An Overview of smartBCH and The Effect on Bitcoin Cash (2021)
Bitcoin Cash is up 10% weekly, outperforming almost any other cryptocurrency.
The performance of the Bitcoin Cash ecosystem lately has been remarkable. SmartBCH projects are attractive since there is much potential and most of them are outperforming tokens of other sidechains.
Almost every day there are fresh developments on smartBCH like new projects, utilities, new NFTs, new Web3 apps, bridges, etc. Bitcoin Cash is the native cryptocurrency for smartBCH and the sidechain has boosted its value already.
Smart Contracts have taken the Bitcoin Cash community by storm and opened up new horizons and new opportunities. The gap between competing smart contract-based blockchains and sidechains is still wide, but this also means we are in this at an early stage.
With this article, I write about an overview of smartBCH, which has expanded into various niches and presents today a solid blockchain network that has unimaginable potential.
SmartBCH Overview
Index: MarketCap.Cash
The starting point in our SmartBCH journey is an indexer service, Marketcap.cash, the website that offers us a dynamic database containing all the active tokens in the SmartBCHmarket.
The Marketcap.cash website is already a great source of information and listing a project provides exposure and increased interest by investors.
SmartBCH tokens (SEP20)
There are close to 40 different (SEP20) tokens already. Each has a different purpose and most of them are offered at high liquidity in the three smartBCH DEXs.
Some of the most popular of these tokens (with links for more information) are:
- DEX tokens: BenSwap EBEN, MistSwap MIST, MuesliSwap MILK
- Stablecoins: flexUSD, Smart BUSD
- NFT tokens: Law Punks (LAW), CashCats (CATS)
- Meme tokens: ShibaBCH (SHIBBCH), Honk (HONK), Potato Coin(POT), Cash Kitten (KITTEN)
- Community tokens: Knuth (KTH), BCH Argenitna (ARG), UatX Project(UATX)
- Gaming tokens: Axie BCH (AXIEBCH), Enter The Sphere (ORB), Joystic Club (JOY)
- Other notable tokens: FLEX Coin (FLEX), BCHPad (BPAD), Celery (CLY)
Most of these tokens have a strong concept and a purpose that serves the Bitcoin Cash ecosystem.
There rest active tokens are SPICE, XMIST, MAZE, KONRA, HAM, ZOMBIE, SVNT, HODL, LIGHTNING, VANDALS, CANDYMAN, PHA, CHEESE, WRS, RMZ.
Some of them migrated from SLP and created new tokens on smartBCH. Others are new projects on smartBCH, but most of them have low liquidity on DEXs.
The website marketcap.cash contains more information one can extract including more links and price action information.
DeFi index: DeFi Llama
Defi Llama is now tracking SmartBCH offering information on TVL and DEXs:
TVL of SmartBCH has reached $37.8 million and keeps rising.
DEXs, DeFi
There are three DEXs already offering trading DeFi services like yield farming, lending, staking, and three more are under development.
Current DEXs:
Upcoming:
- KoingFu
- 1BCH
- SquidSwap
NFT Scene on SmartBCH
Many were surprised to see such high volumes in NFTs in SmartBCH and there are plenty of projects creating and offering NFT collections.
- Poolside Puffers (2100 NFTs — sold out in 3 days)
- Law Punks (10,000 NFTs — sold out in 22 days)
- Cats (5,000 NFTs sold in one hour, another 5,000 in auction)
These three NFT collections were some of the first introduced in SmartBCH and have
Law Punks has seen a surge in volumes and it can be expected something similar to happen with the rest two NFT collections once trading becomes available.
Volumes are soaring in Law Punk trading. According to the website, the total volume has reached 317 in BCH and 566,162 more in LAW tokens.
NFT marketplace: OASIS
SmartBCH now has a marketplace that will soon be open to all for trading NFTs.
OASIS has launched and in the beginning, it was only used for minting Cats NFTs. NFT traders and collectors will soon be able to trade NFTs on a Web3 NFT marketplace using Metamask Wallet.
There are a few more marketplaces in development and could be great for competition.
Bridges
Web3 bridges are already available to enter the smartBCH ecosystem. SmartBCH doesn’t have a native token but utilizes Bitcoin Cash as such.
There are plenty of ways to transfer BCH in and out of the SmartBCH network today:
- CoinFLEX (in and out of SmartBCH)
- wagon.cash (one way to SmartBCH only)
- prompt.cash (one way to SmartBCH only)
- BCHCC (in and out of SmartBCH)
Soon there will be bridges to Ethereum for users to migrate tokens between the two networks.
Communication channels
Most of the discussion begins and ends in telegram and Twitter. Read.cash and noise.cash are exceptional resources at the hands of projects and should be used to the maximum.
Some projects publish announcements on read.cash but have small or no presence at noise.cash. Probably this should change with the creation of an official account for announcements and more communication with interested members and potential investors.
It costs nothing, and it would improve communication and advertising of projects to tens of thousands more users of Bitcoin Cash.
There can be events and promotional activities that will attract the noise.cash public in smartBCH projects.
Useful SmartBCH websites
There are various websites that provide support to the SmartBCH user, as well as some that contain important information to investors.
SmartScan: The SmartBCH official block explorer
TuxPaper.nu: A useful address scanner.
MarketCap.Cash: The SEP20 index described above
Sep20 Tokens: Add any SmartBCH tokens on metamask with just one click.
Alexandria: A live chart giving the number of total BCH burned through the fee-burning process of SmartBCH
Grafana: BCH node operator fountainhead gives more advanced details on SmartBCH network information, such as fees, block statistics, locked BCH, gas price, etc.
build.cash: Build.cash contains almost everything a SmartBCH user will need. It is a vast database of information with links and tutorials.
Checkbook.cash: Useful tool for airdrops (old service link)
In Conclusion
SmartBCH enjoys for the last few months a rising interest. It is still at a very early stage, but the grace period is over. It is time for current and upcoming projects to act as serious projects with a clear vision.
Professionalism is required, especially from the currently popular projects on top of smartBCH and anything else that appears. Driven just by short-term profit or greed can damage (temporarily) the potential of the entire market.
Most tokens on smartBCH (marketcap.cash) are all up by 50% since the previous week. There is vast interest in SmartBCH projects and while it is still early, usually the undertaken risk pays off later when a certain market increases a lot in popularity.
Solana, for example, overcame difficulties and reached an extremely high valuation. Although, Solana used vast marketing resources to succeed and advertised itself extensively in the cryptocurrency media.
SmartBCH is growing and silently achieving milestones other smart-contract blockchains will never meet. The effect to Bitcoin Cash currently may be relatively low but there will be an outburst at some point in the near term.
Tipb.ch: https://tipb.ch/Pantera
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Originally published at https://read.cash.
