SmartBCH is getting red hot lately! It is one of the few smart contract networks with immense potential.
A great leap forward for the Bitcoin Cash ecosystem, opening new opportunities in the smart contracts field and sectors of the crypto economy as NFTs, Dapps, and DeFi.
70,000 BCH are currently locked in smartBCH, a number that will certainly grow more as new projects, investors, developers, and artists join.
In the few months the network is live, devs are building infrastructure, services, and projects, and the community is growing at a rapid pace. SmartBCH embraces all the crypto sphere, offering low fees and high transaction speed, adding to the overall increased network effect of Bitcoin Cash.
SmartBCH, unlike other Ethereum sidechains, doesn't use a native token but Bitcoin Cash instead. Investors that find potential in smartBCH, but don't want to join the DeFi/NFT ecosystem, take their positions in BCH.
The Genesis of the SmartBCH Universe
Pexels (modified)
My adventure with smartBCH begins on March 2021, when I first read about the Moeing Chain, which was a temporary name before switching to smartBCH. It instantly caught my attention having used various EVM compatible blockchains previously, and I started following developments closer since then.
The news was already filling the Bitcoin Cash community with excitement.
Two weeks later, I wrote an article (DeFi on Bitcoin Cash is here!, March 22, 2021) after watching a live stream by Marc DeMesel. Some questions in the chat mentioned the unavailability of smart contracts and DeFi in the Bitcoin Cash ecosystem and felt a response was required.
smartBCH is a sidechain to Bitcoin Cash, compatible with EVM (Ethereum Virtual Machine) and Web3 API while utilizing BCH for gas, and aiming to provide similar benefits as Ethereum 2.0 will when fully developed.
It seems the benefits of smartBCH were there even before its release and everyone was waiting with anticipation.
I kept studying the smartBCH sidechain, following news and developments, such as the testnet phase and discussions.
I created two guides to prepare beginners and experienced users, not accustomed to Ethereum and Metamask. I published both articles on various networks with awesome results. They are even trending on google search, no matter the platform I republished (read.cash, Medium, Hive).
The Metamask tutorial for beginners describes the entire process of setting up Metamask and including networks. When the settings for smartBCH were announced, I added them as well.
How to Set Up Metamask and Add Networks: Binance (BSC), Polygon (Matic), OKEx, SmartBCH - Tutorial (July 7,2021)
In September, when the Metamask settings for smartBCH were announced, we could finally connect our Metamask wallets to smartBCH. I made this tutorial specifically for SmartBCH a day later:
SmartBCH Metamask Tutorial - Connect to Network, Transfer BCH, Add Tokens and Trade on DEXs (September 8,2021)
The SmartBCH mainnet launched on July 30th, and the specifications for Metamask connectivity were officially announced one month later.
The First DEX and Tokens Appear!
Tokenization on SmartBCH started, and immediately the first tokens appeared!
BenSwap was the first DEX, offering DeFi yield farming and staking, and new tokens immediately appear and receive a headstart. MistSwap, also followed with high yields and a fair amount of BCH locked.
It was also positive most of these tokens were community-driven and provided much-needed support in this opening stage.
CashCats was one of the first tokens on SmartBCH and immediately grew in popularity, handing out vast amounts of tokens to the community members with various airdrops and contests. CashCash, a meme-coin, with latest developments found a fine use case in the OASIS marketplace.
Bitcoin Cash Argentina and Knuth, two projects with members of the Latin American community of Bitcoin Cash, created their tokens (ARG and KTH) and begin sharing them with airdrops to the community. It was vital at this stage to have tokens developed by experienced community members and both Bitcoin Cash Argentina and Knuth deserve congratulations for the development of the new DEX, TangoSwap.
DeFi started moving and we have today five DEXs offering decentralized finance on smartBCH, with two or three more under development!
TVL (Total Value Locked) in SmartBCH DeFi is also increasing rapidly, having tripled since a month ago.
The DeFi part of smartBCH is experiencing healthy growth, with limited speculation and organic adoption. The increase of the userbase is expanding rapidly and we can have now hopes for a recognition of smartBCH by the rest cryptocurrency market and investors.
Low network fees are the catalyst for smartBCH further adoption.
The smartBCH NFT craze!
NFTs appeared next on smartBCH an immediately embraced by the community.
Law Punks, a project similar to the Ethereum Punks NFTs, was the first collection on smartBCH. Together with Poolside Puffers and CashCat NFTs are currently the most popular.
The volumes on Law Punks marketplace had been significant and the top-two NFTs changed hands for record prices of 35BCH and 33BCH.
NFT volumes have been performing outstandingly and so did the total BCH locked in the smartBCH network.
The Law Punk NFTs increased rapidly in value and currently give a minimum return of 1200% since the minting phase.
OASIS Marketplace
OASIS, the first smartBCH NFT native marketplace is also live!
Maybe we will witness similar action and volumes on the Puffer NFTs and CashCats. OASIS will include all NFTs and soon will add sorting functionality and many more features.
It Is Happening!
I took the opportunity to explain SmartBCH to Hive and Medium audiences and published or republished various of my SmartBCH posts at Leo Finance and PoB communities. This was one of the first posts about SmartBCH I wrote specifically for Hive:(SmartBCH: What is this About and Why We Should Care?).
With my articles I presented projects that were not so popular but contained potential.
I explored all DEXs so far, and I take part in staking and farming. I hold various SEP-20 tokens, but I don't want to push anyone into a copy-trade situation. One of the reasons I'm not announcing my trades is this.
I’ve also tried to cover smartBCH projects with enough potential but not met with enough publicity. I felt they deserved at least a thorough research and review.
In Conclusion
SmartBCH will become a beacon of hope for developers and investors fed up with the high Ethereum fees and the inability of various blockchains to scale.
Investing in smartBCH has provided ROI above my expectations.
Once again, though, we witness the mainstream crypto media being oblivious to anything related to Bitcoin Cash, censoring developments, and ignoring SmartBCH.
Maybe this also helps for the time being, but advanced technology in any field can’t be ignored forever.
As new projects appear, we all try to proceed with careful steps since we had a few rugs pulls already and awareness has been increased.
Images:
Lead Image from: Pixabay, modified
List of all my articles related to smartBCH:
DeFi on Bitcoin Cash is here! (March 22, 2021)
SmartBCH Network Discussion (April 30,2021)
How to Set Up Metamask and Add Networks: Binance (BSC), Polygon (Matic), OKEx, SmartBCH - Tutorial (July 7,2021)
SmartBCH Metamask Tutorial - Connect to Network, Transfer BCH, Add Tokens and Trade on DEXs
Poolside Puffers! - A smartBCH NFT Art Project With a Good Purpose!
Transfer your BCH to smartBCH Easily with Wagon.Cash & Prompt.Cash
LawPunks NFT Sold For RECORD 33 BCH! SmartBCH Volumes SPIKE!
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No financial advice intended. DYOR.
Wallets:
SLP: simpleledger:qp77an8yy98kgarhgmhurvmcrxslth0v9qgft6ypqk
SmartBCH: 0x2c09bc07354bad5b5c04b3661148d50a5fc087bc
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Thank you for this article it's really cool