Decentralized finance (defi) has set a pattern throughout the latter half of 2020 and into this year, as statistics show $168 billion is locked in defi throughout numerous blockchains. The Bitcoin Cash network now has the Smartbch protocol and in current instances, a decentralized exchange (dex) platform has joined the defi fray. The newly launched Smartbch dex platform benswap.cash offers customers the ability to earn through liquidity pools, and swap tokens in a noncustodial trend.
Bitcoin Cash Supporters Flock to Benswap.cash for 1,000% APY and Decentralized Trading
5 months in the past, the BCH community anticipated the advantages of a challenge that combines the forces of Bitcoin Cash (BCH) with the Ethereum (ETH) network. The challenge is called Smartbch, a smart chain that maximizes the throughput of EVM and Web3 on a sidechain of Bitcoin Cash.
Smartbch has matured fairly a bit since cmnnews reported on the project successfully launching three nodes. Now BCH community members have been leveraging a dex trading platform referred to as benswap.cash, a clone of the dex benswap.finance.
Basically, the ability to earn yields and swap tokens in a noncustodial method is now potential using bitcoin cash (BCH), the Smartbch sidechain, the SEP20 token protocol, and benswap.cash. The dex benswap.cash operates equally to swapping platforms like Uniswap, Pancakeswap, and Sushiswap. With a purpose to leverage benswap.cash you’ll need a wallet like Metamask to interact with the Smartbch network and join with benswap.cash.
A Comprehensive Guide for Smartbch Newbies, Leveraging the Coinflex Bridge and the ‘Green Ben’ Token
With a purpose to get began, there are just a few stipulations, that are defined in complete element in a guide posted to the blogging site read.cash. The Smartbch for newbies walkthrough written by “Moregainstrategies” shows the reader how to configure Metamask to work with the Smartbch network.
Moreover, the blog post explains that for the time being, the one bridge to entry sBCH is through the trading platform Coinflex. As a result of sBCH is required, anybody seeking to check the network’s capabilities must swap bitcoin cash (BCH) for sBCH. The one price an individual pays when swapping BCH over to the SEP20 token sBCH will probably be BCH network charges.
Coinflex only requires an email address to register, however, an individual may also merely use Metamask and keep away from registration. After the account is registered or tethered to a Metamask wallet, the consumer must deposit bitcoin cash (BCH) into the Coinflex wallet. After the funds have been confirmed, the user can withdraw but instead, they should withdraw sBCH using the SEP20 standard.
The Metamask wallet address is the address needed to send the sBCH to, and after a small wait, the sBCH should arrive in the pockets. From here, benswap.cash can be utilized to both swap Smartbch tokens or be part of a yield farm in order to collect passive earnings from their liquidity tokens. For instance, on the benswap.cash platform there’s a part the place swaps can happen for Smartbch tokens like “$cats,” “arg,” “green ben,” “honk,” and more. The token green ben (EBEN) is the native token for benswap.cash and can also be leveraged for governance decisions.
At the time of writing, a single green ben (EBEN) is trading for $2.4826019 per EBEN and there’s a circulating provide of 5,723,529 EBEN at the moment. The worth per EBEN and the number of tokens in circulation give the coin a market cap of around $14.2 million. In addition to being able to swap tokens in a noncustodial trend, users can stake LP tokens to earn EBEN via liquidity pools.
Present Smartcash Farms Show Yields Between 200% and 1,000%+ APY
The present annualized percentage yields (APY) for benswap.cash liquidity pools are fairly high. As an illustration, the EBEN-BCH liquidity pool at the time of writing gives a user 1,070% paid in EBEN, minus fees. There’s additionally the $CATS-BCH and $CATS-EBEN liquidity pools which have current APYs between 210% and 290%. It should be noted that APYs hosted on benswap.cash can fluctuate just like the myriad other dex purposes that offer liquidity pools.