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SmartBCH simple example + risks/benefits staking BCH for an APY
APY = the annual ROI (return on investment), but the APY is being paid very frequently which brings into effect the opportunity to reinvest the daily harvest, to go x² on your investment long term.
BCH = these BCH used in this example are being handled by the CoinFlex bridge, which means currently the whole smartBCH depends on a centralized authority, this imposes a risk you should be aware of, the decentralized bridge is on the way but until it arrives the funds are vulnerable and you should only invest what you are willing to risk based on the promised returns. I recommend to invest as little as possible to earn experience so you can make a judgement based on that observation.
WBCH = wrapped BCH is or might be more safe than the BCH, because it is actually a product delivered by the BenSwap DEX which will be interoperable with upcoming DEX on smartBCH, I am not sure here, please DYOR, any information provided here is based just my own experience, never trust, always verify!
First you gotta deposit BCH on your MetaMask wallet using the Coinflex or any other bridge that might use that asset by now
The screenshot provided above shows you the SWAP/Trade interface of the BenSwap DEX.
That is step number two: you have to wrap the BCH provided by the CoinFlex bridge to the WBCH token provided by BenSwap DEX
The DEX will cover a fee for its efforts and you gotta remind yourself to set the 1.05 gwei, if you dont know what I am talking about, check out the Ultimate SmartBCH Tutorial that was provided for absolute beginners by @MoreGainStrategies
Now that you have already swapped the BCH for WBCH you gotta change the menu in BenSwap to "pools" because you want to provide liquidity to the WBCH pool by staking your BCH. Thats why they give you a return on your asset, because you are now participating in the work of that exchange, so they share profits made on tx fees with you. This is why DEX are such an important world changing invention, we can all participate without asking the authority for permission. We can all benefit.
Thats it, you are now earning an APY on your WBCH holdings.
Reminder: Harvest your EBEN regularly, then swap them on that DEX to WBCH which you can then reinvest by increasing the staked amount, touching the + symbol.
This guarantees maximum returns on your otherwise sleeping BCH.
Please share this article with anyone who might be interested to earn an APY on their otherwise sleeping BCH.
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