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MuesliSwap, New DeFi/DEX - BenSwap Finds Competition
Hello again SEP20 gang! Hopes are increasing together with new and exciting developments from the SmartBCH network.
It seems we have another DeFi platfrom and DEX exchange being launched. We are waiting for diversification and plurality in the DEXs and have more options available.
I'm always expecting some features and better conditions, but also expecting to find attempts that the community will embrace, just to be sure that the original enthusiasm won't turn into losses of a possible rug pool.
Being well aware of previous scams in the DeFi field, especially where is anonimity involved there is always danger. Maybe some will remember the Sushi Chef and how he rug pulled. Or all the rest that prequeled and followed. It is disappointing often and when I see simply a cloned website it is not what I enjoy.
In the website we read this is "A decentralized exchange for Cardano and smartBCH". Also a mission statement about decentralized future.
It felt strange reading the Cardano part, maybe the team is planning to launch a Cardano platform somewhere in the distant future. Maybe the platform was getting ready for Cardano, but decided to add SmartBCH functionality, since SmartBCH has released the main network for a few months.
After looking some more at the website it seems it is severely influenced by food coins, and muesli is some kind of dish similar to cereals. I have my own diet and felt that the food tokens didn't match it. I am not going to be prejudiced by the food part though, it could be a good effort and I don't want to pressume or be one-sided.
There is room for competition and a good effort can become the competitor to the only available DeFi we have (Benswap). I still think that it is a mistake to not treat SmartBCH professionally at this point, so I'm going to assume this will be a legitimate project and the anonymous devs behind, have all the best intentions to create a DeFi platform that could make them millions, instead of just trying to steal lunch money from us the plebs.
The DEX has already been launched. I didn't make a trade yet, as seems there is no liquidity in the pairs I tried. Since it just launched maybe it will need some more time to add liquidity.
The farms and pools were also under development. It is the exact same interface as most Defi and the interface probably cloned from another one. It is not so much of a drawback, but as with the case of Benswap I think there should be more professionalism.
The platform will feature a token called MILK and as I read, there is going to be doing a pre-sale of this token, that will begin this week. So, risk aside, this is the second DeFi platform that appears on SmartBCH, maybe I'm going to participate and buy some MILK. Hope it doesn't turn out sour, but I will embrace this development nontheless.
Today the market was silent, usually there is a storm after too much silence, but I don't think we should expect one soon. The SEP20 tokens didn't have any worth mentioning news or developments, there is trading and some small profit taking may have brought prices down a little.
Bitcoin Cash for reasons uknown keeps having a price at $500, and keeps being an opportunity at this price. I'm always expecting to drive into higher grounds withing the next few months and possibly the awakening will begin sooner or later. I'm always giving my trading advice, so at this price it is never a sell.
For the rest market I assume that there is not much maturity and prices can drop significantly when it comes to crypto like Solana, Cardano, Terra, Avalance, Chainlink, Cosmos, Polygon and more. Most of these are just Ethereum based DeFi networks that compete on minor details, and are multiple times higher than Bitcoin Cash in market cap. This is not regular market but investors entering every new Defi option and testing it heavily with huge volumes.
It is also the reason SmartBCH is expected to help Bitcoin Cash increase by at least a tenfold, and why I explain that $500 for Bitcoin Cash is just ridiculously undervalued.