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


On April 1, Bitcoin.com News revealed an in-depth report on the Smart Bitcoin Cash (Smartbch) protocol and its compatibility with Ethereum’s EVM and Web3 API earlier than any Smartbch initiatives have been seen within the wild. Seven months later, Smartbch has matured an ideal deal and metrics point out that between three decentralized finance (defi) protocols, there’s roughly $12.8 million complete worth locked on the Smartbch-based purposes.

Defillama Tracks Smartbch, $12.8 Million Locked Across 3 Dex Protocols

It’s been an lively yr for decentralized finance (defi) purposes as the full worth locked (TVL) in defi surpassed $250 billion this week. Meanwhile, the highest defi blockchains like Ethereum, Binance Smart Chain, Solana, Polygon, Avalanche, Terra, and extra proceed to see TVLs rise.

Alongside this, smaller defi networks like Zilliqa, Algorand, and Smartbch have seen TVLs develop as properly. The Bitcoin Cash-based Smartbch protocol has expanded an ideal deal since Bitcoin.com News first reported on the topic.

During the primary week of September, Bitcoin Cash neighborhood members mentioned the decentralized change (dex) Benswap.money. Since then, plenty of Smartbch appropriate dex purposes and non-fungible token (NFT) initiatives have been seen within the wild. On Wednesday, the official Twitter account for the defi analytics internet portal defillama.com tweeted that the Defillama workforce is monitoring Smartbch.

“Now tracking Smartbch,” the Defillama Twitter account stated. “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.”

Smartbch Defi Universe Expands — Dozens of SEP20 Tokens, $12.8M Total Value Locked in Dex Platforms
The mixture complete worth locked in three dex protocols on November 4, 2021, according to defillama.com stats.

Statistics point out that Smartbch has a TVL of $12.8 million on November 3, 2021, between three defi protocols. Smartbch defi purposes tracked by defillama.com embrace Benswap, Mistswap, and Muesliswap respectively. Benswap has round $5.71 million, Mistswap instructions $5.49 million, and Muesliswap has round $1.66 on Wednesday. Benswap’s TVL is probably the most dominant with 44.38% of the $12.8 million TVL among the many three dex platforms.

Tokens swapped on Benswap embrace cash like eben (EBEN), flexusd (FLEXUSD), flex (FLEX), regulation (LAW), and cashcats (CATS). According to metrics from the online portal smartbch.fountainhead.money, 49,373 bitcoin money (BCH) value $29 million is locked in Smartbch at the moment. Roughly 52.5 BCH has been burnt or $31,482 in charges, and there are greater than 434,000 contract actions. The internet portal marketcap.money retains a listing of Smartbch (SEP20) tokens by way of the scale of every coin’s market capitalization.

Dozens of SEP20 Tokens, Bridge Development, Beachswap ‘Rug Pull’

Today, the SEP20 token with the second-largest market valuation beneath bitcoin money is eben (EBEN) which is buying and selling for $0.74 per coin. The stablecoin flexusd is the third-largest cap whereas mist (MIST) is the fourth and trades for $0.011 per token. Just some time again, the Smartbch bridge stemming from the crypto buying and selling platform Coinflex was the one bridge to entry the Smartbch community’s EVM compatibility.

Smartbch Defi Universe Expands — Dozens of SEP20 Tokens, $12.8M Total Value Locked in Dex Platforms
The high ten SEP20 tokens on November 4, 2021, according to the web site marketcap.money.

Now, there are a number of totally different bridges coming to life as Mota Global has been growing a Smartbch bridge, the BCH developer Ekliptor has created an SEP20 bridge known as immediate.money/bridge, and there’s one other being deployed known as ​​tokenbridge.money, which is within the midst of “undergoing a full code review and validator voting.”

Bitcoin money proponents testing the Smartbch community with among the decentralized purposes (dapps), decentralized change (dex) platforms, and cross-chain bridges ought to all the time be cautious of attainable losses, hacks, and rug pulls. Just lately, Smartbch noticed its first “rug-pull” because it’s been alleged {that a} decentralized change (dex) platform known as Beachswap “exit scammed.”

Some of the aforementioned bridges have simply been launched and customers ought to check small fractions with a view to confirm reliability. On September 8, Bitcoin.com News reported on the dex Benswap and on the time the undertaking was not audited. Since then, nonetheless, the agency Certik has revealed a “fundamental protection and assessment” audit of the dex platform.

What do you consider all of the exercise happening on the Smartbch community? Let us know what you consider this topic within the feedback part beneath.

Tags on this story
$12.8 million, BCH Acceptance, Beachswap, Benswap, bitcoin money, Bitcoin Cash Acceptance, Bridges, cats (CATS), Coinflex, Cross-chain Bridges, DEX, Dex Apps, Dex Platforms, eben (EBEN), Ekliptor, Ethereum, EVM compatibility, flex (FLEX), flexusd (FLEXUSD), regulation (LAW), Mistswap, Mota Global, Muesliswap, SEP20 Tokens, Smart Bitcoin Cash, Smartbch, know-how

Image Credits: Shutterstock, Pixabay, Wiki Commons, marketcap.money, Defillama.com

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