SameUSD vs DAI Stablecoin – Who wins the DeFi Battle?
Stablecoins became more popular over the past years as the need to secure your profits created a demand for cryptocurrencies pegged to USD. Tether (USDT) is currently the largest stablecoin by market cap as it has grown to almost $50 billion, ranking it in 5th place among all cryptocurrencies. This fact proves that there is […]
Stablecoins became more popular over the past years as the need to secure your profits created a demand for cryptocurrencies pegged to USD. Tether (USDT) is currently the largest stablecoin by market cap as it has grown to almost $50 billion, ranking it in 5th place among all cryptocurrencies. This fact proves that there is a massive demand for stablecoins.
Therefore, let’s take a look at two more stablecoins – one being a well-established Dai and the other one being the newcomer – Samecoin.
What is DAI?
Dai (DAI) was released on December 18th, 2017, as another alternative for the rapidly increasing stablecoin demand. DAI is pegged to USD, its collateral accepted in the form of several most popular cryptocurrencies. It is run on Ethereum and managed by MakerDAO, a decentralized autonomous organization (DAO), with voting rights given to its governance token, MKR, holders.
As of April 2021, DAI has grown to a total market cap of $3.5 billion, ranking the cryptocurrency in 38th place overall. 24 hours trading volume frequently exceeds $500-$600 million, indicating that stablecoin is a popular option for reducing market risk among crypto investors and traders.
What is SameUSD?
SameUSD offers an easy-to-use stablecoin that is pegged to a basket of USD-based stablecoins. As part of a family of stablecoins linked to the Samecoin ecosystem, SameUSD becomes a stable store of value and easy online payments.
SameUSD price is kept stable by backing it up by a mix of other stablecoins pegged to USD. This method ensures SameUSD holders can count on their purchasing power being the same as if they were holding USD.
As SameUSD is part of a much larger Samecoin ecosystem, additional features that increase the usability of SameUSD are in place, with future features planned. Therefore, SameUSD is not just a stablecoin but also used for staking and participating in Samecoin ecosystem.
Since the overall Samecoin ecosystem uses Decentralized Finance practices, it does not have the issue of a single centralized exchange controlling its supply as with other stablecoins. Therefore, SameUSD users can be sure that their stablecoin is backed by an equal amount of cryptocurrency in reserve.
SameUSD vs. DAI
Both DAI and SameUSD are stablecoins that run on the Ethereum blockchain. The main difference arises from how the stablecoins are collateralized. SameUSD can be traded 1:1 for fiat currency and other stablecoins, while DAI can be obtained by also exchanging Ethereum and other altcoins. Additionally, DAI and SameUSD have no maximum supply limit.
Comparative features of SameUSD vs. DAI
Ethereum, Stablecoins and other altcoins
Ethereum and BSC
No maximum limit
No maximum limit
Advantages of SameUSD
SameUSD’s SamePay wallet ensures that sending, buying, receiving, and exchanging your crypto is easy and fast while maintaining a high level of security. Transactions with SameUSD using the SamePay system have the lowest fees on the market. A high level of protection is ensured using SameID that verify every login and transaction on the blockchain.
Additionally, staking SameUSD offers rewards, which differs from most stablecoins that do not have this feature. Rewards are distributed in the form of Samecoin, which, when held on SamePay wallet, offers a reduction for transaction and trading fees. Converting SameUSD back to other stablecoins can be done without any additional cost.
Overall SameUSD looks to become the leader of the next generations of stablecoins. A secure verification using SameID authenticates you on the blockchain, resulting in a high level of security. A single SameID account on several third-party sites allows you to use your SameUSD without needing to trust third-party sources. Further, you can protect your SameUSD by using a QR code to log in and disconnect your SameID from any third-party site not actively used.
Therefore, SameUSD and the overall Samecoin ecosystem offer a next-level stablecoin experience.
Hong Kong-based Crypto.com announced on Thursday it is now enabling Cosmos’ Inter-Blockchain Communication (IBC) functionality for cross-chain transfers. According to Crypto.com, According to the duo, this integration creates new capabilities for future cross-chain implementations of the Crypto.org Chain and other IBC-enabled chains.
“The integration allows for the transferring and receiving of assets (tokens) and data using the ICS20 standard on the Crypto.org Chain Mainnet. IBC assets will be available in the Bank module of the Crypto.org Chain, and CRO on other IBC-enabled chains.”
Cosmos and Crypto.com further revealed as part of its development on IBC, the project will create a bridge between Crypto.org Chain to Ethereum protocols, bringing on board Ethereum developers as innovative projects to the Crypto.org Chain ecosystem. Sharing more details about the integration, Eric Anziani, COO of Crypto.com, stated:
“The Inter-Blockchain Communication Protocol (IBC) enables self-sovereign networks to connect, which will lead to building a strong ecosystem of networks thanks to the flexibility and open nature of IBC. The IBC launch marks the end of “network tribalism”. It also aligns with one of Crypto.org Chain’s goals of building an open ecosystem — one that is welcoming to and supported by innovative projects, including Payments, DeFi and NFT initiatives.”
