DeFi on Bitcoin Cash? Why Not? [How-To Guide]
I have to be honest here, I didn't see this coming. When I saw the articles on Read.cash yesterday I couldn't believe my eyes but it is official now. DeFi season on BCH is just starting and Jerry is grabbing the front seat.
This whole thing was made possible with SmartBCH, a sidechain that is EVM and Web 3 compatible. Yes, your Metamask account will work here.
As always, click on the dropdown menu on Metamask, select Custom RPC and repeat after me:
Network Name: SmartBCH
Currency Symbol: BCH
Block Explorer URL: https://www.smartscan.cash
After that is done you will need some BCH in your Metamask wallet to get started. Unlike with the other chains we used recently, this one will actually be super easy. If you have BCH sitting in a wallet or an exchange, all you have to do is send it to CoinFLEX.
Before you do that you will need to register an account and that can be done via Email or by connecting your Metamask wallet. I prefer the second option but it is completely up to you.
Once you get an account going, select the Deposit option in the top right corner.
From the dropdown menu on the left select BCH, and on the right you can choose between a CashAddress or Legacy, whichever works for you and your wallet. Depostis may take a few minutes depending on the block time on the BCH network but once they are in your wallet the last thing to do is to withdraw to your Metamask address.
From the same dropdown menu on the top right select "withdraw" and in the "Destinatin BCH Adress" field enter the Metamask wallet address you are using. Be sure to use SEP20 as the withdraw network option and click "Submit". After a few brief moments you will be all set up and your BCH will show up in your Metamask.
The network is just getting started and the BCH community should not be underestimated. If you are completely new to DeFi this may be the perfect starting point because the fees are super-cheap and you don't need a lot of money to get started. Even $10 of BCH will be enough to buy a few coins and make a couple of transactions.
There is only one exchange so far but in the first few days of existence, it has collected more than $40M in liquidity.
SmartBCH is a newly-launched project with only a handful of Dapps to explore. Doing your own research is advised, as always, and you can get stated with the FAQ. The Benswap exchange is a clone of a BSC Project that currently only holds over $200k in liquid funds. More info on the BCH version can be found here.
Jerry Rating - 7/10
The low transaction fees are refreshing and the setup can't be simpler. Even though it may be an ideal chance for beginners to get a taste of DeFi, there isn't much to see just yet. Trying it is OK, but waiting for better Dapps to come is highly advised.
Posted Using LeoFinance Beta