DeFi in SmartBCH
Smart BCH

DeFi in SmartBCH

By Ana Dantra | Crypto made easy 2 | 25 Nov 2021


SmartBCH is sizzling with life and possibilities since it came to be around September of this year (2021). Based on the well known and long established coin Bitcoin Cash, SmartBCH adds smart contracts to the high efficiency of BCH.

The result is a myriad of projects as you can see in MarketCap.cash 

4b484ecc0ad52e0ea7678ba61bb6ade534416894eee93c8fd8f5de34d35be215.jpg

This brings the possibility to develop the tools for efficient investing to the small budget guy, where transaction costs between the tokens are in the cents (even with the extra costs added by the DEXes). We can trade and invest in DeFi with a budget as low as $1.

So far there are four DEXes that allow exchange between the tokens, taking part of the pools and farms, or simply staking their inner tokens for a profit. 

What do you need?

  • Some BCH.
  • A Metamask wallet.

Do you have both? Cool, now you need to add SmartBCH to the wallet. 

To do it follow this tutorial. Or you can just go to the bridge BCHCC.cash and it will prompt you to add SmartBCH to the wallet if it doesn't find it. 

What do you need next?

Move some BCH into SmartBCH.

SmartBCH is a SEP20 token, this is why we can add it to Metamask and why we need a bridge. BCH, being a fork of Bitcoin, is not inherently able to support Smart Contracts, so this adds as a layer on top of it. 

There are several bridges. My favorite so far is BCHCC.cash (the one I already mentioned).

9ed82104f5c0f11424b6ccd0e2d4bad8bbd316a49b529deda5b0c7bf7ed8da8c.jpg

Why? Because you can go back and forth and it's fast. Your transaction is done with one verification, so it takes usually a few minutes. Please note that you can go from BCH to WBCH (wrapped BCH) with 0.0002 BCH but you will need at least 0.1 BCH to go back.

There are other three bridges: Wagon and Prompt are good, but only go from BCH to SmartBCH at the moment of writing this. And last but not least Coinflex--home of flexUSD, the stablecoin of the system--which goes back and forth but it's very slow and it's centralized. 

 

Finally, the Decentralized Exchanges

The Decentralized exchanges running on Smart BCH at the moment of writing this (in order of creation) are:

72e39406df8dfc77e0f1737a8068c145e322d420f9b8386bd596f75a6a5c6830.jpg

BenSwap

MistSwap

MuesliSwap

TangoSwap

Each one has its particularities and investment opportunities. I personally have a few bucks in each as the values of the inner coins fluctuate and, hopefully, they will all gain value in time. 

Moving between systems allow for leverage as the values of the tokens are similar but not equal and, due to the competition, there are changes in the farm's APR on a daily basis. 

Happy trading!

 

 

How do you rate this article?


8

0

Ana Dantra
Ana Dantra

Writer of the Migrant's Romance Series


Crypto made easy 2
Crypto made easy 2

Blockchain and crypto news for the non expert enthusiast

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.