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Finally, yesterday I joined the SmartBCH bandwagon. 😂 All this talk about it has finally made me do it. Maybe I can double my cryptocurrency indeed huh? 🤔
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. 🙄 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. 😆
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.
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.
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. 😆
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! 😆 (Started this the other night but only saw it completed early yesterday morning because I fell asleep while doing it. 😁)
When I checked my Metamask wallet yesterday it finally showed the transferred/converted BCH in it. Hurray! Step 1 success! 😃
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. 😁
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.
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. 🤔 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.
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. 😮
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. 😌
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.
After checking on it in a few more sites I decided to stake some. But first... how to get WAT tokens? 🤔 This is when I remembered I should add the token to my wallet before doing anything else. 😂
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? 🤔
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! 😂 What the heck.
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! 😆 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. 😅
Found out I should use the Liquidity tab before I can stake anything... Mkay. 😆 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. 😫 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 (?). 😅 Oh well...
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? 🤔
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. 🤔 Most likely I will earn for sure only when BCH and/or the token prices go up.
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. 😆 I just tried this SmartBCH craze without even checking most of the prices and all that. 😅
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. 😉
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. 🤔 Now I don't know if I should harvest everyday or leave it there for 30 days. 🤔
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. 😂 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? 😅 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? 🤔 What's the highest earning you got from these DEXes? 🤔
If you haven't joined the bandwagon yet, what do you think of my experience? 😃