CashTokens Brings DeFi On BCH
Happy New Year and a Bullish 2024!
Cauldron is the first DEX on Cashtokens-Bitcoin Cash, currently as a pre-release beta.
Cauldron has also launched a new flipstarter (crowdfunding), currently filled at 50% rate (212.61/ 418.07BCH) with 11 days remaining.
My previous test LP on Cauldron was a success, paying 0.30% of the value of each trade, so I decided to proceed with my plan and create one of the top LPs on Cauldron in terms of liquidity.
Therefore, I created a new LP and added 5BCH and 800,000 Cauldron, becoming the second in size liquidity provider for FURU tokens on CashTokens.
FURU is a token distributed to the BCH Guru NFT holders and will be 100% owned by the community.
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My New FURU LP
I transferred 5 BCH to my address on Cauldron and removed the previous LP.
We should better wait for the balances on Cauldron to be confirmed first (we need one confirmation or ~10 minutes).
The new FURU LP is ready and harvests 0,3% from each trade.
The best part, I’m earning 0.30% from each trade that happens on my pool, which is also the full trading fee on Cauldron DEX traders pay.
My pool is the second one in terms of liquidity.
On Cauldron DEX, liquidity providers profit by taking 100% of the trading fees!
I wanted to keep 200,000 FURU tokens for the BCH Guru on-chain price predictions that will soon be launched.
Read more about the BCH Guru predictions here:
FURU Price Action
The price of FURU is up almost 100% in the last few months since the first airdrop of the token was distributed to BCH Guru NFT holders.
The current market cap of FURU tokens is just $178,000.
You can find more details about the FURU token on the BCH Guru website.
The second FURU airdrop will commence sometime in 2024 when BCH Guru finishes with rounds 3, 4, and 5 of the mint phase. So far, 4,000 out of 10,000 NFTs have been sold and traded on the CashTokens NFT Marketplace TapSwap.cash.
Once the second airdrop is completed, the token supply will be set and any remaining GURU held by the team will be burned, resulting in a token exclusively managed by the community.
How To Get Started With CashTokens
What is required is a Bitcoin Cash wallet and any amount of Bitcoin Cash.
Wallets that currently support CashTokens:
- Paytaca (mobile & browser)
- Cashonize (browser)
- Zapit (mobile & browser)
- Electron Cash (desktop)
Free and easy to download and use. I use all of these wallets and recommend them. If anyone has any questions feel free to ask in the comments.
Where to buy Bitcoin Cash?
To my knowledge, all of the top exchanges offer Bitcoin Cash purchasing, trading, and withdrawals.
PayPal also offers the purchase and withdrawal of Bitcoin Cash (for the US).
Furthermore, one can buy Bitcoin Cash using the P2P exchange integrated into Zapit wallet, or use the Bitgree platform (where we can buy anything from Amazon with Bitcoin Cash) to fill wishes with fiat currency and receive Bitcoin Cash without KYC.
Conclusion
I planned to use my remaining FURU tokens in an approach that demonstrates the possibilities of CashTokens for the user.
I’ll be monitoring the LP probably once per week, although I plan to keep it there for the entire 2024 and see how it performs after a longer timeframe.
The BCH Guru predictions game provides utility to the token, as FURU token holders will not pay any platform fees when placing predictions.
Smart contracts on Bitcoin Cash will certainly attract attention with utility projects that bring value to the ecosystem.
BCH Guru (and the FURU token) is one of them. Cauldron and TapSwap.cash are fine examples of infrastructure that facilitate decentralized marketplaces and finance on top of one of the best blockchains in terms of speed and scalability.
CashTokens has the potential to attract DeFi volumes en masse, especially due to the low fee requirements of the Bitcoin Cash blockchain (fees lower than a penny).
We will witness stablecoins, traders, and various developments moving to CashTokens and Bitcoin Cash.
This additional value will generate a prosperous environment and eventually CashTokens will compete with other smart contract ecosystems.
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Originally Published at: Medium
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