Swapped $20 worth of BCH to EBEN for staking on Benswap

EBEN has been growing fast in the last few days, moving from a pre-sale price of $0.122 to $2+ in less than two days. Talks have been here and there about how to stake EBEN on Benswap but it was one of those things I didn’t get to know about until its price rocketed to $2; a bit late I guess, same way I missed the 1 Million $CATS airdrop as mentioned in my article of the same name.

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Benswap is the first DEX on smartBCH and people have been taking advantage of this by staking their EBEN on Benswap for profit since the EBEN pre-sale. I heard about this as well but wasn’t confident to try it out until I came across @Jane’s article yesterday where she mentioned getting more than $300 profit from smartBCH in just 9 days.

 I got interested and decided to try it out by testing the system with a small amount of $20 for starters. If it works out then maybe I’d swap more BCH or $CATS into EBEN for higher profitability.

Disclaimer: “This is not financial advice as I only intend to try out the system for educational purpose with an amount I can afford to lose, after which I may or may not stake a higher amount depending on the outcome”.

Transferred $30 worth of BCH to Metamask

As a means of testing out the profitability on Benswap-EBEN staking, I transferred $30 worth of BCH to my Metamask via CoinFLEX since this was the only way to make transfers between BCH and sep20 smartBCH (I hope I’m right). I had to set up a CoinFLEX account, selected deposit and sent BCH worth $30. I received an email notification of successful deposit after few minutes, opened CoinFLEX and my funds were already there.

Next step was to copy my smartBCH address from Metamask which I did, pressed the withdraw button on CoinFLEX but had to double check that I selected “sep20” or my fund will be gone forever.

CoinFLEX requires a two factor authentication (2FA) before withdrawal request can be made, this 2FA can be done using Google Auth, Authy or Yubikey.

I used Google Auth and was done in about a few seconds. I received another email notification of successful withdrawal after about 20 minutes and my funds were now on my Metamask smartBCH wallet. CoinFLEX constantly runs in the background simultaneously draining battery and data hence I had to uninstall it after the successful transfer.

Swapped $20 worth of BCH to EBEN for staking on Benswap

My wallet had already been connected to Benswap via Metamask browser hence I simply had to select the preferred currency which is BCH to EBEN in a very simple process, the amount of BCH swapped was equivalent to 10.1234 EBEN as shown below.

I didn’t have plans of swapping all of my BCH as I intended to leave a bit for transaction fee. It should be noted that at the time of swapping, 1 EBEN was equivalent to $2.378 which is a far cry from the pre-sale price where @Jane bought hers.

I pressed the swap button and confirmed the swap button; all was done at a negligible transaction fee. It moved from a transaction submitted prompt to transaction completed shown below. Next on the agenda was to stake all of my EBEN as intended.

Staked 10.124 EBEN

After successfully swapping some BCH for EBEN, next step was to stake it for profit, it was a really risky move as EBEN was priced at $2.378 at the time of swapping and there was no assurance it would rise even more. I thought to myself “what if it dipped?” but went on with it since it was just me testing out the process with a very negligible amount.

I selected Pools in the Benswap menu and got into the page where I had to connect my Metamask wallet once more, pressed the approve contract button, set a transaction fee of 1.05 GWEI ($0.03), and set the amount of EBEN I intended to stake; it was basically 10.123731679962485548…..EBEN approximately 10.124 EBEN.

On clicking the confirm button I began to notice profit in a minute amount; took note of the profit in a few seconds, three minutes and five minutes as shown below. Since the profit was gaining fast in about a few seconds, I decided to observe the profit after 24 hours after which my inference will be made.

24 hour profit

After the 24 hour observation period, I had a profit of 0.109 EBEN which lead to the conclusion that staking a higher amount will mean better profitability in a shorter time provided the market is on my side.

In lieu of the above observation, I’m considering swapping more BCH to EBEN for higher profitability with hopes of being on the winning side.

Swap some or all of my $CATS to EBEN for staking on Benswap

I’ve got 151100 $CATS hence I’m considering swapping some or all of my $CATS to EBEN so I can stake them as well for higher profitability. At the time of writing, 151100 $CATS is equivalent to 0.6 BCH and rising fast, making it a tough decision to make considering it may rise as soon as I swap it to EBEN.

Thanks for reading!