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About two months ago the Bitcoin Cash smart grid was giving its air for free, and on July 30th it was officially launched. It sure was an early gift for the entire Bitcoin Cash [who celebrated one more year of independence from the Bitcoin Core Blockchain] community who can thus have the privilege of being able to use decentralized finance while paying less in transaction fees and enjoy maximizing their earnings using smartBCH.
Since then until today a lot has happened on the SmartBCH side-chain and there is still a lot to be done, but for what we can appreciate right now it's quite remarkable!
As expected the Bitcoin Cash community and investors in particular, placed a lot of value on the development of the side-chain and also on platforms that would be used to transact decentralized currencies and so were the numbers:
More than 49000 BCH are locked in the SmartBCH network
More than 13.5 BCH have been burned so far on the SmartBCH network
As we can see above, the numbers invested so far are very positive and only adds how much the community is very excited about the services that Smart Bitcoin Cash side-chain offers. It should be noted that it is still in the testing phase and in a semi-centralized system managed by Coinflex, but will soon go fully into a decentralized system managed by SHA-GATE maintained by the SmartBCH team.
The largest number of this investment is concentrated in the Benswap business platform, where more than 31 million dollars worth in Bitcoin Cash are locked on it.
This platform was the first decentralized trading platform implemented on SmartBCH and so far has been presenting large volumes of trades. Altogether it has already listed on the platform more than 20 coins created in side-chain [or even existing ones that have been implanted on the smart Bitcoin Cash chain] and it is currently the largest DEX in the Bitcoin Cash smart network.
The platform also has its native currency called $EBEN which has been the largest currency with more liquidity on the market after Bitcoin Cash. The currency had its pre-sale right at the beginning of the exchange and since then it has appreciated more than 1000% increasing the turnover on Benswap.
At the moment, many projects [credible and some doubtful] are listed on the platform and some are even doing great campaigning on it like: $CATS, $KNUTH, $ARG, $FlexUSD, $FLEX coin etc. Note that stablecoin FlexUSD is a CoinFLEX product and will be the main stable currency of SmartBCH side-chain and had its integration into the market a few days ago and will soon have a Farming pool on the Benswap trading platform, where investors can put their working for them and earning compensation in $EBEN and fees paid in Bitcoin Cash.
FlexUSD is also a currency that pays interest every eight hours a day and a good attraction to let the stablecoin work without having to use it in the market, just keeping it on storage in private wallet.
The SmartBCH network is still developing and its evolution will be strong taking into account the various aspects that constitute it, such as transaction speed, market credibility or even the low transaction fees that it implements. The side-chain is an attraction for new and old projects that see it as a way to implement their projects and thus attract a larger cast of investors ready to receive more for their investment in the various products that SmartBCH will and is already offering.
As I mentioned above, SmartBCH side-chain already has several projects on the network, among credible and others merely and dangerously dangerous [many without a website, telegram or even Twitter landing the risk of rug Pull] and it is up to the investor to make a very rigorous analysis before wasting their money investing on them, and we can see and have access to address contracts on this website.
In the near future, the Smart Bitcoin Cash network will evolve a lot and, with projects discovering the advantages of using it, we can see a growing flow of adhesion. I mentioned above that it is still in the [functional] testing phase and that this phase is a transition to the decentralized phase that will be with the introduction of SHA-GATE.
More investments will be noticed in SmartBCH as well as the burning of Bitcoin Cash in the side-chain. The more you use SmartBCH, the more coins will be burned and Bitcoin Cash will be reduced in the market, making the coin scarcer.
It is, however, necessary to note that as it is a new DeFi opportunity, many projects can also enter with 'rug pull' intentions, so it is important to keep focused and only invest in projects that you know or that you can accept to lose the amount invested, always DYOR before joining any Business.