Meet the First BCH Dex Built on Smartbch — Benswap.cash Presents High-Yield Liquidity Pools, Noncustodial Swaps – Defi Bitcoin News
Decentralized finance (challenge) has established a trend during the second half of 2020 and this year, as statistics show that $ 168 billion is stuck in challenge in various blockchains. The Bitcoin Cash network now has the Smartbch protocol and in recent times a decentralized exchange platform (dex) has joined the challenge fray. The new Smartbch dex benswap.cash platform gives users the ability to earn via cash pools and trade tokens in a non-custodial manner.
Bitcoin Cash supporters flock to Benswap.cash for 1000% APY and decentralized trading
Five months ago the BCH community anticipated the benefits of a project that combines the strengths of Bitcoin Cash (BCH) with Ethereum (ETH) network. The project is called Smartbch, a smart chain that maximizes the throughput of EVM and Web3 on a Bitcoin Cash side chain.
Smartbch has matured a bit since Bitcoin.com News reported that the project successfully launched three nodes. Now BCH community members took advantage of a dex trading platform called benswap.cash, a clone of dex benswap.finance.
Basically, the ability to earn returns and trade tokens on a non-depository basis is now possible using bitcoin cash (BCH), the Smartbch side chain, the SEP20 token protocol and benswap.cash. The dex benswap.cash works the same as exchange platforms like Uniswap, Pancakeswap and Sushiswap. In order to take advantage of benswap.cash, you will need a wallet like Metamask to interact with the Smartbch network and connect with benswap.cash.
A complete guide for Smartbch newbies, taking advantage of the Coinflex bridge and the ‘Green Ben’ token
To get started, there are a few prerequisites, which are explained in detail in a guide posted on the read.cash blog site. The Smartbch Walkthrough for Beginners written by “Moregainstrategies” shows the reader how to configure Metamask to work with the Smartbch network.
Additionally, the blog post explains that at the moment the only bridge to access sBCH is through the Coinflex trading platform. Because sBCH is required, anyone looking to test the capabilities of the network should exchange bitcoin cash (BCH) for sBCH. The only cost that a person will pay when exchanging BCH to the SEP20 sBCH token will be BCH network charges.
Coinflex only requires an email address to register, however, a person can also just use Metamask and skip the registration. Once the account is registered or attached to a Metamask wallet, the user must deposit bitcoin cash (BCH) in the Coinflex wallet. Once the funds are confirmed, the user can withdraw, but instead must withdraw sBCH using the SEP20 standard.
The address of the Metamask wallet is the address needed to send the sBCH to, and after a little wait, the sBCH should arrive in the wallet. From there, benswap.cash can be used to redeem Smartbch tokens or join a yield farm in order to collect passive income from their liquidity tokens. For example, on the benswap.cash platform, there is a section where trades can take place for Smartbch tokens such as “$ cats”, “arg”, “green ben”, “honk”, and more. The green ben token (EBEN) is the native token of benswap.cash and is also used for governance decisions.
At the time of writing, only one ben green (EBEN) is trading for $ 2.4826019 per EBEN and there is an outstanding offer of 5,723,529 EBEN today. The price per EBEN and the number of tokens in circulation gives the coin a market cap of around $ 14.2 million. In addition to being able to trade tokens on a non-custodial basis, users can wager LP tokens to earn EBEN via cash pools.
Current Smartcash farms show yields between 200% and 100% + APY
The current annualized percentage returns (APYs) of benswap.cash cash pools are quite high. For example, the EBEN-BCH the cash pool at the time of writing gives a user 1,070% paid in EBEN, less fees. There is also the $ CATS-BCH and the $ CATS-EBEN liquidity pools which have current APYs between 210% and 290%. It should be noted that APYs hosted on benswap.cash can fluctuate like the myriad of other dex apps that offer cash pools.
Also note that benswap.cash is a clone of the BSC dex benswap.finance, which is in the process of being checked by Certik Sécurité. This means that the audit is not yet complete; All dex applications carry risk, and users should exercise due diligence and ensure that their wallet’s network settings and token contracts are not malicious or tampered with. Audited or unaudited, traders should never invest more than they are willing to lose on any dex application.
Bitcoin Cash fans have been to discuss the benswap.cash dex regularly on the r / btc forum and on Twitter. The r / btc Reddit forum has a number of positions which explain how benswap.cash works and what it is the first dex to rely on Bitcoin Cash (BCH) network.
What do you think of the Smartbch project and the dex benswap.cash? Let us know what you think of this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Metamask, Smartbch, Benswap.cash,
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.