As the SmartBCH DeFi ecosystem begins to take shape, the projects getting the most attention are the decentralized exchanges (DEXes).
According to DeFiLlama, there’re currently 13 DEXes on the network, but only the 5 discussed below are seeing any meaningful growth in TVL, userbase, volume, etc.
In fact, these 5 DEXes on SmartBCH account for more than 96% of the total TVL on the network, highlighting their unquestionable dominance.
Furthermore, over half of the 13 DEXes on the network are either outright scams, abandoned projects, or not gaining much traction.
In this post, I will be sharing with you everything you need to know about the top 5 DEXes on the chain.
Hopefully, this will help reduce the amount of research work you need to do in order to pick a good DEX to use on SmartBCH.
So, without much ado, let’s dive in.
Top 5 decentralised exchanges on SmartBCH
The order in which the DEXes are presented is mostly based on TVL, volume, and userbase.
Let’s briefly discuss each of them below, highlighting their unique features, fees, and tokenomics.
1. BenSwap (EBEN)
BenSwap is the first and largest DEX on smartBCH with a host of highly innovative and useful features.
According to DeFillama, BenSwap’s dominance on SmartBCH is 46.02% in terms of TVL.
The exchange was launched in late August 2021 by the same anonymous team behind the BenSwap DEX on BNB Smart Chain (BSC).
Furthermore, it ranks number 2, just behind BCH, in terms of liquidity on MarketCap.
Its liquidity is double that of the 3rd and 4th ranking projects on MC combined. Further highlighting its dominance on the chain.
BenSwap aims to become not just one of the leading DEXes on SmartBCH, but also a one-stop service provider for all projects on the chain.
For example, they build tools or features that help other developers manage and grow their own projects.
1.1 Benswap features
In addition to its primary function as a DEX which facilitates instant token swaps or trading on smartBCH, the following are some of the coolest features of BenSwap.
- DEX aggregator: BenSwap launched its DEX aggregator protocol in mid-July 2022, which allows you to swap tokens with the best rates leveraging the liquidity of other DEXes on the network.
- Farms: You can stake your liquidity provider (LP) token on the BenSwap Farms to earn EBEN in addition to the trading fees the pools generate.
- Pools: Currently, there’re two active pools on BenSwap where you can stake your EBEN tokens or WBCH to earn more EBEN.
- Ranches: Ranches allow anyone to create a farm for any token on BenSwap. It’s an easy way of getting a farm up and running on the DEX without having to write any smart contract. Creating a Ranch (farm) comes costs a small fee of 20 EBEN.
- Lottery: BenSwap operates a lottery system which allows you to buy tickets with EBEN for a chance to win great prizes in EBEN from the total lottery pot.
- PokeBen: PokeBen is an NFT game that allows you to hunt, evolve, collect, venture, etc, and have fun. It requires EBEN to play these games.
- BenLock: BenLock is a tool that allows anyone to lock their tokens or liquidity for a specific term at a small fee of 10 EBEN. However, locking a BenSwap LP is free. Project developers use this to lock their team’s token or liquidity to assure investors’ confidence.
- SEP-20 Factory: The BenSwap SEP-20 Factory is a token creation tool that allows anyone to create and customise a token on SmartBCH at a small fee of 5 EBEN.
- LP Finder: If you need the LP address of a token pair on SmartBCH, just enter the pair in the BenSwap LP Finder and the tool will spit the address out for you.
- Airdrop tool: The BenSwap airdrop tool allows you to airdrop a token to up to 300 wallet addresses at a time.
- Cross-chain bridge: Let’s move supported tokens between the SmartBCH and BSC network. The bridge currently only supports 3 tokens, BUSD, EBEN, and GBEN.
- IBO (Initial Ben Offering): BenSwap operates a decentralized IDO platform that allows anyone to raise funds for their project and for investors to participate in new token launches on SmartBCH.
- ChartPro: ChartPro is a charting tool that supports SEP20 tokens that have liquidity on BenSwap.
As of August 2022, there’re a total of 270 tokens are listed on BenSwap with 399 trading pairs.
1.2 BenSwap fees
BenSwap charges a 0.2% trading fee on all swaps, of which 0.15% is distributed among liquidity providers and 0.05% goes to the BenSwap Treasury.
This is the lowest swap fee among all the existing DEXes on smartBCH.
1.3 BenSwap Token (EBEN)
The BenSwap ecosystem is powered by its native token, EBEN, which is used to:
- Reward liquidity providers (LPs) in the farms and pools.
