Fun

Smartbch Defi Universe Expands — Dozens of SEP20 Tokens, $12.8M Total Value Locked in Dex Platforms

News Feed - 2021-11-04 11:11:48

Smartbch Defi Universe Expands — Dozens of SEP20 Tokens, $12.8M Total Value Locked in Dex Platforms


On April 1, Bitcoin.com News published an in-depth report on the Smart Bitcoin Cash (Smartbch) protocol and its compatibility with Ethereum’s EVM and Web3 API before any Smartbch projects were seen in the wild. Seven months later, Smartbch has matured a great deal and metrics indicate that between three decentralized finance (defi) protocols, there’s roughly $12.8 million total value locked on the Smartbch-based applications. Defillama Tracks Smartbch, $12.8 Million Locked Across 3 Dex Protocols


It’s been an active year for decentralized finance (defi) applications as the total value locked (TVL) in defi surpassed $250 billion this week. Meanwhile, the top defi blockchains like Ethereum, Binance Smart Chain, Solana, Polygon, Avalanche, Terra, and more continue to see TVLs rise.


Alongside this, smaller defi networks like Zilliqa, Algorand, and Smartbch have seen TVLs expand as well. The Bitcoin Cash-based Smartbch protocol has expanded a great deal since Bitcoin.com News first reported on the subject.


During the first week of September, Bitcoin Cash community members discussed the decentralized exchange (dex) Benswap.cash. Since then, a number of Smartbch compatible dex applications and non-fungible token (NFT) projects have been seen in the wild. On Wednesday, the official Twitter account for the defi analytics web portal defillama.com tweeted that the Defillama team is tracking Smartbch.


“Now tracking Smartbch,” the Defillama Twitter account said. “Smart Bitcoin Cash (Smartbch for short) is an EVM compatible sidechain for Bitcoin Cash and has an aim to explore new ideas and unlock possibilities in a fast, secure, and decentralized manner.” The aggregate total value locked in three dex protocols on November 4, 2021, according to defillama.com stats.


Statistics indicate that Smartbch has a TVL of $12.8 million on November 3, 2021, between three defi protocols. Smartbch defi applications tracked by defillama.com include Benswap, Mistswap, and Muesliswap respectively. Benswap has around $5.71 million, Mistswap commands $5.49 million, and Muesliswap has around $1.66 on Wednesday. Benswap’s TVL is the most dominant with 44.38% of the $12.8 million TVL among the three dex platforms.


Tokens swapped on Benswap include coins like eben (EBEN), flexusd (FLEXUSD), flex (FLEX), law (LAW), and cashcats (CATS). According to metrics from the web portal smartbch.fountainhead.cash, 49,373 bitcoin cash (BCH) worth $29 million is locked in Smartbch today. Roughly 52.5 BCH has been burnt or $31,482 in fees, and there are more than 434,000 contract actions. The web portal marketcap.cash keeps a list of Smartbch (SEP20) tokens in terms of the size of each coin’s market capitalization. Dozens of SEP20 Tokens, Bridge Development, Beachswap ‘Rug Pull’


Today, the SEP20 token with the second-largest market valuation below bitcoin cash is eben (EBEN) which is trading for $0.74 per coin. The stablecoin flexusd is the third-largest cap while mist (MIST) is the fourth and trades for $0.011 per token. Just a while back, the Smartbch bridge stemming from the crypto trading platform Coinflex was the only bridge to access the Smartbch network’s EVM compatibility. The top ten SEP20 tokens on November 4, 2021, according to the website marketcap.cash.


Now, there are a few different bridges coming to life as Mota Global has been developing a Smartbch bridge, the BCH developer Ekliptor has created an SEP20 bridge called prompt.cash/bridge, and there’s another being deployed called ​​tokenbridge.cash, which is in the midst of “undergoing a full code review and validator voting.”


Bitcoin cash proponents testing the Smartbch network with some of the decentralized applications (dapps), decentralized exchange (dex) platforms, and cross-chain bridges should always be cautious of possible losses, hacks, and rug pulls. Just recently, Smartbch saw its first “rug-pull” as it’s been alleged that a decentralized exchange (dex) platform called Beachswap “exit scammed.”


Some of the aforementioned bridges have just been released and users should test small fractions in order to verify reliability. On September 8, Bitcoin.com News reported on the dex Benswap and at the time the project was not audited. Since then, however, the firm Certik has published a “fundamental protection and assessment” audit of the dex platform.


