Closing the SmartBCH Chapter ... For Real!
I wrote Escaping From SmartBCH in August 2023, sharing over two years of weird experiences. My journey was a roller-coaster of fun, rug-pulls, bad decisions and emotions! I joined the SmartBCH gold-rush in September 2021, and took me three full years to close the chapter ... for real!
SmartBCH was launched when the Ethereum fees were making mainnet DeFi impossible, offering the lowest fees in the Cryptoverse. The launch of the EVM sidechain created hype for Bitcoin Cash ($BCH), and a big percentage of the 21 million tokens moved on SmartBCH.
I was quite early on SmartBCH and I was fortunate to receive nice airdrops when projects launched. The HODL mentality was the first reason it took me years to exit! SmartBCH failed to deliver, as the rug-pulls and scam projects infested the ecosystem. Issues with the bridge followed, sBCH lost the peg with BCH, mainly after some drama with Roger Ver and some debts.
Managed to take a big chunk of the assets back in August, using the BlockNG Bolivar bridge, but still had few NFTs with value and some other tokens in my portfolio. The Bolivar Bridge offered an easy route to BNB chain, even if a considerable chunk of money was lost trough slippage and price impact.
The LAW Punkz NFTs were probably the best store of value on the chain, considering the minting price was 0.05 BCH. The10,000 NFT collection maintained a top floor price, between 0.7 and 1 BCH throughout 2023, and reached 2459 BCH volume traded.
Listed my last two LAW punks, for discounted prices, and hoped for a fast deal. Sold my rare ape and the powerful female relatively quick, cashing out two NFTs for 1.61 Bitcoin Cash. The market took a good slice of the sale price, but I was happy I got one step closer to end the story.
SmartBCH become a ghost town, with most of the projects shifting to Dogechain or closing the shop. Few OG projects stayed, and some tokens maintained a decent value... such as $LAW and $KONRA. HODL was no longer an option, and swapped my KONRAs for 0.19 BCH!
I headed to the last bastion of SmartBCH DeFi, where my stash of $LAW kept farming and growing. Everything was earned either from staking LAW Punks NFTs or through the referral system.
Claimed my last referral reward, adding 105 $LAW to the current balance, and headed to the swap. Time flies and I said it before... I need to learn to sell when the price is high. The SmartBCH lesson was took on board, and will try to do better in the future.
Swapped the whole stash of $LAW for 0.74 BCH, and even at the down of time... I liked the fees and speed available on SmartBCH. Completing instant swaps with 0.2% price impact and 0.5 slippage tolerance it's still something hard to achieve on Ethereum mainnet.
The nightmare will soon be over! I pumped over 10 BCH in the chain, when the price was over $600, and I will take out another 2.5 BCH. The Bitcoin Cash wasn't bad, considering the summer pump. The BNB price was much lower than usual... and I consider I've done a good deal.
I swapped 2.55 BCH for 2.58 BNB, being affected by 5% price impact. Couldn't care less.. as I wanted out! Swap anyway bro... swap anyway!
Sent the bcBNB to BNB chain, and claimed on the other side. This was something that made the Bolivar Bridge different than others, as the funds had to be claimed from BNB chain before finalizing the transfer.
I pumped thousands of dollars into smartBCH, farmed like crazy, and I cashed out with 80% loss! However... after three years and 1170 transactions... the smartBCH chapter is closed! For real and forever!
Residual Income:
Play2Earn: Upland / Splinterlands / ++Doctor Who Worlds Apart++
Get Plutus Card - 3% cashback on everything + Perks
CEXs and DEXs: OKX / Biswap / Binance / Crypto.com /
The fountains: PipeFlare ZCash, GlobalHive ZCash & Get.ZEN
Publishing bundle: Publish0x, Hive/Leo, readcash, LBRY & Presearch
Congratulations @pvmihalache! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out our last posts:
I still have lots of assets in my sbch wallet. I need to do what you did, but even looking at the sbch is like revisiting a nightmare and I resist doing this. I’m off to Poland for 3 weeks in December though, so I’ll deal with it then I hope. That was a tough lesson to learn
We learn and we become stronger. TBH 2022 was a year I want to forget
!LOLZ 😂 2023 not that much greater! Best not to forget though, so the lessons last 💙