The growth and popularity of cryptocurrencies has brought with it numerous opportunities. As a result, many tech experts have ventured into the crypto space to tap into these opportunities and provide users with exceptional experience in the crypto space.
Unfortunately, not all projects that were born out of these noble causes went past the incubation stage. That said, the failures of many served as a lesson to upcoming projects looking to have a footing in crypto’s unpredictable market. One project that has successfully found its way through this volatile market is Samecoin.
The Samecoin ecosystem consists of SameID and SamePay applications as well as the SameUSD and SameEUR stablecoins. The ecosystem is accessible through the Samecoin (SAME) utility token. The ecosystem is geared towards improving the global adoption of cryptos as a daily means of payment.
Despite the volatility of cryptocurrencies, difficulty of use by ordinary folks, and expensive KYC processes that reduce speed and privacy, Samecoin adoption is steadily rising despite only launching a few months ago. But just how far has Samecoin come in achieving its vision and fulfilling the needs of cryptocurrency fanatics? Let’s find out more from its success story thus far.
Samecoin protocol is a decentralized stablecoin ecosystem that aims to combine the merits of both fiat and crypto; hence providing a seamless digital payment solution for new and expert crypto enthusiasts. The protocol’s utility token SAME is rewarded when mintingstaking SameUSD and SameEUR. SAME can also be staked in order to use it to pay transaction fees on SamePay, giving users discounted fees, cheaper than other non-custodial wallet apps..
To make it competitive and fully consumer oriented, Samecoin encompasses key components that include Samecoin Apps, Financial and Decentralized Autonomous Governance(DAO). The finance component is fulfilled by its family of stablecoins which facilitate online payments.
The Apps element contains SamePay, SameID and SameFinance. SamePay is a non-custodial wallet that features a social payment platform through which trading, sending and receiving of crypto is made easier.
SameFinance is their stablecoin-focused yield farming protocol, which acts as the liquidity providing backbone of this decentralised ecosystem.
What’s more, the Samecoin community will be able to particicpate in decentralized autonomous governance using vSamecoin token.
Forging Strong Partnerships
Well, no one wants to miss out on a good success story. Samecoin’s incredible potential in the DeFi world has seen reputable investors and notable companies within and outside the DeFi space join in on the venture. These partnerships are intended to steer forward Samecoin’s vision and to grow its adoption rate.
For instance, Reef recently announced that Samecoin will become the first stablecoin on the Reef Chain ecosystem. This integration — which also encompasses Reef Finance’s EVM DeFi chain — will allow Samecoin to access liquidity across various blockchains ecosystems.
Besides Reef, BSC, HSC, and HECO, Samecoin has also been able to bring several backers into its fold including;
- GameArt – A digital gaming platform with over 80 video slot games available in multiple regulated markets. GameArt provides gamers with an interactive gaming experience with their own language, currency, and identity.
- iGaming Group- An online gaming tech solution provider hosting over 7000 games, with partnerships with over 65 game providers and dozens of clients operating in over 20 markets. iGaming Group has developed innovative and powerful iGaming solutions that are in use by iGaming startups and strong industry leaders alike.
- Certik – A security solution provider with over 500 leading clients in the tech world, including Binance, RESERVE, fetch.ai, and Terra. Certik has successfully secured assets worth $30B stored on blockchains, including a recent Samecoin audit.
- BlueOcean Gaming – A iGaming platform that provides technology solutions for several clients in the iGaming industry.
- Other notable mentions include Hyperpay, GeekCapital, AKA, BlockGaming, BAF Capital, ABlock Capital, ChainCatcher, and Data Link Foundation.
Samecoin’s Massive Achievements and a Promising Roadmap
There are multiple ways to measure the success and value of crypto assets. However, the Total Value Locked (TVL) is one of the most essential of these metrics. TVL gives insight into these assets through 5 different categories; Dexes, Lending, Payments, Assets, and Derivatives.
After launching its Beta version on June 8th 2021, Samecoin amassed $2M TVL in the first hour. While this indicates a metaphoric liftoff, it is only the first achievement in a list of initiatives meant to steer Samecoin’s success forward.
Samecoin has so far established itself as an ecosystem with a good vision and already working technology. Several milestones have already been accomplished so far in 2021, including the successful Samecoin protocol Beta, SamePay Alpha tests, and the deployment on multiple blockchains. ,
We have also witnessed the beta testing for SameUSD and Samecoin, and the submission of the Samecoin dapp on DappRadar.
The success journey is not yet over as Samecoin plans to roll out its public sale later this year while also listing SameUSD and Samecoin on Exchanges. The 3rd and 4th quarters will also see the Samecoin Protocol full release with private Beta tests already planned for the SamePay app infrastructure. Samecoin shall be making announcements to its Twitter and Telegram community as these and many more milestones continue rolling out. You can follow up on Samecoin;s roadmap on the official Samecoin website.