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Diving Into SmartBCH with WAT Token

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Avatar for LucyStephanie
Written by ย ย 277
11 months ago

Finally, yesterday I joined the SmartBCH bandwagon. ๐Ÿ˜‚ All this talk about it has finally made me do it. Maybe I can double my cryptocurrency indeed huh? ๐Ÿค”

How did it start? Well yesterday somehow I got woken up by distant noise from the usual neighbors. Yeah they're not beside my window anymore but still their voices woke me up. ๐Ÿ™„ At least I didn't wake up annoyed, just suddenly I was awake.

After going to the restroom I checked my phone and remembered what I was doing at night. I started checking on how to get into this SmartBCH thing but then I fell asleep. ๐Ÿ˜†

Hello SmartBCH

I've been reading about this topic here in read cash and on noise cash for months. I waited until everything got kinda stabilized and such before jumping in. Also read about the seemingly complicated process everyone did to turn their BCH into SmartBCH back then so I didn't join in those early days.

Screenshot of the SmartBCH site.

It's already been months after it all began so I think it's time to finally jump in. I received a comment on my noise post and was told I could double my BCH by doing this. Well I have been seeing people writing about it here so it is indeed possible.

The other night I did some online searches on my smartphone and today I finally said hello to SmartBCH.

BCH to SmartBCH

First I checked on how to add the SmartBCH network to my Metamask wallet. I already did some staking in the BSC (Binance Smart Chain) network so I had some idea how to do it.

Once I was able to add the SmartBCH network I had to transfer some BCH to it so I can use some to buy and stake tokens. Oh yeah. Thought it would be really easy but hey reality is, there will be glitches along the way. ๐Ÿ˜†

Thanks to everyone who've been able to experience and write about the processes I was eventually able to stake some tokens! Hehehe.

This is how I started:

I read about bridging BCH to SmartBCH. There are already many ways on how to do this now so I went ahead and used hop.cash. I like how it didn't need any logins or whatever. I just had to connect my Metamask wallet to it and voila! ๐Ÿ˜† (Started this the other night but only saw it completed early yesterday morning because I fell asleep while doing it. ๐Ÿ˜)

Screenshot of hop.cash in Metamask browser.

When I checked my Metamask wallet yesterday it finally showed the transferred/converted BCH in it. Hurray! Step 1 success! ๐Ÿ˜ƒ

Checking on Various DEXes So I Could Stake Some Tokens

A DEX is short for the term decentralized exchange. It's like a cryptocurrency exchange but for tokens. For newbies, think of it as where you have baby cryptos or mini cryptos (tokens) within a crypto network (like BCH, BNB, ETH, etc.). It's also where you can increase your tokens by what they call farming and staking then harvesting.

Those who have been on Hive/Steemit like me will be familiar with what tokens are for sure. Both have been the pioneer of such imho, but feel free to correct me if I'm wrong. ๐Ÿ˜

Anyway, I learned there are already several SmartBCH DEXes today. BenSwap, 1BCH, MuesliSwap (which already became CowSwap) and others. I chose the first DEX on SmartBCH. BenSwap it is! Hehehe.

Screenshot of BenSwap in Metamask browser.

When you transfer your BCH to SmartBCH it then becomes WBCH (Wrapped BCH, meaning it is pegged to BCH), I think. I am still not really sure about which one (BCH or WBCH) is used where so feel free to share if you are aware. Anyway I do see the W one in some pages of BenSwap. ๐Ÿค” I will just drop the W in succeeding paragraphs because I'm not sure yet.

Now since I already have some BCH in my Metamask SmartBCH wallet I went to BenSwap and connected to it. I haven't been active in BSC so I thought I could just exchange my SmartBCH to any token and that would be it. Well apparently not. There are still several things to do before we can farm and stake tokens.

The BenSwap Experience

Okay so I had to read the articles of other members here and some outside ones in order to find out if I was doing it right. After connecting my wallet I checked on the farms to see which had the highest APR (Annual Percentage Rate = interest + fees). Imagine my surprise to see something at 600+% APR. ๐Ÿ˜ฎ

Now this is where I will tell you dear readers that everything in this article is NOT financial advice, okay? I am just sharing my experience so kindly do your own research as well. ๐Ÿ˜Œ

Of course I had to do my own checking on this. I searched on noise cash (aside from read cash) and only a few posts about it popped up. Apparently the WAT token is from waterloan.finance and it was added on the SmartBCH network recently.

Screenshot of the WaterLoan website.

After checking on it in a few more sites I decided to stake some. But first... how to get WAT tokens? ๐Ÿค” This is when I remembered I should add the token to my wallet before doing anything else. ๐Ÿ˜‚

Had to find the token contract address before I could add it. Huh, somehow finding and adding it wasn't easy. I mean I tried to add it in but the token address showed an error on Metamask for some reason. Tried it several times but it never worked! Why oh why? ๐Ÿค”

Since it wasn't working I tried looking for the token address of others just to see if it would let me. I tried adding LAW token and it got imported without a problem! Well I added another token called ORB and it got added easily too. Then I tried importing WAT again and voila! It finally worked! ๐Ÿ˜‚ What the heck.

