BenSwap Defi - Step by step guide (smartBCH)
I was holding some money in BCH and I heard about smartBCH.
The smart blockchain made for DeFi with BCH. To make it really quick, you can see it as a BinanceSmartChain (BSC) for BCH with SEP20 token instead of BEP20
You mush have a wallet compatible with SmartBCH and obviously SEP20 tokens, I personally use Metamask, if you don't know how to configure it for smartBCH, keep reading.
While on BSC the fees are paid in BNB, here you need to have BCH in your wallet to pay the fees. If you don't already have BCH I'll show you the best place to buy it before sending it to smartBCH.
Step 1 : Installing and configuring MetaMask
I realized I'm not the best one to explain how todownload and properly install it for the first time, so I strongly recommend you to watch this post (only step 2) to create it and come back when it's done to *configure it for smartBCH.
When the installation is complete you should normally be on the default network which is the Ethereum Main Network and the only token displayed is ETH
You'll have to create yourself a Custom Network on metamask.
1. Click on "Ethereum Main Network".
2. Choose "Custom PRC" in the list.
3. Now you need to fill the boxes with these informations :
And then click on "Save".
4. Now click aain on "Ethereum Main Network" and then on the new "smartBCH" tab.
Now Metamask is ready to use platforms using SmartBCH MainNet.
Step 2 : Send BCH to smart BCH
For the moment I only found one solution for that and you will have to pass through an exchange.
This is pretty simple and this is basically what I was doing each time I needed to add funds to my BSC holdings.
You have to create an account on coinFLEX, you deposit some money. You can deposit a lot of different currencies, ETH, BTC, USDT, UNI, DOGE, BNB and a lot more, and obviously BCH.
If you deposited something else than BCH, you can trade it directly on the Exchange for BCH. So :
1. Deposit your money and convert it to BCH if needed.
2. Go to "Withdraw", Select BCH, Choose SEP20 network, enter your address and double-check it, choose the amount and send it.
You should normally have to choose a Two-Factor Authentification.
Step 3 : Use *BenSwap with your metamask Wallet
The first thing you'll need to do is to connect your wallet to BenSwap.
1. Go to benswap.cash
2. Click on "Connect" in the top right corner
3. Choose "MetaMask"
4. Click on "Next" and on "Connect" in the metamask notifications.
And now you are connected to BenSwap.
Now I'll continue and only Stake EBEN on the pool. If you want to make it in liquidity pools pairs with others tokens, You'll have to do it the same way as any other LP on BSC.
If you want to do the same and first test it by just holding few $ on the pool here's how to do :
5. Go to "Trade and "Exchange in the menu at the left
6. Choose what token you want to swap. I'm swapping BCH for EBEN and choose the amount
The first time you'll have to click on "Approve BCH" and pay a one-time fee to be able to swap from BCH. When this is done click on "Swap" then "Confirm Swap" and you'll have a notification from Metamask.
7. Check that the fee's amount is normal, here for me it's fine, and you can click "confirm".
8. Go to pool
9. Click on "Approve contract" and pay a one time fee:
And now you'll be able to deposit the EBEN. You just have to click on "Stake", choose the amount you want to stake, pay the fee, and you'll start to earn the EBEN in real time !
I hope this have been useful for some of you ! If you would like to test it but don't really want to pay for it, there are ways to bet BCH for free !
I personally use noise.cash as a twitter account and get BCH tips from it. I made more than $200 since February and I'm for sure not the most active user, you could easily earn more if you make it correctly.
I obviously also use read.cash for longer posts.
Allying those two income flow with the smartBCH DeFi is a pretty incredible experiment and could really make something huge for everybody trying it !
I can be a lot of things but absolutely not a financial advisor. If you follow this or any other DeFi platform on any blockchain you do it at your own risk and remember there can be loss. Never invest money you can't loose.
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