- Pay to use BenSwap premium features or tools such as the IBO, ChartPro Ads, SEP-20 factory, BenLock, etc.
- Participate in governance.
The token has an unlimited supply but only 2 are minted in every block.
1.4 BensSwap security
BenSwap has been audited by Certik and has a trust score of 80% and security score of 79%.
It’s also not been hacked or exploited so far. So, to some extent, we can say BenSwap is safe until proven otherwise by a successful hack or exploit.
2. MistSwap (MIST)
MistSwap is the largest DEX on SmartBCH in terms of both daily trading volume and number of users. It is a fork of SushiSwap launched in October 2021.
Part of MistSwap’s success in growing daily trading volume and userbase is because of its reward system.
The platforms weigh liquidity pools with the biggest trading volume every month and create a farm for them where users can deposit their LP token and earn MIST.
As a result, different projects work hard to increase their tokens trading volume in order to qualify for a farm.
Furthermore, the vast majority of the SmartBCH community loves MistSwap as its one of the prominent projects helping to drive growth on the network.
2.1 MistSwap features
Besides its primary token swap function, below are some of the best features of MistSwap.
- Farms: One of the biggest attractions of MistSwap is its many high APR farms where you can stake your liquidity provider (LP) token and earn MIST in addition to the trading fees generated in the pool.
- MistBar (Staking): You can stake your MIST MIST tokens for xMIST in the MistBar to earn a share of 0.05% of all trading fees generated on the platform.
- MistSwap Analytics: Mistswap Analytics is a powerful tool that provides you with complete information on all tokens and trading pairs on the Mistswap DEX.
- MistLake: MistLake is MistSwap’s one-way bridge to convert MIST on SLP to MIST on SmartBCH on a 1:1 basis. All bridged SLP tokens are burned afterwards.
Furthermore, the same team behind MistSwap created the Bitcoin Cash Naming Service, which lets you buy blockchain domains on SmartBCH and link them to your wallet.
They also jointly manage the Bolivar Bridge by BlockNG.
2.2 MistSwap fees
MistSwap charges a 0.3% trading fee on its platform.
0.25% goes to the liquidity providers on the exchange, and 0.05% is distributed as MIST to all stakers in the MistBar.
2.3 MistSwap Token (MIST)
MIST is the native token of the MistSwap DEX and has the following use cases:
- MIST is used to reward liquidity providers on MistSwap.
- It can also be staked to earn more MIST generated from trading fees in the MistBar.
- MIST can equally be used to participate in the governance of the MistSwap protocol.
The token has an unlimited supply, but the team suggested it could be capped at some point in the future.
100 new MIST tokens are minted in every block to reward the liquidity providers on the platform. And out of that, 10% goes to the developer’s wallet.
2.4 MistSwap security
The MistSwap MasterChef is controlled by a 3-day Timelock, which delays all admin actions and gives investors enough time to react accordingly before execution.
3. TangoSwap (TANGO)
TangoSwap is the first DEX on SmartBCH with a non-anonymous team.
Ian is a member of Bitcoin Cash (BCH) Argentina, and Fernando is the Knuth node lead developer and BCHN contributor.
So, they seem to be well-known members of the BCH community.
3.1 TangoSwap features
- DEX aggregator (SmartSwap): TangoSwap is both a DEX and a DEX aggregator which lets you swap any SmartBCH (SEP-20) token for another at the best rates.
- TangoBar (Staking): Similar to MistBar, the TangoBar lets you stake your TANGO tokens for xTANGO in the TangoBar to earn a share of the 0.05% of all trading fees generated on the platform.
- Farms: With dozens of farms and up to 275% APR, the TangoSwap Farms is one of the best places on SmartBCH to earn high yields on your crypto assets.
- Limit order: Set it and leave it with the TangoSwap limit order feature. It allows you to place a Limit order for a specific duration and wait until it gets filled or expires.
3.2 TangoSwap fees
TangoSwap charges a 0.3% swap fee and distributes 0.25% of that to all liquidity providers on the platform.
The remaining 0.05% is distributed as TANGO to all TANGO stakers in the TangoBar.
3.3 TangoSwap token (TANGO)
TANGO is the native token of the TangoSwap DEX, and is used to:
- Reward liquidity providers on the exchange.
- stake in the TangoBar to earn more TANGO generated from trading fees.
- Participate in the governance of the TangoSwap protocol.
