During the last few months, the Smartbch project has swelled with numerous projects, custom tokens, and the total-value locked (TVL) in five Smartbch decentralized exchange (dex) platforms has jumped more than 180% since November 3.
Smartbch Defi TVL climbs 180% in one month – Bitcoin Cash Universe Now Has 5 Dex Platforms
Eight months ago, bitcoin cash (BCH) supporters discovered a new website (smartbch.org) that featured a project called Smart Bitcoin Cash or Smartbch for short. Smartbch is a Bitcoin Cash side chain compatible with Ethereum’s EVM and Web3 API, but additionally allows users to interact with smart contracts and custom tokens for extremely low data transfer fees.
Chain statistics in terms of total-value locked in decentralized finance (defi) indicates that Smartbch has $36 million in value today. That’s more than 180% higher than the Smartbch TVL of $12.9 million recorded on November 3.
At that time, metrics derived from defillama.com indicated that there were only three dex apps. Today, Smartbch offers five dex apps, including Benswap, Mistswap, Muesliswap, Tangoswap and 1bch.com.
Defillama.com metrics show that Benswap has a TVL dominance rating on Friday of 49.28%. Tangoswap and Mistswap have the second and third largest TVLs following Benswap’s lead. According to the size of defi TVLs per chain, while Ethereum holds the top TVL with $179.48 billion, Smartbch commands the 47th largest TVL position.
SEP20 tokens and Smartslp tool
Statistics from the marketcap.cash web portal show a large number of Smartbch or SEP20 tokens collecting fiat value. The best SEP20 token is of course wrapped BCH, but there are many more like flexusd coin (FLEXUSD), green ben (EBEN), tango (TANGO), haze (MIST) and law (LAW ).
Greenben (EBEN) is the third-largest market cap today with $16 million in USD value. Other top SEP20 tokens by market valuation include Smartbch coins such as celery, flex coin, cash cats, and joystick.club. There is also a large swathe of SEP20 tokens that were once very popular Simple Ledger Protocol (SLP) tokens represented in the list.
For example, older SLP cryptocurrencies like spice, joy, and klaxon have migrated to the SEP20 standard. In addition to the transition from the old SLP tokens, the developers from Fountainhead.cash have created a web3 interface that allows users to create Smartslp tokens.
“Smartslp are simple SEP20 (Smartbch’s version of SEP20) tokens that have the ability for the creator to mint new tokens (and end the ability to issue new tokens) and for users to burn tokens,” the fountainhead.cash developers detail. “They also have a predictable supply mechanism (they are created with X tokens off the bat), whereas SEP20 does not specify a supply mechanism.” The fountainhead.cash engineers further state:
For tokens that don’t need advanced smart contract capabilities, creating a token using Smartslp is probably all you need to do to get started. Smartslp tokens also allow the inclusion of documentUri, which makes it easier to legalize something. Smartslp is built on Smartbch.
Bitcoin Cash Community Introduced to a New NFT Marketplace Called Oasis
The Smartbch community is not only seeing a number of defi protocols, but the technology is moving toward non-fungible token (NFT) assets as well.
Individuals and teams have been launch of the NFT collections and there is a new Smartbch NFT Marketplace called oasis.cash. The social media platform Twitter also many messages showing the new NFT based on Smartbch collections, art, and collectibles.
