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There are stablecoins on top of Ethereum. Some are backed by off-chain bank accounts, others are based on price feeds and on-chain derivatives over ETH.
by DennisP 5y ago
There are stablecoins on top of Ethereum. Some are backed by off-chain bank accounts, others are based on price feeds and on-chain derivatives over ETH.
- Salgat 5y agoToo bad gas fees make the whole thing very expensive.
- DennisP 5y agoYes, if you're doing it on chain. On rollups it's cheap.
- AstralStorm 5y agoIn which case it's not a casino but a confidence trick. It depends whether you trust the issuer of the stablecoin and its backing to survive a bank run. (Black Friday anyone?) They could just disappear on you with your money, and you would be left with gas on a contract nobody wants anything to do with.
- DennisP 5y agoI agree and I'm not a huge fan of that type. I'm a bigger fan of the ones backed by ETH, as long as the price feed is reasonably decentralized.