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How to use BCH 13 - DEFI+smartBCH Stake BCH and earn 14% APR interest
The left side is to stake EBEN, and you will receive 422.42% APR interest. (You are right, the new exchange usually releases such favor to encourage people to join in)
The right side is to stake WBCH and earn 14.95% APR interest.
(This is what we want today. Just like lending money and earning interest.)
(WBCH is the token of BCH, we will explain it later.)
The process on both sides are the same.
Click Approve Contract -> Confirm
Stake button will show up. Click it.
But you won't find any BCH available for staking. That's because it required WBCH coins. You need to swap BCH to WBCH in exchange first.
(Warning: WBCH is issued by the other contract. Swapping to WBCH is more risky than holding BCH. That's because if the wBCH is out of liquality, you may not be able to swap back. Remember to trade with caution.)
Here we go. Now you can stake WBCH now.
The interest is displayed in real time. If you want to transfer interest to the wallet, you can click "Harvest."
If you want to retrieve your money, just click "-" to withdraw to the wallet.
You can also provide liquidity providers (LP) to earn fees. LP are much more complex. We won't discuss it here.
If you want to transfer money from smartBCH to BCH.
Go back CoinFlex and click BCH->Deposit.
Select SEP20 and then send BCH to this address from your Metamask wallet.
Then you can sell them or withdraw to the BCH network.
It looks complex but if you go through it once, you will find it is really easy.
The overall user experience is quite good. The only drawback is to wait for 10 mins confirmations twice when crossing the bridge.
The fees on BCH and smartBCH are both low.
This is the power of the BCH money network. With additional ETH computing power, we will see infinite possibilities in the future.
Both benswap and smartBCH just launched recently and are still young. Remember to trade with caution.