"smartBCH and Coinflex saga" some positive and negative things that have happened over the months
Ever since the Coinflex and smartBCH bridge saga started, the smartBCH community has not been the same again. So much has happened on the chain since the first day that the only bridge leading to the chain was locked by Coinflex baring users from entering and exiting using the bridge. In this article, I will give a quick recap of some positive and negative incidence that has happened to the smartBCH community since then, and why the smartBCH community is still alive.
First of all, I want to say that Coinflex holding the smartBCH chain hostage for nearly two months now is not good news, and I would not wish that on any kind of a community, especially when you consider the amount of money investors in flexusd and other stable tokens pegged to it lost during this time, and the cost of this downtime has not only cause more loss but also put smartBCH projects into the trouble zone.
Over the months, a lot of development and incidence has happened on the chain. Let's take a look at some of them.
The positives
The blockng Bolivar bridge
This is one of the best things that has happened to the smartBCH community since the Coinflex saga started. While the SHA-GATE was being locked and the entire smartBCH community went into a panic, the blockng team sprang into action and came up with an innovative bridge solution in the absence of a bridge. The Bolivar bridge, though a little complicated for some people to use came in time to salvage the confusion that Coinflex had thrown the smartBCH community into.
People have been using this bridge to move money and cryptocurrency in and out of the smartBCH chain. The Bolivar bridge also brought the blockng project to the limelight, and the project started to gain some more followers.
The blockng team deserves some accolades from the smartBCH community, for coming up with such an innovative solution, and making the smartBCH chain a lot more usable for people who have started moving funds in and out of the smartBCH chain.
SmartBCH expansion to other chains
It's said that every challenge must be taken as an opportunity. If the Coinflex problem was all about Coinflex and the smartBCH bridge, this also proved to be a great opportunity for some smartBCH projects to extend the smartBCH chain to other blockchains. The Bolivar bridge connects smartBCH to the Binance smart chain. BNB network has now seen the smartBCH chain, which has triggered many new money bags to start using the smartBCH chain.
Checking the Bolivar bridge telegram channel, it's encouraging to see how much money is coming into smartBCH from the Binance smart chain, and the bulk of this money goes into investing in the smartBCH project with blockng getting a more significant share of the cake. One thing of importance, however, is that the smartBCH chain is now offering a return for people who want to invest in smartBCH outside of the chain but do not want to have their money locked in the Coinflex chain.
Another project that has gone multi-chain in full over the months is the Joystick club project. This project has completed a full expansion of their community and products to the Polygon chain, allowing investors to continue using their products on a secondary chain.
This development brings double benefits for the project investors who now have a new market and community to invest in and make money. On the other hand, it may also attract people from the Polygon chain to the smartBCH chain, thus bringing more investors to the smartBCH community.
In another development, the NFT club project is also undergoing an expansion of its projects to the Polygon chain. This is another smartBCH project that is taking the smartBCH blockchain to a new level. It's encouraging to see such a wide range of projects, big and small moving smartBCH to a new market and the decentralized community of smartBCH.
The negatives
Small projects folding up and Devs leaving the chain
Every EVM chain has its own problem, however, some smartBCH developers and projects have faced some setbacks over the past few months. We have already seen a few projects started by some developers that ended up quitting and leaving the smartBCH community. One of these projects is CashBear NFT, a very promising project that was loved by the community.
The CashBear developer has abandoned the project without informing the community, and without any form of compensation for the effort put in by the CashBear community.
Another project developer that has left the smartBCH community is the Lads NFT creator. The action of the developer left investors bleeding in regrets and losses. Although the Lads NFT developer sent a message of his decision across to the Lads community, there is nothing anyone can do to salvage the situation. A lot of people invested small and large amounts of money in this project, and with the developer going away from the chain without assigning anyone to continue developing the project, the NFT lost market value since nobody will be interested in them anymore.
This is the biggest setback that the Coinflex and smartBCH bridge saga has brought to the smartBCH community. With developers leaving the chain and projects folding up back and front, Coinflex is gradually turning the smartBCH chain into trash and dump chain. Furthermore, most of the small project developers who are still hanging on are able to continue because of their projects' community support.
Conclusion
Nobody can tell when Coinflex will restore the bridge to the smartBCH community any time soon. While the situation has brought some positive development in terms of innovations and expansions to other chains, the negative effects have far outweighed the positives with investors losing small and big in every direction. We can only hope that the bridge is restored sooner or that the smartBCH team provides a suitable alternative bridge for the community.
