Disclaimer: This article is for proper documentation about BenSwap (SmartBCH) guidelines especially made for beginners. Any information listed below is for educational purposes only and not financial advice. Always conduct due diligence and DYOR before taking any actions.
Benswap and its Green Ben dog $EBEN token are making loud barks and growls in the DeFi space nowadays especially inside the BCH community. In just a few days after its launch, last quarter of August, BenSwap got more than $19M growth in its TVL (Total Value Locked). That only shows that many more users were onboarded and enjoying the yield interest of the platform. The Green Ben ($EBEN) price is also increasing day by day and even reached $1+ at the time of writing (09/02/21/@2:30 pm), giving me x900 profits from my initial investment.
Many have tried, but many are still having difficulty grasping about BenSwap and $EBEN stuff, and that's the reason why I made this article, to give you the full BenSwap (smartBCH) guidelines, especially for beginners.
BenSwap (smartBCH) was launched in the last week of August and the yield farming started when the Presale ended in August 28 and users started to accumulate interest from the $EBEN they have staked and placed on the Farm.
From $914,258.68 Total Value Locked on August 28, the DEX already has $20,775,597.94 TVL with more than a $19M increase. Its market cap increases from $641,921 to $6,973,388 with more than $6M increase at the time of writing.
As of September 5, 2021As of September 5, 2021
Is it really worth it to dive into the pool and farm on the greenery of BenSwap?
Check this article about how to set up a smartBCH network on Metamask wallet:
Paste this Contract address: 0x77CB87b57F54667978Eb1B199b28a0db8C8E1c0B
Token Symbol: EBEN
Token of Precision: 18
To facilitate a fair launch, BenSwap EBEN conducted a Presale and concluded on August 28, 2021, and has been able to sell a total of 4,237,955 EBEN tokens.
For the development, marketing, partnership, and all other costs, additional EBEN in every 10 EBEN minted are sent to the dev wallet.
EBEN holders can use features on BenSwap and enjoy the APR to accumulate more EBEN. Features of BenSwap include:
Yield Farming
Staking
Trading
Other SEP20 tokens are also listed on BenSwap and are usable for staking and farming, such as $CATS and $WBCH. We'll expect more SEP20 tokens to be added to BenSwap in the near future.
BENSWAP (SMARTBCH) YIELD FARMING:
Users can provide liquidity and stake LP tokens to accumulate more EBEN.
Currently, BenSwap Farm has 3 Liquidity Pools:
$EBEN-BCH LP with 1506.95% APR.
$CATS-BCH LP with 487.92% APR.
$CATS-EBEN LP with 447.60% APR.
For example, you want to farm EBEN on $EBEN-BCH LP, you need both EBEN and BCH tokens.
To add liquidity of your favorite tokens, just navigate to:
"Trade" and select "Liquidity."
Click "Add Liquidity."
Choose the pair you want to add.
For example: For every 0.1 BCH you want to add, you need 53.2783 EBEN)
Click "Approve" to approve tokens you want to add.
Click "Supply" and you will receive LP tokens after completing the process.
To stake the LP tokens on the BenSwap Farm, just navigate to:
"Farm" and select the pair of LP you have chosen (ex. EBEN-BCH LP)
Click "Approve Contract" for you to add your LP tokens into the pool. (Make sure to change the gas fee to 1.05 GWEI)
Then click "Stake" to stake your EBEN-BCH LP tokens.
To Unstake: Just click the "-" button.
To Add more LP: Just click the "+" button.
To Harvest the profit: Just click the "Harvest" button.
*Note: Always edit the gas fee to 1.05 GWEI.
BENSWAP (SMARTBCH) STAKING:
Staking is the process of locking up your tokens in the pools to earn more tokens of the same kind. BenSwap currently has two pools for staking.
EBEN Pool with 411.09% APR.
WBCH Pool with 18.07% APR.
