then "Confirm Swap."

*Note: Always change the gas fee to 1.05 GWEI

To check your balance, just navigate back to your Metamask wallet.

LIST OF SEP20 TOKENS that are Tradable on BenSwap:

BenSwap ChartPro

If you want to check the price status of SEP20 tokens that have liquidity on BenSwap liquidity, simply navigate to "ChartPro" under "Info."

At the time of writing, the $EBEN price is already $1.34. It has a $1.012 increase from the Presale price ($0.122).

You can also check the $CATS price status on BenSwap ChartPro.

BenSwap Audit

BenSwap (SmartBCH) is newly launched and it is still undergoing security assessments by CertiK. Due diligence is highly recommended before investing in this platform.

86% have already voted for the security of the project.

CertiK is a pioneer in securing and monitoring blockchain protocols and smart contracts.

It is also used by other DEXs on Binance Smart Chains such as PancakeSwap and CUB Finance.

YIELD FARMING RISKS:

Yield farming is a great way to earn more tokens from the pools and fees of the DeFi platforms. However, participating in yield farming on any DeFi platform always has risks. So always Do Your Own Research and be aware of the risks before staking or providing LP on any DeFi platforms.

Some risks include:

• Impermanent loss: DEXs like Benswap are Automated Market-Makers (AMMs) where users are required to supply their tokens into the liquidity pools with fees, and that is where the rewards for the liquidity providers came from. However, the liquidity providers can bear losses when the asset's market value goes down. To minimize the impermanent loss, liquidity providers typically choose tokens that are not so volatile just like stablecoins. The asset's market value won't be affected much amid the volatility of the market. Some projects are also working on ways how to mitigate the risk.

• Smart contract/Bug risk: smart contracts can have bugs and hackers are everywhere. So users who supplied funds to the protocol will lose their investment. Also make sure that the smart contract is audited by reputable auditors. Although auditors can't ensure that the smart contract is 100% error-free, they significantly reduce the risks.

• Rug Pull: this is the most common risk in smart contracts wherein crypto developers abandon their projects and run away the investors' funds.

There are always risks wherever you go in this crypto space. So it is important to conduct your own intensive research and due diligence before performing any action or investing in DeFi platforms. And do not forget to only invest what you can afford to lose.

Remember that BenSwap (SmartBCH) is only a few days old and not audited yet. It has still more room for improvements and risks as well. So beware of it before stepping into this DEX. But as SmartBCH supporters, let's for the success of this project.

To know more about the possible risks, I advice you to read this article of @MoreGainStrategies

BenSwap and EBEN My Opinion On The First SmartBCH DEX And It's Token

This isn't to create FUD but awareness especially that many beginners are just being hyped by the huge pump without minding the risks. Again, there are risks in everywhere you go inside this crypto space, so beware of those risks.

To get more information about BenSwap (SmartBCH) and the latest updates of the projects, you guys can visit these links.

LINKS:

Website: https://benswap.cash/​

DEX for Amber Testnet: https://amber.benswap.cash/​

Docs: https://docs.benswap.cash/​

chart: https://chartpro.benswap.cash/​

Twitter: https://twitter.com/BenTokenFinanc1​

Telegram group: https://t.me/bentokenfinance​

GitHub: https://github.com/BenTokenFinance

The success of BenSwap is a success of SmartBCH as well. And the success of both is a huge impact on the Bitcoin Cash network.

Let's drive BCH to the moon 🚀🚀