by Jamie Redman
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.
Eight months ago, bitcoin cash (BCH) proponents were introduced to a new website (smartbch.org) that featured a project called Smart Bitcoin Cash or Smartbch for short. Smartbch is a Bitcoin Cash sidechain that is compatible with Ethereum’s EVM and Web3 API, but further allows people 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, the metrics that derived from defillama.com, indicated that there were only three dex applications. Today, Smartbch has five dex applications 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.
Statistics from the web portal marketcap.cash shows a large number of Smartbch or SEP20-based tokens gathering fiat value. The top SEP20 token of course is wrapped BCH, but there are many others like coin flexusd (FLEXUSD), green ben (EBEN), tango (TANGO), mist (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 instance, old SLP cryptocurrencies like spice, joy, and honk have migrated over to the SEP20 standard. In addition to the old SLP tokens transitioning, developers stemming from fountainhead.cash created a web3 interface that lets users 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 do not need advanced smart contract capability, creating a token using Smartslp is likely all you need to do to start. Smartslp tokens also allow for the inclusion of documentUri’s, which makes it easy to notarize something. Smartslp is built on top of Smartbch.
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 launching NFT collections and there’s a new Smartbch NFT marketplace called oasis.cash. The social media platform Twitter also has numerous posts showing off new Smartbch-based NFT collections, art, and collectibles.
What do you think about the recent growth of the Smartbch universe? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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BCH Ecosystem Gains New NFT and Dex Platforms, TVL in Smartbch Defi Climbs 180% in 30 Days – Defi Bitcoin News – Bitcoin News
by Jamie Redman
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