Reef Finance and Samecoin have recently announced their collaborated first stablecoin on the reef chain ecosystem. Due to the addition of Samecoin, it would be the first stablecoin on the blockchain for the Reef Chain ecosystem.
Samecoin is a stablecoin protocol based on the decentralized framework that enables business owners and entrepreneurs to conduct seamless digital payments. The framework of Samecoin works on its token named SAME and has stablecoins like SameEuro and SameUSD (SUSD). Also, it is composed of numerous components like Infrastructure, Governance, and Samecoin Finance.
The Samecoin Finance runs the stablecoin while the infrastructure includes SamePay, a crypto wallet application based on non-custodial protocol with a social payment platform to make sending, receiving, and trading easy.
In the future, Samecoin will be used as DAO via vSAME token for voting. The protocol’s community will govern the same. Furthermore, the users of Samecoin will have the power to mint Samecoin, SameEuro, and SUSD. Reportedly, Samecoin has already added Hoo Smart Chain (HSC) and Binance Smart Chain (BSC).
Adding to the spree, along with Samecoin’s integration with Reef Coin, it will also add Reef Chain’s VM-compatible Ethereum blockchain developed on Substrate. For a long time, Reef Chain has permitted liquidity across the platforms like Binance Smart Chain, Ethereum, Cosmos, Polkadot, and Avalanche via the solidity feature and liquidity bridge.
Here, the liquidity bridge allows the transfer of already existing DeFi assets like Samecoin from Reef Chain to Ethereum. However, Reef Chain’s solidity enables developers to transfer their existing dApps from Reef Chain to Ethereum without tampering with the protocol code in any way.
Samecoin and Reef Finance plan to bring the Samecoin ecosystem of dApps and tokens to Reef Chain in the impending months and observe users’ engagement with Samecoin as a DAO governed community.