Topic: What is the best decentralized stablecoin? (Read 992 times)
I really like the atmosphere on the forum and what kind of verbal battles are taking place here. But for me it’s completely strange why people are silent about such a project as Xfinite ?
Simple! The answer is DAI, there are few new Decentralized stable coins out there right now but none is more serious with their aims than DAI stable coin and believe me Decentralized stable coins make more sense than centralised stable coins like USDT and others, things are more safer with decentralized projects
The current situation should also be assessed realistically. We are now on the verge of tight government regulation of private and various commercial stablecoins. They will either have to accept these tough regulatory conditions or cease their activities. Decentralized stablecoins will not be able to adapt to new conditions and will disappear or go into the shadows. In any case, I think that they will not exist for long.
I reckon the best time to begin your plan for the bear market is to do it during the bull market. I want to hold American dollars or a dollar equivalent when the bear market arrives, however, I do not feel safe holding centralized stablecoins like USDT, USDC or BUSD. What are the decentralized stablecoins can everyone of you recommend?
USDC is pretty cool but Binance pegged USDC is not available everywhere though.
I've already set aside money for the Phaver TGE, so now I just have to wait a bit. Crypto for activity in social networks! I couldn't let a chance like this slip away because of some unanticipated hassle.
I reckon the best time to begin your plan for the bear market is to do it during the bull market. I want to hold American dollars or a dollar equivalent when the bear market arrives, however, I do not feel safe holding centralized stablecoins like USDT, USDC or BUSD. What are the decentralized stablecoins can everyone of you recommend?
In the cryptocurrency market there are huge number of the stable coins but I think busd and usdt is most used in the crypto currency market. Actually all stable coins are backed by stable price thing for example dollar or gold etc,. So i use busd . Which is my favorite.
My investment in Manufactory was the stylish decision I made in a long time. I am sure my investment will pay off.
I reckon the best time to begin your plan for the bear market is to do it during the bull market. I want to hold American dollars or a dollar equivalent when the bear market arrives, however, I do not feel safe holding centralized stablecoins like USDT, USDC or BUSD. What are the decentralized stablecoins can everyone of you recommend?
when talking about stablecoins then my mind is on USDT and BUSD, although these two stablecoins often experience FUD news but it doesn't affect its development, because until now USDT and BUSD are still holding on to crypto, but if you have doubts about the two stablecoins, then DAI is worth it for you to recommend, because it is very decentralized, and until now I haven't heard any FUD news about it,
I heard that Steam is gonna allow the sale of crypto games. To be honest, I don't know whether it’s true or not, but I think it can boost the capitalization of P2E projects like ManuFactory, or something else that offers really interesting gameplay.
I can only give you a hint by using the name of the project - NeonLink. Then try to figure it out yourself. I am sure that you have not been banned from Google and you will succeed.
Stable coins are the important part of the crypto life which are keep you safe form the volatility. There are some stable coins in circulation today which are structurally very strong. In this case DAI, USDT and now I think BUSD are safer if you purchase one of these three.
I don't agree with you a little bit. The fact is that centralized stablecoins also lose their tether, but for some reason they don't talk about it much. But when it comes to algorithmic or decentralized stablecoins, people immediately remember their ability to lose tethering. All stablecoins lose their tether. Look at how the biggest stablecoins have felling in their time, and you will see that all stablecoins are at risk of losing their tether.
Of course. No one said stablecoins are risk-free. Every investment does come with its risks. But I believe centralized stablecoins are a much safer bet than decentralized ones, simply because they're regulatory-compliant (some of them, not all). That means the issuer is required by law to maintain the peg or face serious consequences in the long run. This brings investor protection, not seen in decentralized stablecoins like DAI or USDJ.
It's the wild west in the decentralized world of stablecoins, so I'd advise anyone to proceed with caution. I think what happened with UST will force developers to improve algorithmic stablecoins for the better. There will always be "hiccups" along the road. What's important is to keep moving forward in order to make our world a better place. Who knows if decentralized stablecoins become so good that they'll rival centralized stablecoins in the future? Just my thoughts
The problem with decentralized stablecoin is the more complicated mechanism of securing and securing smart contracts, and the problem with centralized stablecoin is that they are not backed by fiat as they should be, meaning that at one moment they cannot back every token with a dollar because there simply are not that many dollars in a bank account physically. It's no secret that most of the USDT and USDC are backed by securities and debt, so if there is a big stream of coin withdrawals, they will lose their bind very quickly.
But based on the above, despite the disadvantages, it is safer to store in centralized stablecoins, because they have fewer vulnerabilities.
I don't agree with you a little bit. The fact is that centralized stablecoins also lose their tether, but for some reason they don't talk about it much. But when it comes to algorithmic or decentralized stablecoins, people immediately remember their ability to lose tethering. All stablecoins lose their tether. Look at how the biggest stablecoins have felling in their time, and you will see that all stablecoins are at risk of losing their tether.
Of course. No one said stablecoins are risk-free. Every investment does come with its risks. But I believe centralized stablecoins are a much safer bet than decentralized ones, simply because they're regulatory-compliant (some of them, not all). That means the issuer is required by law to maintain the peg or face serious consequences in the long run. This brings investor protection, not seen in decentralized stablecoins like DAI or USDJ.
