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.”
The aggregate total value locked in three dex protocols on November 4, 2021, according to defillama.com stats.
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.