Bitcoin News and Finance
Smartbch Defi Universe Expands — Dozens of SEP20 Tokens, $12.8M Total Value Locked in Dex Platforms Skip to main content

Smartbch Defi Universe Expands — Dozens of SEP20 Tokens, $12.8M Total Value Locked in Dex Platforms

Image
KEBB | Official ₿itcoin News

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 great deal and metrics indicate that between three decentralized finance (defi) protocols, there’s roughly $12.8 million total value locked on the 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, the top defi blockchains like Ethereum, Binance Smart Chain, Solana, Polygon, Avalanche, Terra, and 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 expanded a great deal 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 applications 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 tracking Smartbch,” the Defillama Twitter account said. “Smart Bitcoin Cash (Smartbch for short) is an EVM compatible sidechain for Bitcoin Cash and has an aim to explore new ideas and unlock possibilities in a fast, secure, and decentralized manner.”

Statistics indicate that Smartbch has a TVL of $12.8 million on November 3, 2021, between three defi protocols. Smartbch defi applications 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. Roughly 52.5 BCH has been burnt or $31,482 in fees, and there are more than 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-largest market valuation below bitcoin cash is eben (EBEN) which is trading for $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. Just a while back, the Smartbch bridge stemming from the crypto trading platform Coinflex was the only bridge to access the Smartbch network’s EVM compatibility.

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 proponents testing the Smartbch network with some of the decentralized applications (dapps), decentralized exchange (dex) platforms, and cross-chain bridges should always be cautious of possible losses, hacks, and rug pulls. Just recently, Smartbch saw its first “rug-pull” as it’s been alleged that a decentralized exchange (dex) platform called Beachswap “exit scammed.”

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 was not audited. Since then, however, the firm Certik has published a “fundamental protection and assessment” audit of the dex platform.

What do you think about all the activity taking place on the Smartbch network? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Thank you for sharing your thoughts.

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

KEBB | Official ₿itcoin News
On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

KEBB | Official ₿itcoin News
Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

KEBB | Official ₿itcoin News
The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

KEBB | Official ₿itcoin News
Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
1 comment
Read more

Trezor and Wasabi to Implement a Coinjoin Mixing Scheme Into Hardware Wallets

KEBB | Official ₿itcoin News
This week, the hardware wallet manufacturer Trezor, and the non-custodial bitcoin wallet with a built-in Coinjoin mixer, Wasabi, revealed the two teams are working together to introduce Coinjoin mixing into hardware wallets. On Sunday, Wasabi tweeted “hardware wallet Coinjoins are coming next year with our friends at [Trezor].” Trezor Says Company Is ‘Working on a Coinjoin Implementation’ According to Trezor and Wasabi , a form of Coinjoin mixing is coming to hardware wallets in the near future. Coinjoin is a privacy-enhancing process that is leveraged to anonymize transfers on a blockchain. Basically, the scheme involves a number of parties transacting together and mixing their unspent transaction outputs (UTXOs) in a pool to obfuscate the origin of all the funds. On Sunday, Wasabi’s official Twitter account tweeted about adding the privacy-enhancing scheme to hardware wallets. In the thread, someone asked Wasabi when they would release an “album,” and Trezor replied : “Hi, we’...
Post a Comment
Read more

Grand Theft Auto 6 to Feature a Fictional Cryptocurrency

KEBB | Official ₿itcoin News
One of the biggest franchises in the videogame industry, Grand Theft Auto, will feature in-game payments of “bitcoin” or another fictional cryptocurrency. Contractors will pay the player with this currency when they need to make anonymous, untraceable payments. This would constitute another push for Bitcoin awareness into mainstream media culture. Grand Theft Auto 6 to Feature in-Game Fictional Cryptocurrency Grand Theft Auto 6, one of the biggest gaming franchises, will feature an in-game cryptocurrency for payments according to insiders. The game will allow the player to accept cryptocurrency payments from big shot contractors who want to remain anonymous. Industry insider Tom Henderson leaked the news on Twitter earlier this week. He stated: I heard recently that in GTA 6, some missions will reward you in bitcoin instead of cash for completing some missions. The stock market feature will return, with the addition of a broker for different cryptocurrencies. If GTA 6 incorporate...
Post a Comment
Read more

Grayscale Considering 25 More Crypto Assets for Investment Products

KEBB | Official ₿itcoin News
Grayscale, the world’s largest crypto asset manager, is considering 25 more crypto assets for investment products. With the latest additions, the company’s list of coins under consideration has grown to 43. “The process of creating an investment product similar to the ones we already offer is a complex, multifaceted process,” said Grayscale. 25 Crypto Assets Added to List of Coins Under Consideration for Grayscale’s Investment Products Grayscale Investments announced Monday that it has updated its list of digital assets under consideration for 2022. Grayscale currently has $30.6 billion in net assets under management. The company explained that the “Assets Under Consideration” list comprises “some digital assets that are not currently included in a Grayscale investment product, but that have come to our attention as part of our exploration of this sector, and that our team has identified as possible candidates for inclusion in a future investment product.” Grayscale detailed: Wit...
Post a Comment
Read more

Cardano’s Cfund First Capital Goes to Israeli Fintech Startup Coti

KEBB | Official ₿itcoin News
This latest move to broaden cooperation between Cardano and Coti builds upon previous collaborations as the former seeks to upgrade its payment solution on top of the former’s expanding financial infrastructure. Strategic Investment Marks First Allocation for New Ecosystem Venture Fund One of the earliest proposed use cases for blockchain was the democratization of financial services, namely by reaching unbanked and underbanked communities worldwide. From remittance payments, access to credit facilities, or even just digital wallet solutions, advancements across the blockchain landscape have finally made this vision a reality. Among them, Coti is developing the enterprise-grade base layer for the rest to build atop of. Coti, which is short for “currency of the internet,” operates a fintech platform that supports stakeholder-driven payment solutions and empowers these stakeholders to digitize any currency. This aim aligns with Cardano’s ambitions of affordably and instantaneously ...
3 comments
Read more
Blogarama - Blog Directory