On April 1, Bitcoin.com News published an in-depth report on the Smart Bitcoin Cash (Smartbch) protocol and its compatibility with Ethereum’s EVM and Web3 API before any Smartbch projects were seen in the wild. Seven months later, Smartbch has matured a lot, and the metrics indicate that between three decentralized finance (challenge) protocols, a total value of around $ 12.8 million is locked into Smartbch-based applications.
Defillama Tracks Smartbch, $12.8 Million Locked Across 3 Dex Protocols
It’s been an active year for decentralized finance (defi) applications as the total value locked (TVL) in defi surpassed $250 billion this week. Meanwhile, top challenge blockchains like Ethereum, Binance Smart Chain, Solana, Polygon, Avalanche, Terra, and many more continue to see TVLs rise.
Alongside this, smaller defi networks like Zilliqa, Algorand, and Smartbch have seen TVLs expand as well. The Bitcoin Cash-based Smartbch protocol has grown significantly since Bitcoin.com News first reported on the subject.
During the first week of September, Bitcoin Cash community members discussed the decentralized exchange (dex) Benswap.cash. Since then, a number of Smartbch compatible dex apps and non-fungible token (NFT) projects have been seen in the wild. On Wednesday, the official Twitter account for the defi analytics web portal defillama.com tweeted that the Defillama team is tracking Smartbch.
“Now you are following Smartbch,” Defillama’s Twitter account said. “Smart Bitcoin Cash (Smartbch for short) is an EVM-enabled side chain for Bitcoin Cash and aims to explore new ideas and unlock possibilities in a fast, secure and decentralized way.”
Statistics indicate that Smartbch has a TVL of $12.8 million on November 3, 2021, between three defi protocols. Smartbch challenge apps tracked by defillama.com include Benswap, Mistswap and Muesliswap respectively. Benswap has around $5.71 million, Mistswap commands $5.49 million, and Muesliswap has around $1.66 on Wednesday. Benswap’s TVL is the most dominant with 44.38% of the 12.8 million TVL among the three dex platforms.
Tokens swapped on Benswap include coins like eben (EBEN), flexusd (FLEXUSD), flex (FLEX), law (LAW), and cashcats (CATS). According to metrics from the web portal smartbch.fountainhead.cash, 49,373 bitcoin cash (BCH) worth $29 million is locked in Smartbch today. About 52.5 BCH were burned or $ 31,482 in costs, and there are over 434,000 contract actions. The web portal marketcap.cash keeps a list of Smartbch (SEP20) tokens in terms of the size of each coin’s market capitalization.
Dozens of SEP20 tokens, bridge development, Beachswap ‘Rug Pull’
Today, the SEP20 token with the second highest market valuation below bitcoin cash is eben (EBEN) which is trading at $ 0.74 per coin. The stablecoin flexusd is the third-largest cap while mist (MIST) is the fourth and trades for $0.011 per token. Until some time ago, the Smartbch bridge from the Coinflex crypto trading platform was the only bridge to access the EVM compatibility of the Smartbch network.
Now, there are a few different bridges coming to life as Mota Global has been developing a Smartbch bridge, the BCH developer Ekliptor has created an SEP20 bridge called prompt.cash/bridge, and there’s another being deployed called tokenbridge.cash, which is in the midst of “undergoing a full code review and validator voting.”
Bitcoin Cash supporters testing the Smartbch network with some of the decentralized applications (dapps), decentralized exchange platforms (dex), and cross-chain bridges should always be careful of possible losses, hacks, and drawdowns. Just recently, Smartbch saw its first ‘stack draw’ as it was alleged that a decentralized exchange (dex) platform called Beachswap ‘came out of a scam’.
Some of the aforementioned bridges have just been released and users should test small fractions in order to verify reliability. On September 8, Bitcoin.com News reported on the dex Benswap and at the time the project had not been audited. Since then, however, the firm Certik has published a “fundamental protection and assessment” audit of the dex platform.
