DeFi on SmartBCH: Difference between revisions
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=== Step 2 === | === Step 2 === | ||
* Swap Bitcoin Cash for SmartBCH using a bridge, like | * Swap Bitcoin Cash for SmartBCH using a bridge, like [https://prompt.cash/bridge prompt.cash] | ||
* Type in the amount | * Type in the amount | ||
* Paste the 0x address (from SmartBCH!) in the field | * Paste the 0x address (from SmartBCH!) in the field | ||
| Line 20: | Line 20: | ||
* Pay the amount and wait for confirmation on the blockchain (~10 minutes) | * 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 | * 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 === | === Step 3 === | ||
Revision as of 16:22, 18 December 2021
Prerequisites
Step 1
Start MetaMask & write down your seed words, set a password
Configure MetaMask for SmartBCH:
- Go to: https://smartbch.fountainhead.cash/
- Click "Add to MetaMask"
Step 2
- 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
- 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 - make sure to compare token prices on different DEX exchanges (compare tool)
Step 4
- 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
- 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
- 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
DEXes
Bridges
Market overview