Founded in 2016, Crypto.com serves over 10 million customers today with its crypto app, along with the Crypto.com Visa Card, the Crypto.com Exchange, and Crypto.com DeFi Wallet.
“Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance, and independently assessed at Tier 4, the highest level for both NIST Cybersecurity and Privacy Frameworks.”
U.S. banking giant Goldman Sachs has announced the details of the cryptocurrency trading team. According to a staff memo, the trading group is buying and selling futures on CME group and non-deliverable forwards.
Goldman Sachs Forms Crypto Trading Team
The cryptocurrency trading group formed will be a part of Goldman’s global currencies and emerging markets division. The memo is penned by Goldman partner Rajesh Venkataramani. The first report of the memo came on Friday.
According to Rajesh Venkataramani, the team will be part of Goldman’s global currencies and emerging markets (GCEM) unit. His official statement reads,
“I am pleased to announce the formation of the firm’s cryptocurrency trading team, which will be our centralized desk for managing cryptocurrency risk for our clients. The Crypto trading team will be a part of Global Currencies and Emerging Markets (GCEM), reporting to me, within the firm’s Digital Assets effort led by Mathew McDermott.”
Derivatives of The Trading Group
The announcement affirmed that Wall Street is allowing cryptocurrencies as a mode of payment. The adoption of digital currency seems to be on a continuous hike. Recent news from the rivalry, Morgan Stanley chose to offer its wealth management clients access to Bitcoin funds in the recent past months.
The derivatives of the Trading group facilitating investors to take note of Bitcoin future prices. In order to not to deal with the physical asset, the contracts will be settled in hard cash, which it “is not in a position to trade,” according to the memo.
The launch of the Digital Assets dashboard by Goldman this Thursday will allow its traders access to crypto market data and news.
“The newly formed team has already traded Bitcoin-backed non-deliverable forward contracts and CME Group’s Bitcoin futures.”
Last month, Goldman Sachs CEO David Solomon mentioned that,
“He was expecting a big evolution in the cryptocurrency space when it comes to regulations.”
Altcoins That May Hit New ATH in May! Since the past fortnight, many large and small market cap gems rallied high forming a new milestone. However, the Altcoin season is believed to have initiated with the jump in the Ethereum price. A popular analyst and the Managing Partner at MoonrockCapital, Simon Dedic, lists out 5 …
The altcoin season is said to have started as most of the top 100 cryptocurrencies are now a billion dollar asset. Moreover, many of the altcoins have even surpassed their previous ATH and formed new highs in the recent rally.
As the Bitcoin dominance rate kept sliding, the Altcoin space has strengthened itself to manifest a growing dominancy and extended user adoption. Additionally, Ethereum price is expected to keep the bullish momentum intact to propel high. As most of the altcoins are expected to surge with the ETH price flow jumping towards the north.
Collectively, the altcoin season is expected to go parabolic as most of the altcoins are expected to discover new highs. No doubt analyst Simon listed the coins to have a watch in the currency month. Yet there are many other promising projects with strong fundamentals, and may also rally towards new high.
SEC chairman Gary Genslersaid on Friday that greater protection for investors is required in cryptocurrency markets.
Gensler is no stranger to the cryptocurrency world. The former Goldman Sachs investment banker has long been viewed as a strong candidate to take the SEC chairman role.
Gensler was sworn in a few weeks ago as Joe Biden’s choice for the next head of the SEC. During Obama’s presidency, Gensler was in charge of the Commodity Futures Trading Commission (CFTC) and was in charge of regulating derivatives.
What makes this particularly interesting is that he will become the first crypto and blockchain expert to hold the highly regarded position. A former MIT professor, he taught a course entitled “Blockchain and Money” and believes the two are a “catalyst for change.” Gensler stated at his SEC nomination hearing:
“Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion. But they’ve also raised new issues of investor protection that we still need to attend to.”
Despite his support and optimism, the new SEC chairman also expressed concern about the protections investors are not getting in the crypto asset market. Gensler understands the attraction of bitcoin and other coins, but worries investors are taking on more risk than necessary.
“It’s a digital, scarce store of value, but highly volatile,” Gensler says. “And there’s investors that want to trade that, and trade that for its volatility, in some cases just because it is lower correlation with other markets. I think that we need greater investor protection there.”
He believes that as long as technology continues to change the way consumers interact with markets, regulations to protect said consumers have to keep pace.
He went on to say that he believes BTC is a “speculative” store of value and that the Securities and Exchange Commission should remain “tech neutral” when looking at innovations in markets.
The new chairman believes there needs to be an official authority for a regulator to oversee digital currency exchanges.
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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.