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My smartBCH Adventure: 8 months of Research & Profitable Investments
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.
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.
It was also positive most of these tokens were community-driven and provided much-needed support in this opening stage.
CashCatswas 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!
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.
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.
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