To stakeyour preferred token, EBEN or WBCH, simply navigate to:
"Pools" and choose "EBEN" or "WBCH" Pool.
Click "Approve Contract" so you can stake your EBEN. (Change the gas fee to 1.05 GWEI and click Approve.)
Click "+" to stake your EBEN.
Click "Confirm."
To Unstake: Just click the "-" button.
To Stake more tokens: Just click the "+" button.
To Harvest the profit: Just click the "Harvest" button.
You can also click the "Compound" if you want your gained interest to earn more EBEN.
*Note: Always edit the gas fee to 1.05 GWEI.
BENSWAP (SMARTBCH) TRADING:
BenSwap is also available for buying/trading SmartBCH SEP20 tokens.
Simply navigate to:
"Trade" and click "Exchange."
Select the pair of tokens you want to trade.
For example, you want to swap your $CATS to $EBEN.
Click "Approve $CATS." (Change the gas fee to 1.05 GWEI and click Approve.)
Click "Swap" then "Confirm Swap."
*Note: Always change the gas fee to 1.05 GWEI
To check your balance, just navigate back to your Metamask wallet.
LIST OF SEP20 TOKENS that are Tradable on BenSwap:
BenSwap (SmartBCH) is newly launched and it is still undergoing security assessments by CertiK. Due diligence is highly recommended before investing in this platform.
86% have already voted for the security of the project.
CertiKis a pioneer in securing and monitoring blockchain protocols and smart contracts.
It is also used by other DEXs on Binance Smart Chains such as PancakeSwap and CUB Finance.
Yield farming is a great way to earn more tokens from the pools and fees of the DeFi platforms. However, participating in yield farming on any DeFi platform always has risks. So always Do Your Own Research and be aware of the risks before staking or providing LP on any DeFi platforms.
Some risks include:
Impermanent loss: DEXs like Benswap are Automated Market-Makers (AMMs) where users are required to supply their tokens into the liquidity pools with fees, and that is where the rewards for the liquidity providers came from. However, the liquidity providers can bear losses when the asset's market value goes down. To minimize the impermanent loss, liquidity providers typically choose tokens that are not so volatile just like stablecoins. The asset's market value won't be affected much amid the volatility of the market. Some projects are also working on ways how to mitigate the risk.
Smart contract/Bug risk: smart contracts can have bugs and hackers are everywhere. So users who supplied funds to the protocol will lose their investment. Also make sure that the smart contract is audited by reputable auditors. Although auditors can't ensure that the smart contract is 100% error-free, they significantly reduce the risks.
Rug Pull: this is the most common risk in smart contracts wherein crypto developers abandon their projects and run away the investors' funds.
There are always risks wherever you go in this crypto space. So it is important to conduct your own intensive research and due diligence before performing any action or investing in DeFi platforms. And do not forget to only invest what you can afford to lose.
Remember that BenSwap (SmartBCH) is only a few days old and not audited yet. It has still more room for improvements and risks as well. So beware of it before stepping into this DEX. But as SmartBCH supporters, let's for the success of this project.
To know more about the possible risks, I advice you to read this article of @MoreGainStrategies
This isn't to create FUD but awareness especially that many beginners are just being hyped by the huge pump without minding the risks. Again, there are risks in everywhere you go inside this crypto space, so beware of those risks.
To get more information about BenSwap (SmartBCH) and the latest updates of the projects, you guys can visit these links.
The success of BenSwap is a success of SmartBCH as well. And the success of both is a huge impact on the Bitcoin Cash network.
Let's drive BCH to the moon 🚀🚀
I scanned this article on a plagiarism checker and it says 55.16% unique. 34% from my previous article I posted on Publish0x, while 30% from cryptofans.news. This is the same site that copied my article before which I mentioned here, and the user copied another one. D*mn. Didn't even mind changing the title of my article.
Then I scanned it again on searchenginereports.net and it says 96% unique. But the plagiarized content is too simple that even you guys know about it. Lol.
