DeFi on SmartBCH: Difference between revisions

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* Connect MetaMask to a DEX
* 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 ===
=== Step 4 ===
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* [https://app.mistswap.fi MistSwap]
* [https://app.mistswap.fi MistSwap]
* [https://1bch.com 1BCH]
* [https://1bch.com 1BCH]
* [https://bch.muesliswap.com MuesliSwap]
* [https://cowswap.cash CowSwap]
* [https://app.tropical.finance Tropical.Finance]
* [https://app.tropical.finance Tropical.Finance]


Bridges
Bridges
* [https://prompt.cash/bridge prompt.cash bridge]
* [https://hop.cash/ hop.cash]
* [https://hop.cash/ hop.cash]


Market overview
Market overview
* [https://www.marketcap.cash/ Marketcap.cash]
* [https://www.marketcap.cash/ Marketcap.cash]

Revision as of 10:44, 2 November 2022

Prerequisites

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

Step 1

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

Configure MetaMask for SmartBCH:

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 - use SmartSwap to get the best exchange rate

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