SmartBCH failed to bring DeFi for the BCH community
Why do I like Bitcoin Cash? Because it works since 2009! It may not be the most trending cryptocurrency but BCH is efficient by design! The low fees and fast transactions make BCH as the perfect peer-to-peer cryptocurrency, a solution that can be used for everyday normal transactions.
While BTC has became a store of value instead of a currency, Bitcoin Cash continued Satoshi's dream and an ongoing journey towards the promised decentralization. The number of business adopting Bitcoin Cash as payment solution is constantly growing, and if everything goes according to the plan we will see BCH as legal tender in St. Maarten.
The leader of the United People’s Party and member of St. Maarten’s Parliament, Rolando Brison is the the first elected official to request his entire salary paid in Bitcoin Cash. Brison believes St. Maarten will become the “Crypto Capital of the Caribbean” as his country continues to embrace blockchain technology and cryptocurrency solutions.
Decentralized Finance spiced things and after the fall of many centralized exchanges ... it looks like the only option for crypto evolution. The launch of SmartBCH was supposed to enhance the Bitcoin Cash ecosystem, adding DeFi and NFTs into the mix.
The SmartBCH chain is a EVM compatible sidechain for BCH smart contracts, a new ecosystem that was ultra-low fees and all the tools required for Web3 dApps, NFTs and yield farming.
It started well, as new projects emerged every day, and the NFT ecosystem instantly bloomed. Many projects shifted from SLP to SmartBCH and people bridged their Bitcoin Cash into SmartBCH. Telegram groups where growing, chats where more busy then ever and suddenly the Bitcoin Cash community turned more vibrant then ever.
And then ... the people ruined everything. It wasn't the chain's fault but the people that made SmartBCH fail. It was the lack of long term development and greed that killed the vibes, and the countless scams and rugpulls. The hype dimmed and the market went downhill, as the dozens of NFT projects with fake utility and roadmap plummeted into a death spiral.
I shifted a total of 10 Bitcoin Cash when the average price was hoovering around $500 per BCH, and more than one year later I have 4 BCH and 100 useless NFTs. There are still few projects that kept the flame burning, like BlockNG and the Konra Kingdom, but the overall feeling is gloom and doom.
Adding the NFTs to the marketplace is pointless, as most of them are valueless or good for staking tokens that have no utility. Spent few minutes to visit the TG chats and most of them are ghost towns. Just the LAW Punks keeping the SmartBCH pride alive, with constant innovations and fresh earning opportunities.
BlockNG.Money is neither a corporation nor a business because it has no owner, no director, no offices, no formal organization or hierarchy, no legal entity, no business plan, no investment or any other form of activity... being fully decentralized!
I didn't joined as early as others but I managed to farm $LAW at a good rate, and earn a good bag of tokens through the referral system.
BlockNG.Money is not an investment and you are not encouraged to make an investment. None of this is financial advice or a method that can make an individual rich over night. I was fortunate to earn a fair amount of LAW but not as bright to cash out when the token nearly reached 1 USD.
However, the LAWPunks NFTs were a good investment. I wish I listened and minted 10-20 LAW Punk NFTs, when the minting price was 0.01 BCH, and sold some of them when the floor price went at 3-4 BCH per NFT.
I minted my two LAWPunks NFTs, paying 0.02 Bitcoin Cash and seen the value going up 10x once they sold out. I staked them for months and farmed $LAW but now I listed them as part of the exit plan. I don't have the time and energy to follow up multiple chains like in the past, and have to apply a new strategy after the heavy losses of 2022.
Swapping and selling the tokens that still have some value is part of the plan, and build up the sBCH stash for that day when will be back to 1:1 value with BCH. This is another story, as a big brand let down the whole community, but a subject you are free to research in your own spare time.
The Gambling Apes sold out in minutes, and a fresh Gaming Casino powered by BCH and $BANANA was announced. I staked my Ape and farmed Banana but the casino failed to open. Unstaked the ape and I will probably look for someone to adopt all my NFTs in one go.
More to follow ... probably a step by step story of my exit!
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Hmm I thought it was coinflex who killed the sBCH vibe... Rugs you got everywhere unfortanetely, also on dogechain right now.... People love hypes and jump into any new projects afraid of missing out, without doing enough research perhaps... Roadmaps and utility all sounds real nice but a lot of projects don't make it that far...to live up to their promises...
We hope sBCH survives all this cause we are still active there, so is our TG, we still build on BCH as well as on Doge... But most people left the chain, went on to Dogechain or ETHW or waiting for Shibarium now... We would love to see BCH make it ♥️
And you're probably right, our RAT NFTs don't have much value either right now, but I hope the value of our NFTs lies in the fact that they are animated, customizable and adjustable to your own liking... Those features are a given 🔥