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
|Collateral Type||Ethereum, Stablecoins and other altcoins||Stablecoins|
|Blockchain||Ethereum||Ethereum and BSC|
|Maximum Supply||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.