DeFi on SmartBCH: Difference between revisions

Latest revision as of 16:40, 18 June 2024

**Warning: This article is old. It is no longer recommended to use SmartBCH, as it has been replaced by CashTokens**

Prerequisites[edit]

Bitcoin Cash (you can buy BCH on Coinbase)
MetaMask for Firefox, Chrome, Android, ...

Step 1[edit]

Start MetaMask & write down your seed words, set a password

Configure MetaMask for SmartBCH:

Go to: https://chainlist.org/?search=SmartBCH
Click "Add to MetaMask"

Step 2[edit]

Swap Bitcoin Cash for SmartBCH using a bridge, like prompt.cash
Type in the amount
Paste the 0x address (from SmartBCH!) in the field
Click "Exchange BCH"
Pay the amount and wait for confirmation on the blockchain (~10 minutes)
You should see the amount minus the bridge fee in your MetaMask wallet

Hop.cashis another bridge widely used which requires you connect to your Metamask wallet.

Step 3[edit]

Connect MetaMask to a DEX
Convert ~49% of your Bitcoin Cash in MetaMask to a token of your choice (for example: CashCats) - you can do that on BenSwap or a DEX of your choice - use SmartSwap to get the best exchange rate

Step 4[edit]

For some trading pairs you need WBCH or wrapped BCH, you can swap BCH for WBCH in the trade menu
Select BCH and your token and add Liquidity on your favorite DEX - this menu should be under "Trade -> Liquidity" or "Pool" depending on the DEX you're using BenSwap, MistSwap
Now you will receive LP (Liquidity Provider) tokens. LP tokens represent your share of liquidity (if you're staking 1 BCH and 200000 CATS you may get 0.7 BCH and 300000 CATS back when you're unstaking them after a week!)

Step 5[edit]

Go to "Farms" or "Farm" and stake your LP tokens
From now on you can harvest money - you can swap half of your harvested tokens for BCH or WBCH and add that in a farm again

Notes[edit]

The APR % goes down significantly if you add a lot of liquidity to a small farm. Use a large farm if you're planning to add a lot of liquidity.
Do some research about the token(s) you're about to buy
Some DEXes are audited, but not all of them - an audit is a good sign
Be careful and don't get scammed

Links[edit]

DEXes

Bridges

hop.cash

Market overview

Marketcap.cash

@@ Line 1: / Line 1: @@
+'''**Warning: This article is old. It is no longer recommended to use SmartBCH, as it has been replaced by [[CashTokens]]**'''
 === Prerequisites ===
@@ Line 9: / Line 11: @@
 Configure MetaMask for SmartBCH:
-* Go to: https://smartbch.fountainhead.cash/
+* Go to: https://chainlist.org/?search=SmartBCH
 * Click "Add to MetaMask"
 === Step 2 ===
-* Swap Bitcoin Cash for SmartBCH using a bridge, like [https://hop.cash/ hop.cash] or [https://prompt.cash/bridge prompt.cash]
+* Swap Bitcoin Cash for SmartBCH using a bridge, like [https://prompt.cash/bridge prompt.cash]
 * Type in the amount
 * Paste the 0x address (from SmartBCH!) in the field
@@ Line 20: / Line 22: @@
 * Pay the amount and wait for confirmation on the blockchain (~10 minutes)
 * You should see the amount minus the bridge fee in your MetaMask wallet
+[https://hop.cash/ Hop.cash]is another bridge widely used which requires you connect to your Metamask wallet.
 === Step 3 ===
 * Connect MetaMask to a DEX
-* Convert ~49% of your Bitcoin Cash in MetaMask to a token of your choice (for example: [https://cashcats.org/ CashCats]) - you can do that on [https://dex.benswap.cash/#/swap?inputCurrency=&outputCurrency=0x265bD28d79400D55a1665707Fa14A72978FA6043 BenSwap] or a DEX of your choice - make sure to compare token prices on different DEX exchanges ([https://www2.georg-engelmann.at/smartbch/ compare tool])
+* Convert ~49% of your Bitcoin Cash in MetaMask to a token of your choice (for example: CashCats) - you can do that on [https://dex.benswap.cash/#/swap?inputCurrency=&outputCurrency=0x265bD28d79400D55a1665707Fa14A72978FA6043 BenSwap] or a DEX of your choice - use [https://tangoswap.cash/smart-swap SmartSwap] to get the best exchange rate
 === Step 4 ===
@@ Line 51: / Line 56: @@
 * [https://app.mistswap.fi MistSwap]
 * [https://1bch.com 1BCH]
-* [https://bch.muesliswap.com MuesliSwap]
+* [https://cowswap.cash CowSwap]
 * [https://app.tropical.finance Tropical.Finance]
 Bridges
-* [https://prompt.cash/bridge prompt.cash bridge]
 * [https://hop.cash/ hop.cash]
 Market overview
 * [https://www.marketcap.cash/ Marketcap.cash]