3.4 TangoSwap security
The TangoSwap MasterChef is controlled by a 3-day Timelock.
This gives the community enough time to observe and react to any changes made by the developers before they’re executed on-chain.
Furthermore, TangoSwap has been audited by 0xGuard.
4. LawSwap by BlockNG (LAW)
LawSwap is a decentralised exchange on SmartBCH created by the BlockNG team.
It was launched in March 2022 with the goal of aggregating the liquidity of the LAW ecosystem and focusing on LAW-centric liquidity.
In just a few months, BlockNG has risen to become the second largest protocol on SmartBCH, according to DeFillama.
This is not surprising, as BlockNG is home to some of the best DeFi products and investment opportunities on SmartBCH.
4.1 BlockNG features
BlockNG offers a rich DeFi ecosystem. Below are the prominent features of the platform that are helping them attract new users or investors every day.
- Multiple farms: There’re about 3 farms on BlockNG where you can stake a single or selected LP tokens to earn LAW. These are, the:
- Beam: This farm lets you stake BCH or certain LP tokens to earn LAW.
- Rebase: This farm lets you stake the LAW-BCH LP token to earn LAW.
- Kudos: Kudos farms are owned and managed by the community. Anyone can pay to create a farm for their token in Kudos and the rewards allocation for each is determined through a voting system. You can stake your LP token in any of the farms to earn LAW. Check out this guide.
- And you can stake the These are community farms where you can stake selected LP tokens to earn LAW
- NFT gallery and lottery (PoPuk): Here, you can view all your BlockNG punks (NFTs), and the bids on them from the marketplace, as well as use them to win some prizes by playing in the dungeon, a kind of lottery system.
- NFT marketplace (SOUK): The BlockNG NFTs is a collection of 10,000 Punks which you can buy or sell on the SOUK page.
- Cross-chain bridge: The Bolivar Bridge by BlockBG allows you to move funds between the BSC and SmartBCH networks at no cost. Check out my guide on how to use the bridge.
- Borrowing: You can deposit LAW or BCH as collateral on BlockNG to borrow LawUSD up to 75% of the value of your collateral. There’s a liquidation fee of 12.5% (if you let yourself get liquidated), a borrowing fee of 0.5, and 3% APR interest on your loans.
4.2 BlockNG fees
BlockNG charges a 0.3% swap fee, of which 0.225% is paid to liquidity providers, and 0.075% goes to the LAWminati DAO.
4.3 BlockNG Token (LAW)
The BlockNG ecosystem is powered by its native token, LAW. The token is mainly used to:
- Incentivise liquidity provision on the platform.
- Used as collateral to borrow LawUSD
- Locked for a fixed period to receive voting rights and participate in governance.
LAW has a total supply of 21 million with an ultimate price target of 1 BCH per token.
However, if the price significantly exceeds 1 BCH, then then the supply may be increased.
4.4 BlockNG security
The BlockNG contracts are all open source but not audited (yet).
5. Verse (VERSE)
The Verse DEX was created by Bitcoin.com and launched in April 2022.
It is a multi-chain DEX supporting both the Ethereum and SmartBCH networks.
5.1 Verse DEX features
- Swap: You can trade or swap tokens on both the Ethereum and SmartBCH chains.
- Liquidity pools: You can provide liquidity into the available pools to earn a share of all fees they generated in addition to the VERSE token.
5.2 Verse DEX fees
Verse charges a 0.3% trading fee. Out of this, 0.25% goes to the liquidity providers and 0.05% will be used to buy back and burn VERSE.
5.3 Verse Token (VERSE)
The entire Btcoin.com and Verse DEX ecosystem will be powered by the VERSE token.
However, note that VERSE has not been launched yet.
But when launched, it’s said to have a maximum supply of 210 million to be released over a period of 7 years.
The token will be used to:
- Incentivise liquidity provision on the Verse DEX
- Staking to earn more VERSE
- Used as collateral to take loans
- Gain access to exclusive products or services
5.4 Verse DEX security
The Verse DEX codes are open source and have been audited by 0xGuard.
The above are the top 5 most reputable DEXes on SmartBCH that you can use to explore DeFi on the network.
Aside from their various highly innovative products and features, all these DEXes have a solid team behind them.
They have all shown that they know their stuff and are committed to both their respective projects and the SmartBCH network’s success.
You can try out all of them to see which one(s) offers what you consider to be the best user experience or investment opportunities.
Which is your favourite SmartBCH DEX and why? Join the discussion in our Telegram group.