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I am just a regular Joe that is tired of paying high fees, and that understand the game th...
1 week ago
CoinFlex has made the awesome move of providing SmartBCH with a recognized and trusted stablecoin FlexUSD. That means that Smart Bitcoin Cash just got real and now you will be not playing you will be doing things for real. To me, this is the start of the real DeFi with Bitcoin Cash sidechain, full stop.
To get some FlexUSD, you will need to either sell other assets, get some airdrops if you can, or just use BenSwap decentralized exchange to get some FlexUSD. You can also transfer some USDC (which is what flexUSD is backed by) to coinflex and use the "mint flexUSD" function, then withdraw to SEP20 Smart Bitcoin Cash token protocol.
Why would you want to get some BCH and FlexUSD both together, because now you can provide liquidity to pools and earn some income, pretty soon farms will become available as well but I don't have a time frame on that just yet. The other reason you want to get some FlexUSD is that you learn to use DeFi, and also learn how to swap in and out, pretty much now is no longer a game it is about Bitcoin Cash becoming a real currency with many use cases.
If you want to get some FlexUSD and get them at fair market price, you can visit CoinFlex exchange and swap some other assets for FlexUSD, because the way CoinFlex works when you sell on the spot you will be actually be getting USDC, so once you sell you will need to exchange your USDC into FlexUSD.
Once you exchange whatever asset you may have that CoinFlex accepts you will need to exchange it for USD in the case of CoinFlex exchange that is USDC by default, so you will need to exchange your USDC for FlexUSD. Once you have FlexUSD you can withdraw to either SLP or SmartBCH by clicking the SEP20 option. To convert just click the option as shown in the picture below.
If you have some FlexUSD and sBCH now you can help the Bitcoin Cash DeFi system by providing liquidity so that others can buy and sell Bitcoin Cash on the sidechain much easier and without KYC. If you believe in Bitcoin Cash it will be a good idea to provide liquidity because that will make it much easier for others to get in and out of Bitcoin Cash, and will make it better for everyone else as well. If you want DeFi to grow on the Bitcoin Cash sidechain one of the first things needed are liquidity providers.
The DEX that the community is using right now is called BenSwap
BenSwap is having some issues with providing liquidity to the FlexUSD/BCH pair but that can be fixed really easy, after hitting the approved bottom just make sure your liquidity amount in FlexUSD is not a roundup number, if your balance is for example $32.00, provide liquidity for only $31.98. Otherwise, you may end up with the issue that you pay for the approval fee but the supply bottom is still unmarked or grey with the result that you only paid for the fee but can't supply the liquidity and finish the contract process.
As you can see in my picture I have 0.01 follow by many zeros, BenSwap will not accept that amount and will not allow you to supply your liquidity so I bought more FlexUSD to have as a total of 2.11 and approved it.
But to see the supply bottom release I change the amount from 2.11 to 2.1.
Now the supply option is available and I can become an LP user, the next thing that will come for BenSwap will be farming which I am waiting for because when it comes to Bitcoin Cahs I am a BCH junkie. All the things that you can do with Ethereum soon enough you will be able to do with Bitcoin Cash and with a much cheaper fee, and to me, that is a future worth waiting for and I do think that Bitcoin Cash sidechain will also solve the blockchain trilemma.
The blockchain trilemma pretty much is just security, decentralization, and stability but that's a topic for another article. I just hope that you are happy as me to see the real DeFi being built before your eyes and that the only people who won't be happy are those holding the Fake Custodians for Everything Blockstream coin.