Review on EOSDT by Inioluwa Okedeji
EOSDT: A Wonderful Addition To The List Of Existing Stablecoins
EOSDT is a decentralized stable currency built on the EOS platform.This project aims to build an environment where stablecoins are widely available to everyone. As we know that the main purpose of stablecoins is to control the volatility of cryptocurrencies and not only that but also act as utility in trading, EOSDT as a stablecoin is not left behind in this aspect.
This project's main function is to reduce volatility in the cryptocurrency market while also providing liquidity. The EOSDT token is backed by the Equilibrium Company, one that aims to create a perfect ecosystem for the development of decentralized finances and stablecoins.
The EOSDT stablecoin can only be circulated whenever Equilibrium users lock their EOS tokens as collaterals in smart contracts. EOSDT can be transacted on exchanges such as HITBTC, Bancor, Bequant, among others and can also be safely held in wallets one of which is imToken.
There's also the opportunity for users to stake and all staking rewards are distributed without commissions. And also since the project is a decentralized one, the community has a say in its decision making and voting process, from which rewards are available for each successful voting.
I believe that EOSDT token is still as important as other stablecoins, although some might think its arrival is a bit late considering there other stablecoins in existence but each stablecoin is unique and looking at this project's vision, one can say that it will be hard to ignore such a project.
Pros
- EOSDT token has the ability to control volatility in the market.
- It features opportunities for investment and staking which is a pleasant way for both users and holders to increase their portfolios.
- Holders can actively participate in important decision making of the project.
- It features low transaction fees and fast transaction speed.
- Available for holding on several cryptocurrency wallets and trading on several exchanges.
Cons
- It is new project that is bound to face competition from existing stablecoin projects.
