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The Binance USD (BUSD) and USD Coin (USDC) are two of the most popular stablecoins in the market. However, they both have a major flaw: they are incomplete without Snowfall Protocol (SNW). In this article, we will explain why Snowfall Protocol (SNW) is so important to Binance USD (BUSD) and USD Coin (USDC), and how it will improve these stablecoins.
Summary
What Are Stablecoins?
To best understand the scope of the current blockchain industry, one needs to understand what a stablecoin is. Put simply, it is a digital asset that is pegged to the US Dollar (USD) or other fiat currency. This makes them ideal for use in situations where volatility is an issue, such as with payments and remittances.
The Binance USD (BUSD) and USD Coin (USDC) stablecoins are two of the most popular stablecoins in the market. Binance USD (BUSD) is a USD-backed stablecoin issued by Binance, while USD Coin (USDC) is a USD-backed stablecoin issued by Circle. However, both Binance (BUSD) and USD Coin (USDC) have a major flaw: they are not interoperable with other blockchains.
Stable But Not Interoperable
The Binance USD (BUSD) and USD Coin (USDC) stablecoins are both pegged to the US Dollar (USD). However, they are not interoperable. This means that if you want to use Binance (BUSD) to buy digital assets from another blockchain like Ethereum for example, you cannot do so directly.
Instead, you have to first convert Binance USD (BUSD) into Ethereum (ETH) or USD Coin (USDC) as this stablecoin is built on Ethereum’s ERC-20. This creates two problems. First, it is not very efficient. Second, the fees to convert Binance USD (BUSD) into Ethereum (ETH) or USD Coin (USDC) can be quite high. This is especially true when using a centralized exchange like Binance.
This is where Snowfall Protocol (SNW) comes in. Snowfall Protocol (SNW) is a Defi protocol that enables stablecoins like USD Coin (USDC) to be interoperable with assets on different blockchains.
Snowfall Protocol (SNW) – The Multi-Chain Solution That We Need
With Snowfall Protocol (SNW), crypto users can easily move their digital assets across blockchains. This multi-chain solution not only makes Binance USD (BUSD) and USD Coin (USDC) more efficient but also reduces the fees associated with transferring these stablecoins.
By holding and staking (SNW) you can also benefit from the platform through generous yields generated from the usage of the platform. This incentives users to help grow the Snowfall Protocol (SNW) ecosystem. And with secure audits from leading firms, users can rest assured that their digital assets are always safe. If you are ready to embrace a better future for blockchain technology, then you need to start using Snowfall Protocol (SNW).
get in while you can and invest in Snowfall Protocol (SNW) today!!!
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*This article has been paid. The Cryptonomist didn’t write the article nor has tested the platform.
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