The wait is almost over, the much-hyped SmartBCH disruptiveness is nearly fully in operation. A few weeks ago, the SmartBCH mainnet was launched which triggered a lot of developers' interest in building applications that can work on the SmartBCH chain. So many ideas on what could be built on the SmartBCH chain have been coming out from various groups and individuals. The delay according to these groups and individuals for implementing their ideas was the release of the SmartBCH bridge to enable a cross-bridge between Entheriun based token and BCH. However, it seems there won't be a SmartBCH bridge with the coming in of the coinflex bridge which has been fully functional and has been tested by developers.
CoinFLEX and SmartBCH launched a disruptive union in the Defi ecosystem, a partnership that will allow you to earn more money on your Bitcoin Cash (BCH) at a higher rate than what is available in the Defi ecosystem today.
Since the CoinFLEX BCH (mainnet) to BCH (SEP20) bridge has been live, activities on the chain have all been going well, and the movement of tokens from BCH to SmartBCH doing pretty well. However, users' experiences signify some delays in withdrawals due to a multi-signature funds storage system. CoinFLEX boasts of higher security with client funds, and at the same time having stringent protocols in place that eliminate human error and external threats. Security is a top priority in this game and CoinFLEX is synonymous with that.
Since its release, many improvements have been made on the CoinFLEX bridge, with transactions now being processed quickly.
Three days ago, CoinFLEX BCH and SmartBCH release a roadmap detailing potential improvements to the system and what users should look forward to. This union between SmartBCH bridge and CoinFLEX BCH is going to be massive for BCH. and disruptive in the Defi ecosystem. What the Bitcoin Cash community has been waiting for is almost, a massive lift for BCH is about to begin. If you are like me, who only hodl BCH in a private wallet, you will be so excited to find out what this union between SmartBCH and CoinFLEX BCH bridge has to offer. Something that has been done in the Defi ecosystem is coming to the Bitcoin cash community through the SmartBCH and CoinFLEX union. It's going to be Money making with your BCH onwards when developers finally roll out their applications built on the SmartBCH chain.
What should we look forward to in the SmartBCH and CoinFLEX union?
Let have a little dive into the CoinFLEX BCH and SmartBCH bridge roadmap or what they termed phase 2 of the CoinFLEX bridge.
No need for account creation to use CoinFLEX bridge
Since the CoinFLEX bridge was made available, users need to first create a CoinFLEX account either using MetaMask wallet or by email address. This process has been much discussed in several articles. On the roadmap or phase 2 of the bridge, there is no need to create a CoinFLEX account before using the bridge. This removed the tedious process of signing up with MetaMask wallet to access the bridge. If you are knowledgeable in this field, you will discover that this is exactly how the Binance bridge works. A user doesn't need to create an account before using the bridge. This was why the Binance chain has been the option for most smart contracts developers. Given that the CoinFLEX bridge with SmartBCH operates on this same temperate, many developers are going to find this more beneficial considering the features of the SmartBCH chain.
More coins to be supported
Initially, the SmartBCH chain was all about BCH minted tokens, which are mainly SPL tokens on the BCH mainnet BCH (SEP20).
Right now, CoinFLEX BCH bridge will offer support for more coins wrapped onto SmartBCH. It will also provide a perpetual futures market for trading for these coins. All these coins that will be supported are going to be wrapped onto SmartBCH SEP20 tokens. This means more funds coming into the Bitcoin cash community as anyone who wants to use the SmartBCH chain and CoinFLEX bridge must need to acquire some BCH to do so. There will be a lot of tokens to trade as DEXs.
CoinFLEX Defi on SmartBCH
CoinFLEX is not just only acting as a bridge to SmartBCH, but will also provide the Bitcoin cash community Defi services and products. On this note, it's important to take note of the following according to the CoinFLEX Defi plans on the SmartBCH chain.
CoinFLEX token "FLEX Coin"
FLEX Coin is the native exchange token within CoinFLEX. This will be the token with which trading fees will be paid. Although there may be other tokens acceptable for a trading fee in the platform. The fees are going to be subjected to the proof of burn mechanism, burning 10% of revenue and 10% of profit in FLEX Coins. This will arguably increase the value of the FLEX Coin.
Additionally, FLEX Coin is going to be an SPL and ERC20 token, good to be traded on Uniswap and Entherium. Being an SPL20 token, FLEX will be the first DAO on SmartBCH alloying stakers to make money with staking.
FLEX coin to be a stable coin within the SmartBCH ecosystem
Instead of relying on USDT which has become the mainstream stable coin in crypto trading, CoinFLEX will make FLEX stable coin to be called flexUSD.
FlexUSD will be a USD-backed ERC-20 token with a 1:1 peg to the U.S. dollar. It will be the reference stablecoin within the SmartBCH DeFi ecosystem, with SmartBCH serving as a stable medium of exchange, and serving other currencies as a base rate for price discovery.
The loss of confidence in Tether has been a major concern in the crypto space as many fear Tether might crash soon.
More importantly, Defi users on SmartBCH Defi have the opportunity to earn a higher rate of return on investment with flexUSD than what they get on Entheriun and other Defi platforms. We are likely going to see a massive influx of developers from Entheriun and BSC ecosystem to the SmartBCH ecosystem.
What more? If you are a BCH lover you need to be excited about this opportunity to earn more money on your BCH from this disruptive union between SmartBCH band CoinFLEX BCH bridge. You are going to be completely amped about this union whose disruption-generating function is just beginning.
Great! Am actually an open mind who is awakening to learn more about the SmartBCH and CoinFLEX. Learning and looking forward to unfold with the learning process on this subject. Thank you.