Decentralized finance (defi) has set a trend during the latter half of 2020 and into this year, as statistics show $168 billion is locked in defi across various blockchains. Bitcoin Cash now supports the Smartbch protocol, and more recently, a decentralized exchange platform (dex) has joined the defi fray. Smartbch’s new dex platform, benswap.cash, allows users to earn through liquidity pools and swap tokens in noncustodial ways.

Bitcoin Cash Supporters Flock to Benswap.cash for 1,000% APY and Decentralized Trading

Five months ago, the BCH community anticipated the benefits of a project that combines the forces of Bitcoin Cash (BCH) with the Ethereum (ETH) network. The project is called Smartbch, a smart chain that maximizes the throughput of EVM and Web3 on a sidechain of Bitcoin Cash.

Smartbch has matured quite a bit since Bitcoin.com News reported on the project successfully launching three nodes. Now BCH community members have been leveraging a dex trading platform called benswap.cash, a clone of the dex benswap.finance.

Basically, the ability to earn yields and swap tokens in a noncustodial manner is now possible using bitcoin cash (BCH), the Smartbch sidechain, the SEP20 token protocol, and benswap.cash. The dex benswap.cash operates similarly to swapping platforms like Uniswap, Pancakeswap, and Sushiswap. In order to leverage benswap.cash you will need a wallet like Metamask to interact with the Smartbch network and connect with benswap.cash.

A Comprehensive Guide For Smartbch Newbies. Leveraging the Coinflex Bridge, and the ‘Green Ben’ Token

In order to get started, there are a few prerequisites, which are explained in comprehensive detail in a guide posted to the blogging site read.cash. The Smartbch for newbies walkthrough written by “Moregainstrategies” shows the reader how to configure Metamask to work with the Smartbch network.

The blog post explains further that the only way to access sBCH for now is through the trading platform Coinflex. Because sBCH is required, anyone looking to test the network’s capabilities must swap bitcoin cash (BCH) for sBCH. The only cost a person will pay when swapping BCH over to the SEP20 token sBCH will be BCH network fees.

Coinflex does not require an email address for registration. However, you can use Metamask to avoid registration. After the account is registered or tethered to a Metamask wallet, the user needs to deposit bitcoin cash (BCH) into the Coinflex wallet. After the funds have been confirmed, the user can withdraw but instead, they need to withdraw sBCH using the SEP20 standard.

The Metamask wallet address must be used to send the sBCH. After a short wait, the sBCH will arrive in your wallet. From here, benswap.cash can be used to either swap Smartbch tokens or join a yield farm in order to gather passive income from their liquidity tokens. On the benswap.cash website, there’s a section that allows swaps for Smartbch tokens such as “$cats,” arg,” green ben,” honk, and more. The native token of benswap.cash is the token green ben (EBEN). It is used for governance decisions.

At the time of writing, a single green ben (EBEN) is trading for $2. 4826019 per EBEN and there is a circulating supply of 5,723,529 EBEN today. The price per EBEN and the number of tokens in circulation give the coin a market cap of around $14.2 million. To earn EBEN through liquidity pools, users will also be able to trade tokens in a noncustodial manner.

Current Smartcash Farms Show Yields Between 200% and 1,000%+ APY

The current annualized percentage yields for benswap.cash liquidity pool are very high. For instance, the EBEN-BCH liquidity pool at the time of writing gives a user 1,070% paid in EBEN, minus fees. There’s also the $CATS-BCH and $CATS-EBEN liquidity pools which have current APYs between 210% and 290%. Be aware that APYs hosted at benswap.cash may fluctuate as with the many other liquidity pool applications.

It should also be noted that benswap.cash is a clone of the BSC dex benswap.finance, which is in the midst of being audited by Certik Security. The audit is still incomplete. All dex applications have risks. Users should use due diligence to ensure that their token contracts and network settings are correct. Regardless of whether the audit is completed, traders should not invest more than they can lose in any dex app.

Bitcoin cash fans have been discussing the benswap.cash dex regularly on the forum r/btc and on Twitter. The r/btc Reddit forum has a number of posts that discuss how benswap.cash works and that it’s the first dex to build on top of the Bitcoin Cash (BCH) network.

What do you think about the Smartbch project and the benswap.cash dex? Please share your thoughts on this topic in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Metamask, Smartbch, Benswap.cash,

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

Read More