BCHPAD, The New Staking Platform on SmartBCH

March 14, 2022

BCHPad is a decentralized IDO (Initial DEX Offering) protocol built on SmartBCH and was launched in October 2021 to mitigate the frauds and rug pulls inside SmartBCH. As of March 2022, there were a total of four successful sales held on BCHPad including Tropical Finance, Fire, 1BCH, and CST. One sale has failed due to some reason, and there is one ongoing sale of Joost.energy. You can visit its website at https://www.bchpad.cash/ if you wish to participate in the ongoing sale in which you need to pay 300 BPAD.

I was lucky enough to participate in BPAD Presale and bought 50K tokens worth 0.5BCH. Some were sold to get my investment back while some were saved for trading. BPAD's price reached its ATH in the last quarter of December and crossed above $0.02 per token which gave me more than a 500% increase in my investment from 0.5 BCH to more than 3 BCH per 50K.

But along with the majority of tokens on SmartBCH, BPAD drastically dropped as well and even went below $0.01 per token as of the time of writing.

Fortunately, BPAD launched its staking platform that would hopefully help recover its losses and bring its price back on track. This would also allow the BCH community to earn passive income while waiting for the recovery of the whole crypto market.

All thanks to @Ruffa's recent article as I learned about BPAD staking.

BPAD, The New Staking Platform on SmartBCH

The BPAD Staking Platform went live on January 21 this year with only the BPAD pool available for staking and was over on February 24th. It went live again on March 3 and added MIST and CATS tokens on its staking pool.

I was shocked upon seeing the CATS APR when it was newly added to the pool. A million APR was truly amazing!

Unfortunately, I was a bit late for this update though, and I wasn't to get that opportunity to earn more BPAD. Nonetheless, it's better late than never. The staking platform still has good APRs on its three different pools.

Currently, the pools that are available for staking are:

• BPAD

• CATS

• MIST

At the time I staked tokens on these pools, the APRs were 105.81%, 168.87%, and 213.65% respectively. The BPAD pool has a 0% deposit fee. Meanwhile, CATS and MIST pools have 2% deposit fees.

BPAD, CATS, MIST Staking

To take this opportunity, I staked some tokens on these three pools while APRs are still above 100%.

I staked all the remaining BPAD tokens in my wallet which is 22,110.76 BPAD worth $157.72 only since its price dropped to $0.0071 per token. This will be a good way to compensate for my losses.

Meanwhile, the CATS price also decreased so I opted to stop trading. And to put my CATS to work and continuously earn more profit, I decided to stake 10,200 CATS on the CATS pool. Then the next day, I opted to add 10K which gave me a total of 19,796 on the pool excluding the 2% deposit fee. I can actually stake more, but then again, CATS is among the sBCH tokens that I don't want to risk more. So I only staked what I can afford to lose.

Moreover, MIST staking on its DEX only has 9% APY so I decided to unstake my staked MIST and moved them to the BPAD staking platform with 213.65%. Including the small rewards I accumulated from staking on MistSwap, I harvested a total of 6120.9430 MIST then staked them on BPAD with a 2% deduction for its deposit fee. Thus, leaving 5,998.523 MIST worth $48.86 on the pool.

BPAD is continuously evolving from decentralized Initial DEX Offering to staking platform. And we don't know, maybe someday it'll become a decentralized exchange as well.

Staking is the best way to put our tokens to work and earn a passive income while waiting for the recovery of the market. So instead of just holding our tokens in our wallets, why not stake them on reliable SmartBCH DeFi platforms to earn more rewards?

Thanks for reading.

Follow me on:

•read.cash •noise.cash •HIVE •Publish0x•Torum •Twitter