BCH Ecosystem Gains New NFT and Dex Platforms, TVL in Smartbch Defi Climbs 180% in 30 Days – Defi

In recent months, the Smartbch project has swelled with numerous projects and custom tokens, and the total value locked (TVL) in five Smartbch decentralized exchange (Dex) platforms has increased by more than 180% since November 3rd.

Smartbch Defi TVL rises 180% in a month—The Bitcoin Cash universe now has 5 Dex platforms

Eight months ago, Bitcoin Cash ( BCH ) Advocates have been directed to a new website ( smartbch.org ) with 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 also allows interaction with smart contracts and custom tokens for extremely low data transfer fees.

Chain statistics regarding the total value of decentralized finance (defi) show that Smartbch has $36 million worth today. This is more than 180% higher than the Smartbch TVL of $12.9 million recorded on November 3rd.

At the time, metrics derived from defillama.com showed that there were only three Dex applications. Today Smartbch has five Dex applications including Benswap, Crap swap, Cereal swap, Tango exchange, and 1bch.com.

Defillama.com metrics show that Benswap has 49.28% TVL dominance as of Friday. Tangoswap and Mistswap have the second and third largest TVLs after Benswap. By size of Defi TVLs per chain, while Ethereum holds the top TVL at $179.48 billion, Smartbch has the 47th largest TVL position.

SEP20 token and Smartslp tool

Statistics from the web portal marketcap.cash shows a large number of Smartbch or SEP20 based tokens collecting fiat value. The top SEP20 token is of course wrapped BCH, but there are many others like coin flexusd (FLEXUSD), green ben (EBEN), tango (TANGO), mist (MIST) and Law (LAW).

Greenben (EBEN) is now the third largest by market cap, valued at $16 million. Other top SEP20 tokens by market valuation include Smartbch coins such as Celery, Flex coin, Cash Cats and joystick.club. There are also a large amount of SEP20 tokens, which were once very popular Simple Ledger Protocol (SLP) tokens, represented in the list.

For example, old SLP cryptocurrencies such as Spice, Joy and Honk have migrated to the SEP20 standard. In addition to the transition of the old SLP tokens, developers are coming out Fountainhead.cash created one web3 interface This allows users to create Smartslp tokens.

“Smartslp are simple SEP20 tokens (Smartbch's version of SEP20) that provide the creator with the ability to mint new tokens (and terminate the ability to issue new tokens) and for users to burn tokens,” describe the developers of Fountainhead.cash. “They also have a predictable supply mechanism (they are created with X tokens from the start), while SEP20 does not specify a supply mechanism.” Fountainhead.cash engineers further explain:

For tokens that don't need advanced smart contract functionality, you'll probably just need to create a token with Smartslp. Smartslp tokens also enable the inclusion of documentUri’s, making it easier to notarize something. Smartslp is built on Smartbch.

The Bitcoin Cash community is introduced to a new NFT marketplace called Oasis

Not only is the Smartbch community seeing a number of Defi protocols, but the technology is also moving towards non-fungible token (NFT) assets.

Individuals and teams were Introducing NFT collections and there is a new Smartbch NFT marketplace called oasis.cash. The social media platform Twitter also has numerous contributions presents new Smartbch-based NFT Collections, Art, and Collectibles.

What do you think about the recent growth of the Smartbch universe? Let us know your thoughts on this topic in the comments below.

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