It's the wild west in the decentralized world of stablecoins, so I'd advise anyone to proceed with caution. I think what happened with UST will force developers to improve algorithmic stablecoins for the better. There will always be "hiccups" along the road. What's important is to keep moving forward in order to make our world a better place. Who knows if decentralized stablecoins become so good that they'll rival centralized stablecoins in the future? Just my thoughts
With what happened with UST lately, I'd steer clear from decentralized stablecoins as much as possible. Their inability to remain "pegged" to the USD, greatly defeats their purpose. Unless developers and the community improve the algorithms supporting the peg, people will continue to use centralized stablecoins like USDT and USDC to protect themselves from market volatility. So far, it seems that DAI is the best decentralized stablecoin in the world. But it's not immune from losing its peg sometime in the future.
At least, we have a wide variety of decentralized stablecoins to choose from. Ultimately, crypto's all about utility. As long as it works as intended, nothing else matters. Just my thoughts
At least, we have a wide variety of decentralized stablecoins to choose from. Ultimately, crypto's all about utility. As long as it works as intended, nothing else matters. Just my thoughts
I don't agree with you a little bit. The fact is that centralized stablecoins also lose their tether, but for some reason they don't talk about it much. But when it comes to algorithmic or decentralized stablecoins, people immediately remember their ability to lose tethering. All stablecoins lose their tether. Look at how the biggest stablecoins have felling in their time, and you will see that all stablecoins are at risk of losing their tether.
I reckon the best time to begin your plan for the bear market is to do it during the bull market. I want to hold American dollars or a dollar equivalent when the bear market arrives, however, I do not feel safe holding centralized stablecoins like USDT, USDC or BUSD. What are the decentralized stablecoins can everyone of you recommend?
It depends on you, the value of your trust, when you believe more in fiat money then that's best for you, but if you ask which stablecoin is best for you besides your dollar bill, USDT and BUSD are more appropriate for you, and that's it. for myself, to maintain my financial balance.
DAI stable coin stands out due to the technology behind it. DAI features an unprecedented degree of decentralization. While stablecoins like tether (USDT) offer a cryptocurrency backed by a reserve of fiat assets managed by a central organization, no one entity controls the issuance of DAI. Instead, users looking to hold DAI submit Ethereum-based assets into a smart contract that uses them as collateral in maintaining DAI’s peg to the U.S. dollar.
In addition, unlike most stable coins, which are collateralized against a single fiat currency or cryptocurrency, DAI can use different cryptocurrencies as collateral: ether (ETH), basic attention token (BAT), USD Coin (USDC), wrapped bitcoin (wBTC), compound (COMP), and many more. The increased number of collateralizable currencies diminishes user risk and increases DAI’s price stability.
The above attributes makes DAI stand out among other stable coins.
In addition, unlike most stable coins, which are collateralized against a single fiat currency or cryptocurrency, DAI can use different cryptocurrencies as collateral: ether (ETH), basic attention token (BAT), USD Coin (USDC), wrapped bitcoin (wBTC), compound (COMP), and many more. The increased number of collateralizable currencies diminishes user risk and increases DAI’s price stability.
The above attributes makes DAI stand out among other stable coins.
There's a complete manipulation that has happened to the current hot stable coin in the market, UST. It's no longer pegged to a dollar and many have lost a lot of money on it because of anchor/staking. DAI is still the best option if you're going to put your profits in a stable coin because it's a lowkey stablecoin and what matters most is that it is decentralized. I won't mention any other stable coin because you will really never know if the same thing can happen to them.
With what happened with UST lately, I'd steer clear from decentralized stablecoins as much as possible. Their inability to remain "pegged" to the USD, greatly defeats their purpose. Unless developers and the community improve the algorithms supporting the peg, people will continue to use centralized stablecoins like USDT and USDC to protect themselves from market volatility. So far, it seems that DAI is the best decentralized stablecoin in the world. But it's not immune from losing its peg sometime in the future.
At least, we have a wide variety of decentralized stablecoins to choose from. Ultimately, crypto's all about utility. As long as it works as intended, nothing else matters. Just my thoughts
Centralized stable coins are truly not trustworthy but we really don't have lots of options in this space. It will be very difficult to find a decentralized stable coin aside DAI. my suggestion is for you to go through the centralized stable coins and choose the best for you that's if and only of you are not making use of DAI
There's a complete manipulation that has happened to the current hot stable coin in the market, UST. It's no longer pegged to a dollar and many have lost a lot of money on it because of anchor/staking. DAI is still the best option if you're going to put your profits in a stable coin because it's a lowkey stablecoin and what matters most is that it is decentralized. I won't mention any other stable coin because you will really never know if the same thing can happen to them.
Centralized stable coins are truly not trustworthy but we really don't have lots of options in this space. It will be very difficult to find a decentralized stable coin aside DAI. my suggestion is for you to go through the centralized stable coins and choose the best for you that's if and only of you are not making use of DAI
I reckon the best time to begin your plan for the bear market is to do it during the bull market. I want to hold American dollars or a dollar equivalent when the bear market arrives, however, I do not feel safe holding centralized stablecoins like USDT, USDC or BUSD. What are the decentralized stablecoins can everyone of you recommend?
I think that one of the best stablecoins to hold on a cold wallet is DAI created on the Ethereum platform. DAI was created as an alternative to the already existing stablecoins, due to the lack of trust in them. DAI differs from centralized stablecoins in that it is provided by freezing ETH tokens in a smart contract at the current rate. The rate of the DAI itself is always kept +- at the level of $1 - this is ensured by special mechanisms.
Why are people so scared of centralised stable coins? Decentralized projects are as dangerous as centralised projects, even with decentralized projects the team can walk away without any law looking into them unlike centralised projects, USDT had issues years back and the law was after them later things went straight again.
Jump to: