The last couple days have seen a lot of uncertainty in smartBCH.
BlockNG and MistSwap launched Bridge BOLiVAR yesterday, unfortunately this launch was overshadowed by the liquidity issues at CoinFLEX.
Since yesterday, there has been no way for users on smartBCH to exit the chain due to the aforementioned liquidity issues. We have been working around the clock to find a solution to this problem.
We have launched a variety of pairs on MistSwap using the new bridged assets.
MistSwap converted the majority of its flexUSD holdings to smartBCH. We are now using the majority of our remaining treasury to provide liquidity on BCH/bcUSDT pair, to allow users to enter and exit smartBCH easily. Unit (Maemon) and Bali Gee have also contributed to this effort.
MistSwap will soon present an emergency governance proposal to temporarily redirect all flexUSD rewards to BCH/bcBCH and BCH/bcUSDT pools. This is approximately 750,000 MIST per day. This is done as an emergency action, and not taken lightly. We want to ensure there is sufficient bridge liquidity in order to restore confidence in smartBCH.
We will have guides coming out soon showing users how to bridge using this, but for now we have these simple instructions:
To enter smartBCH: buy USDT on any BSC DEX(such as PancakeSwap), then use https://blockng.money/#/bridge to bridge USDT to smartBCH (you will receive bcUSDT), then trade bcUSDT with BCH (or anything) on MistSwap.
To exit smartBCH: sell BCH for bcUSDT on MistSwap, then use blockng.io bridge to convert bcUSDT back to BSC, then trade USDT anywhere (such as PancakeSwap).
This is the best solution we have currently. Hopefully the emergency governance proposal passes, and we can attract liquidity for the BCH/bcBCH pair as well.
There will be a price divergence between smartBCH and BCH price. To buy discounted smartBCH, just bridge USDT into smartBCH and buy smartBCH.
Note: it is a great help to the smartBCH ecosystem to provide additional liquidity on the bridged pairs.
This is just the beginning of our solution to help solve the liquidity crisis in smartBCH.
In the short term, we will be providing bridge liquidity using BSC, smartBCH will continue to function normally. This is live now. Anyone can participate and help reduce the price divergence of smartBCH and BCH.
Medium term: We will be assisting SHA-gate with development effort. MistSwap will also be launching an Ethereum bridge in the future.
Long term: We will seek to bring more liquidity and tools to the smartBCH ecosystem. We are not going anywhere, and we will continue our goal of bringing real decentralized finance using Bitcoin Cash to the world.
We understand the last few days have been stressful. Please do not worry, there is a bright future ahead. We will do everything we can to help ensure smartBCH has the tools and liquidity it needs to grow. We also need your support, and hope we can earn it.
Thank you, and please feel free to ask any questions about bridging in the BlockNG Telegram Group https://t.me/BlockNGGlobal or MistSwap Discord https://discord.gg/mistswapdex
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