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As I was watching the latest stream by Marc De Mesel on YouTube, a viewer commented on how innovation in Bitcoin Cash is not enough as in Ethereum concerning DeFi.
DeFi projects are already growing in Bitcoin Cash as well, and developers are building on top of the Bitcoin Cash blockchain. I enjoyed the reply by Marc De Mesel which was honest and precise as the Bitcoin Cash network has a primarily different function than Ethereum, however, smart contracts can be utilized too and perhaps in better ways than Ethereum, in a decentralized blockchain that has managed scaling and adoption mostly for the merchant world.
This doesn't exclude Bitcoin Cash from the Decentralized Finance field, although it was largely unexplored environment by developers until recently.
Marc gives a perfect answer to the Ethereum maxi at 1:34:10 timestamp.
As Marc De Mesel explains, Bitcoin Cash is not a direct competitor to Ethereum, however, there is a window open for innovation in the field of DeFi, since the Bitcoin Cash network offers on-chain scalability which can help developers utilize it and create decentralized finance products.
Marc De Mesel mentioned SmartBCH which is a rebrand of the previously announced Bitcoin Cash sidechain "Moeing Chain".
Actually, it is not a rebrand since the project wasn't officially announced with the name Moeing, and according to devs the name ("Moeing") will still remain as a codename for the project. The name Smart Bitcoin Cash (or SmartBCH) was suggested to the project in discussions with @Roger.Ver and the team later decided to proceed with it.
The project under the name Moeing Chain has been explained and discussed thoroughly in read.cash by @lordneroo and @fixthetracking :
In general, SmartBCHis a sidechain for Bitcoin Cash compatible with EVM (Ethereum Virtual Machine) and Web3 API, while utilizing BCH for gas, aiming to provide similar benefits as Ethereum 2.0 will when fully developed.
Smart Bitcoin Cash attempts to tackle these issues differently, by optimizing the implementation of EVM and Web3 at a low-level in order to fully leverage the potential of hardware, especially its inherent parallelism. We believe that Smart Bitcoin Cash will provide the same benefits of ETH2.0 in a much shorter time.
“The first product available on Detoken is the Anyhedge BCH-USD futures contract. This is a smart contract which allows users to Hedge or Long their BCH while earning funding premium. Users also retain control of their own money throughout the entire process.”
FlexUSD is a new yield-earning stablecoin in the repo market of CoinFLEX. It is minted in Ethereum as ERC20 and in the Bitcoin Cash network as an SLP token, and plans to be integrated across most DeFi platforms. Bitcoin Cash is being utilized this way by providing a platform for a stablecoin to enable and expand its financial operations in the DeFi space.
We observe this year that the interest for DeFi development on top of the Bitcoin Cash blockchain is kicking off. It wasn't even considered in previous years as Ethereum was working well for developers until it didn't. At a certain point, there was a need for reduced fees and developers turned their attention to scalable and efficient blockchains like Bitcoin Cash. DeFi is supposed to be about financial inclusion and the higher Ethereum fees made it impossible for most crypto users to participate. Only a small percentage is actively using DeFi platforms today and the same is with NFTs.
DeFi is a field unexplored and undeveloped in the Bitcoin Cash network, this is something that nobody can deny. But we can't also deny the fact that there is huge potential and as the DeFi landscape is changing, developers are trying to build in networks that are fast and able to scale to meet the demand for financial products for all.
Bitcoin Cash with virtually instant speeds and almost feeless transactions is a network that can become competitive in the DeFi and NFT scenes. While Ethereum still dominates and the rest of the platforms as Tron and EOS are lagging behind, there is huge potential for Bitcoin Cash to rise and grow in the decentralized finance development.
Development of decentralized financial tools and platforms with the utilization of Bitcoin Cash will find support by the Bitcoin Cash community and in case one of them succeeds there will be hundreds more coming.