What do you think about all the activity taking place on the Smartbch network? Let us know what you think about this subject in the comments section below. Total Value Locked in Defi Reaches $250 Billion — Uniswap, Quickswap, Trader Joe Dominate Dex Volumes DEFI | 17 hours ago An In-Depth Look at Olympus DAO Protocol and the Not-So-Stable Stablecoin OHM DEFI | 3 days ago Tags in this story $12.8 million, BCH Acceptance, Beachswap, Benswap, bitcoin cash, Bitcoin Cash Acceptance, Bridges, cats (CATS), Coinflex, Cross-chain Bridges, DEX, Dex Apps, Dex Platforms, eben (EBEN), Ekliptor, Ethereum, EVM compatibility, flex (FLEX), flexusd (FLEXUSD), law (LAW), Mistswap, Mota Global, Muesliswap, SEP20 Tokens, Smart Bitcoin Cash, Smartbch, technology


Image Credits: Shutterstock, Pixabay, Wiki Commons, marketcap.cash, Defillama.com Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

India’s Prime Minister Modi: Digital Rupee Will Strengthen Digital Economy, Revolutionize Fintech
India"s Prime Minister Modi: Digital Rupee Will Strengthen Digital Economy, Revolutionize Fintech India’s prime minister, Narendra Modi, says an Indian central bank digital
Dogecoin To As High As $23? This Pattern Could Hint So
Este artículo también está disponible en español. An analyst has pointed out a historical Dogecoin pattern that could suggest DOGE might see a bull run to as high as $23
LBank Exchange Will List MintMe․com Coin (MINTME) on June 22, 2022
LBank Exchange Will List MintMe․com Coin (MINTME) on June 22, 2022 press release PRESS RELEASE. INTERNET CITY, DUBAI, Jun. 21, 2022 – LBank Exchange, a global digital asset
Core Scientific drops 10% after $400 million convertible senior note offer
Stephen Katte3 hours agoCore Scientific drops 10% after $400 million convertible senior note offerCore Scientific stock has dropped to $8.46 per share on the Nasdaq following an announcement of offering convertible senio
Biggest Movers: SOL Gives Up 20% Gains, as FTX Declares Bankruptcy
Biggest Movers: SOL Gives Up 20% Gains, as FTX Declares Bankruptcy Solana was up by as much as 20% on Friday, as the token rebounded following recent declines. The token which drop
Bitcoin miners record lowest daily revenue of 2024
Arijit Sarkar14 hours agoBitcoin miners record lowest daily revenue of 2024Bitcoin miners’ daily revenue hit a new yearly low of $2.5 million, but strategic overhauls keep some companies profitable amid industry challe
Hong Kong targets DeFi, metaverse for fintech expansion
Arijit Sarkar2 minutes agoHong Kong targets DeFi, metaverse for fintech expansionDespite challenges in the current DeFi and metaverse landscape, the reports highlight potential growth and innovation in these emerging sec
Mt. Gox moves $3B in BTC to unknown address
Josh O"Sullivan1 hour agoMt. Gox moves $3B in BTC to unknown addressMt. Gox"s cold wallet transfers 47,229 BTC worth $3 billion to an unknown address, marking significant activity after a two-week lull.972 Total views7 T
Portuguese Parliament Rejects Crypto Tax Proposals During Budget Debate
Portuguese Parliament Rejects Crypto Tax Proposals During Budget Debate Two proposals to tax crypto assets have failed to gain support from Portuguese lawmakers who are now discuss
All Pizza Hut Locations Accept Cryptocurrencies in Venezuela
All Pizza Hut Locations Accept Cryptocurrencies in Venezuela All Pizza Hut locations in Venezuela now accept a broad range of cryptocurrencies, including bitcoin
Coinbase Allegedly Taps Goldman Sachs to Lead IPO, FTX Exchange May Launch Pre-IPO Futures
Coinbase Allegedly Taps Goldman Sachs to Lead IPO, FTX Exchange May Launch Pre-IPO Futures Following the San Francisco-based cryptocurrency exchange’s init
How to capitalize on the Bitcoin halving
Tanuj Surve6 hours agoHow to capitalize on the Bitcoin halvingDiscover trading strategies to capitalize on Bitcoin halving events and optimize your investment returns in the cryptocurrency market.2144 Total views2 Total