Why are most stablecoins on the eth network?

nelson4lov

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Quote from: jackg on September 14, 2020, 01:18:37 PM

I'm quite confused a lot of coins are on the eth network as I thought it wasn't very scalable, like bitcoin.

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Why? The simplest answer to that question is because it has more community support.

I might not have an exact answer for this but I have a theory. From a developer standpoint, Its better to create products and projects like stablecoins on a network like ETH since it comes with certain benefits. I know Ethereum blockchain has its own pitfalls but it does excels because it has more developer support, tools, SDKs, etc all powered by the community. It might be easy to spun a project from any blockchain but it takes more to maintain it especially on a blockchain without much developer/community support.

jackg

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https://bit.ly/387FXHi lightning theory

Quote from: hugeblack on September 14, 2020, 03:38:47 PM

title looks different from the content? Do you ask about stablecoins or all tokens?

Imo any coin on the eth protocol that isn't defi or stable is worthless. I meant both of those but defi comes from stablecoins as, if they move, the defi token moves too.

And yeah guess I need to look more in to how stuff on eos actually works... From the gist I got it looked like you got a token, net and CPU just from staking.

electronicash

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Quote from: Bitcoin_Arena on September 14, 2020, 03:14:41 PM

For example setting up an EOS address is not as easy and user-friendly as an Ether address.

There are so many gambling dapps that were created on Tron and EOS but they haven't been a success because not so many people are familiar with the said blockchains and therefore their usage is also very low

The project developers could also be finding it easier deploying smart contracts on Ethereum Networks unlike other Blockchains

there are also stablecoins on TRON and EOS and there are tokens equates to DAI which i guess they can be audited for its value unlike the USDT.

but eth has the most of it. EOS addresses are actually much easy than TRON and ETH but then it isn't free. one has to pay for instance if you wanna create on tokenpocket you have to pay for at least 1 EOS. the hurdle i guess is to stake for CPU and NET.

hugeblack

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title looks different from the content? Do you ask about stablecoins or all tokens?
Stablecoins have no value except that they are an accounting value that fixes the price of btc to achieve profits instead of converting them to the fiat currency. Therefore, expansion models and fees are not a problem compared to the extent of the currency's ability to be stable and always equal to one dollar.
Why are they on eth's network? Because it is the easiest, but as I mentioned earlier the criterion is more related to stablilty than technical capabilities.

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The same reasons could be why there are so many projects creating tokens on the Ethereum Network as compared to other blockchains. One could be due to the popularity of Ethereum as compared other blockchains that were initially dubbed as ethereum Killers such as EOS, NEO. The gas fees on the Ethereum network may be sky rocketing each passing day but project developers might also be focusing on popularity of the network when trying to ensure that their projects succeed. Many people who have at-least gotten into crypto are more familiar with ethereum than EOS, waves, Tron. For example setting up an EOS address is not as easy and user-friendly as an Ether address.

There are so many gambling dapps that were created on Tron and EOS but they haven't been a success because not so many people are familiar with the said blockchains and therefore their usage is also very low

The project developers could also be finding it easier deploying smart contracts on Ethereum Networks unlike other Blockchains

jackg

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https://bit.ly/387FXHi lightning theory

I'm quite confused a lot of coins are on the etph network as I thought it wasn't very scalable, like bitcoin.

I know there's USDN on the waves network which also has lower fees but I'm not sure of their scalability. But I think btc-omni or eos would be a better and cheaper option than the eth network (especially since the defi bottlenecks)...

Topic: Why are most stablecoins on the eth network? (Read 138 times)