The Kinda Confusing Part: Staking Tokens

This is where I got kinda confused. At first I was not really sure I did it right. Haha. I just exchanged BCH to WAT in BenSwap as soon as I added the token in my wallet. (I did not convert everything so there's still a small amount left for paying the fees.)

This means after I did the exchange my wallet showed both BCH and WAT values. Oh ho ho... Here we go. I went to the farm site to approve the contract for BCH-WAT.

There are many token choices available. The first one I tried is BCH-WAT because, you know, almost 700% APR! ๐Ÿ˜† I scrolled down to it to click on this button.

After the transaction was confirmed I went and clicked the Stake button but it told me I didn't have any WAT yet. Huh? But it was already in my wallet?! That's when I checked on the tutorials here in read cash to make sure of the right process. ๐Ÿ˜…

Found out I should use the Liquidity tab before I can stake anything... Mkay. ๐Ÿ˜† Half of my BCH have already become WAT and so I needed to add both to the liquidity pool.

After I clicked on Add Liquidity, I selected the WAT token and clicked the button to add the pair. Upon confirmation it will show a pop up notification.

Once done I went back to the farm page and clicked on the Stake button.

This is where I encountered another hitch in the process. When I clicked on it a pop up showed up to confirm staking.

This is how I learned about where to apply the change or edit fees. I've been seeing in various SmartBCH articles that you need to edit the fee on Metamask otherwise the confirm button won't be clickable.

I didn't change the gas price to 1.05 as everyone else was doing. After I clicked on the gas fee and the above pop up appeared, I clicked on save without editing anything. The confirm button showed up like there wasn't any problem at all. Nice.

After doing that finally I have staked my tokens! Hurray! Congrats to me! Hahaha.

Actually I did it twice. Too bad I forgot to click on the Harvest button to get the accumulated EBEN token BEFORE adding to the farm again. Huhu. ๐Ÿ˜ซ Apparently if you don't harvest it (and you add more) the first accumulated EBEN, will be gone forever.

Well the EBEN amount to harvest changed and became almost zero after I confirmed adding some more into the farm so I believe the first accumulated EBEN's are lost (?). ๐Ÿ˜… Oh well...

How Do I Earn? ๐Ÿค”

Well that is the question eh? From what I've read and the things I did on BenSwap, it seems the APR is for the interest or for earning the EBEN token.

I checked on other articles here and apparently the almost 700% APR is not so high as compared to others before. Haha. Oh well at least it is high enough for me.

All I need to do is keep harvesting to earn more crypto out of the previously idle BCH in my wallet. Now instead of waiting for the market bull run, it is working for me to earn some more BCH soon. Or is it really? ๐Ÿค”

To convert the WAT back to BCH I can use the Exchange tab on BenSwap the same way at the beginning. Of course minus all the fees I don't think I would get the same amount of BCH I had when I put it in. ๐Ÿค” Most likely I will earn for sure only when BCH and/or the token prices go up.

Conversion and the Fees

Bear in mind that every action you do on the DEX has a fee, same as other exchanges. Everything I did above has a minimal fee for it to be processed. That's normal so let's see what happens and how much I would earn while the crypto market is down.

Again the price of tokens/cryptos would really affect the converted value. We always have to keep in mind the 'buy low, sell high' saying. That's on top of the "interest tokens" we get.

It is best to check the token prices before doing anything. Don't be like me if you don't want to suffer any loss. ๐Ÿ˜† I just tried this SmartBCH craze without even checking most of the prices and all that. ๐Ÿ˜…

If your risk appetite is not high please do not attempt to join any liquidity pools nor do unfamiliar trading activities. Losing money/crypto is not fun if you need it. Only use what you can part with. ๐Ÿ˜‰

BenSwap and other DEX Exploration

Of course I also staked in the EBEN-BCH Liquidity Pool (LP). It has a 100X multiplier but I didn't understand what that was until I checked on another DEX called 1BCH.

Well maybe I will write more about this in another article. Hehe. Don't want to complicate things further. ๐Ÿ˜‚

The Next Question is, When Do I Unstake and Harvest? ๐Ÿค”

When I click the Harvest button on my chosen BenSwap LP, the EBEN token goes to my Metamask wallet. In just a few hours the APR of this farm also went down from almost 700% to closer to 600%. Hmmm. ๐Ÿค” Now I don't know if I should harvest everyday or leave it there for 30 days. ๐Ÿค”

As for unstaking... I might unstake once the percentage has gone down to less than 100%.

As mentioned I'm new to this SmartBCH world so I don't really know what I'm doing yet. ๐Ÿ˜‚ Not sure how to really earn so maybe I will keep reading more articles.

Maybe you have some tips for a newbie like me huh? ๐Ÿ˜… I'll take any comments so I can double check or research on it more.

Have you also staked on the WAT-BCH LP or no? ๐Ÿค” What's the highest earning you got from these DEXes? ๐Ÿค”

If you haven't joined the bandwagon yet, what do you think of my experience? ๐Ÿ˜ƒ

XOXO,

@LucyStephanie

* * *

Images are screenshots from BenSwap unless noted otherwise.

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Written by ย ย 277
11 months ago
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Comments

I tried farming there before but forgot all about it. I think I had eben/bch. I'll try to revisit again soon if I have enough to invest :D

$ 0.00
11 months ago

Oh baka time to harvest na yung EBEN m? ๐Ÿ˜…

$ 0.00
11 months ago

Apparently if you don't harvest it (and you add more) the first accumulated EBEN, will be gone forever.

No, it's not gone, you can harvest it at any time.

I don't think I would get the same amount of BCH I had when I put it in.

You will even get much more. You just have to wait a little until your farm has produced enough. If you always harvest very small amounts and exchange them into BCH, the fees will actually eat up everything.

When I click the Harvest button on my chosen BenSwap LP, the EBEN token goes to my Metamask wallet. In just a few hours the APR of this farm also went down from almost 700% to closer to 600%. Hmmm. ๐Ÿค” Now I don't know if I should harvest everyday or leave it there for 30 days. ๐Ÿค”

Thou shalt not reap. Everything that was at 700% yesterday, you earned at 700%, whether you reap now or not. You should only harvest if you believe that the price of EBEN will fall. But even then you don't have to harvest. You can leave everything and just wait until the price of EBEN rises.

Maybe you have some tips for a newbie like me huh?

If you don't want to take any risk at all, you can farm FlexUSD/sBUSD on mistswap. APY is only 81%, but you always make a profit whether crypto prices rise or fall. But I wouldn't trade BCH into flexUSD and sBUSD just yet because the BCH price is rising.

I recommend you to use https://app.mistswap.fi/de/bridge

$ 0.00
11 months ago

No, it's not gone, you can harvest it at any time.

But why did the accumulated EBEN disappear when I added to the LP? ๐Ÿค”

You will even get much more. You just have to wait a little until your farm has produced enough.

Like more than 1 EBEN? ๐Ÿ˜…

You can leave everything and just wait until the price of EBEN rises.

Yeah I have decided to do that. It rose a bit from yesterday so let's see...

GOB went down though. Staked a little of that but am still not sure how things are going.

If you don't want to take any risk at all, you can farm FlexUSD/sBUSD on mistswap. APY is only 81%.

Oh I see. Thanks for the tip. Might try that too. ๐Ÿ‘

$ 0.00
11 months ago

But why did the accumulated EBEN disappear when I added to the LP? ๐Ÿค”

It was automatically harvested and is in your wallet. Each addition or removal of LP from the farm automatically harvests.

Like more than 1 EBEN? ๐Ÿ˜…

Much more

$ 0.00
11 months ago

Hmmm, didn't notice that automatic harvest. OK thanks.

$ 0.00
11 months ago

Congratulations you made it, I am also encouraged to join SmartBCH, I hope to make the final decision today and take that adventure. Success

$ 0.00
11 months ago

Hehe good luck! ๐Ÿ˜Š

$ 0.00
11 months ago

Hoyaaaa, welcum aboard! Pero oi tibay mo, nag farm kana agad OMG. Expect the Impermanent Loss lang if the price of one of your paired token or coins dropped. Anyways, Good Luck, more token to come la hehe. Maganda din mag check ng prices sa dexscreener oi dun mo monitor price nf mga token ba.

$ 0.00
11 months ago

Tenkyuuu. Hahahaha. Bahala na diyan sa Impermanent Loss na yan. ๐Ÿ˜† Sana lang wag bumagsak sobra presyo. ๐Ÿ˜…

Ah sa dexscreener pala dapat nagche-check. Sige check ko yan.

$ 0.00
11 months ago

Awiee. Ako staking palang kahapon.. Kahapon lang din ako nag start at nag paturo lang sa may alam. Hihi. Ayun, hoping to succeed in the future.

$ 0.00
11 months ago

Yasss farm and stake ginawa ko. Haha. Kung anu-ano n lng gagawin para magkapera. ๐Ÿ˜†

$ 0.00
11 months ago

Wow, nag farm ka na. Ako stake lang talaga yung kaya kong gawin as of now. Nagtry din naman akong nag farm noon kaso, na experience ko ung impermanent loss sa isang pair kaya no more farming sa ngayon, staking nalang

$ 0.00
11 months ago

Haha ewan ko ba lakas ng loob d naman maalam pa masyado ano? ๐Ÿ˜‚ Mamaya che-check ko ano na nangyari.

$ 0.00
11 months ago

Okay lang yan, mataas din naman yung APR niyan. Kung sakaling may loss sa isang pair nabawi muna sa profit niya.

$ 0.00
11 months ago

:OO nice articlee

$ 0.00
11 months ago

Woooow! Nag farm ka agad? Astiiig. Ako na ilang months na sa sBCH hindi parin ma idnetify yung farm at stake hahahaha. Sormaaa

$ 0.00
11 months ago

Ha? Hahaha. Panay stake pala kayo lahat? ๐Ÿ˜…๐Ÿ˜…๐Ÿ˜…

$ 0.00
11 months ago

Stake kang muna. Di ko pa magets farminh eh ahhaha.

$ 0.00
11 months ago