What's the catch? Plagiarism checkers' results are hilarious sometimes so you really should check the article manually.
After unpublishing my article on Publish0x and removed the related articles above, the procedures for integrating smartBCH, and adding EBEN, this was the result:
Thank you po dito sa article nyo, naintindihan ko na po kung paano mag farming and staking sa benswap.
Kahapon pa ako nalilito kung ano ang gagawin buti nakita ko tong article na may step by step kung ano dapat gawin.
Ok,
Still I don't try to add EBEN but today I added Smart BCH wallet and also convert a few amounts of BCH.Hope,gradually I will understand all functions about it.Thanks @Jane for this nice article.
Sorry for the late thank you, I kept seeing more news on SmartBCH and EBEN, and I realised I had not said thank you.
your article was helpful at least I understand what you were trying to pass across 🙂
Hay sa wakas nabasa ko narin ito. I'm not into crypto kaya medyo sumakit ulo ko hahaha. Pero salamat po sa guide Ms hanggang pag set muna ng EBEN ang naintindihan ko po. Basahin ko nalang paulit ulit para maka move forward na ako haha
Finally! ito yung inaantay ko na gagawan mo ng article ate jane haha. Babasahin ko 'to ng paulit ulit, di rin naman mahirap intindihin since na explain mo rin po naman ng maayos. Thank you ate! :>
Thankyou po dito ate jane malaking tulong po ito sa mga beginners talaga isasave ko nalang po eto parang diko pa eto magawa ngayon lalo na ang full masyado storage ng phone ko diko na ma dodownloadan ng apps huhu
nahilo talaga ako ...tapos dami pang nadagdag na mga tokens...okay lezzz take this easy importante secured and $EBEN di ko na muna gagalawain yorn heheheh aralin ko muna iba
Waaahhh salamat ng marami dito ate Anyag. I will save this for future reference. Gang ngayon kasi di ko parin ma gets masyado ehhh. Slow learner ako talaga huhuhu kaya minsna nahibiya ako magtanong jusko.
Another great article Jane. I’ve already got on board with eben with the help of your previous article, so thank you. I am curious though as to why we need to change gas fee to 1.05 GWEI?
Thank you so much for this tutorial, I have heard so much about smartBCH but I have been confused on how to go about it. I will save this article and reference it from time to time if I want to start staking
I've saved this article and I'm also sharing the link. I'm tired of explaining 😂 I'm not that good at explanation each steps. This article is a life saver
Wow thank you ma'am @Jane , seems this article is specially made for me.
I've been having difficult on how to trade BCH with $Eben , but I'm just so lucky that I came across this article . This is enough to put me through.
Thanks a bunch 😍
A must-read for me. Thanks ms. Jane tho prefer ko talaga may mag turo thru demonstration kasi mahina comprehension ko. Hehehe! Kaya babasahin ko na to ng pa ulit2
So ayon ate after reading your article, mas nagets ko na. HAHAHA. Hindi na po ako makakastorbo sayo hehe. Pasensya po pala sa storbo and salamat po sa walang sawa na pagtuturo saming mga beginners. 😊💚 the best po talaga ang #Club1BCH kapag meron po kayong mga may alam about cryptos. Hehe
I wish I joined in on this EBEN before the price went up. I didn't even know about it before now. Thanks for this detailed analysis, Janey. You are also exploring the crypto world 😂😂
Thank you for this ate Jane. Need ko pa talaga to basahin ulit para mas maintindihan ko pa. Nakakahilo, ang daming terms na kailangan intindihin. Pero this is a big help po talaga.
Mamii @BreadChamp, basahin mo din to mii. It will help.
Thank you po dito sa article nyo, naintindihan ko na po kung paano mag farming and staking sa benswap. Kahapon pa ako nalilito kung ano ang gagawin buti nakita ko tong article na may step by step kung ano dapat gawin.