My Constant and META 1 Coin are networks that provide users with advanced DeFi functionalities. These platforms leverage recent blockchain advancements to give users more passive income opportunities. For example, both networks share some characteristics such as their permissionless and decentralized architecture. However, a closer review shows that these protocols offer very different services. Here’s some insight into My Constant vs META 1 Coin.
What is My Constant?
My Constant is a DeFi peer-to-peer lending ecosystem. The platform enables anyone to secure fiat and crypto-backed loans against multi-coin collateral. DeFi lending is a popular niche in the market. These systems leverage large lending pools and smart contracts to create a more efficient lending process.
What is META 1 Coin?
Those seeking relief from crushing financial situations or new wealth-building strategies can find options using the META 1 Coin. This next-gen stablecoin provides a foundation for wealth generation using the METANOMICs network. META 1 was built to reduce one of crypto’s biggest dilemmas, volatility.
Multiple Assets Add to the Protection
The META 1 Concept starts with improving on the stablecoin technology in use today. The developers decided that it made more sense to utilize a basket of gold-related assets rather than fiat currency or other cryptos. This decision helped for a lot of reasons. For one, gold has long been a store of value.
Additionally, gold sees growing demand during times of market volatility. As such, the developers were able to leverage that appreciation on the META 1 Coin. The token gains value as the gold-related assets increase. This value increase was recently seen when META 1 gained 1.35% in value this month while the rest of the market tanked.
Protect the Community
META 1 integrates some decentralization protections as part of its strategy to remain community-led. The protocol prevents corporations and trading firms from holding META 1 Coins. There are a lot of reasons why they made this decision. For one, these groups are notorious for market manipulation. Removing them from the ecosystem makes sense when your goal is to create more stability.
Additionally, these groups have been known to take over community voting processes and alter networks to better suit their personal needs. In the end, regular traders suffer while the whales make out with massive profits. META 1 puts a stop to these actions by eliminating the main actors before they join.
Protect the Asset Value
Another protection that makes META 1 stand out is its asset value locking mechanism. In the past, stablecoins completely crashed when they lost their underlying asset value peg. Recently, LUNA/UST spiraled into a market-wide correction after the token lost its peg and tanked in under 24 hours.
The asset protection protocol is a game-changer in that it prevents all trades under asset value. The system combines off-chain sensors called oracles that monitor the market. These sensors follow pending META 1 trades and cross-reference their values to ensure the token retains asset value under all circumstances.
What Problems was My Constant Built to Alleviate?
My Constant helps to eliminate some major issues faced by borrowers and lenders. For example, the platform eliminates the gatekeepers from the equation. In the past, you would need to provide your financial history, current assets, and more to qualify for a loan. This intrusive process could even require you to speak directly with a broker.
Sadly, there are many cases in which people were denied access to funding for reasons that had nothing to do with their ability to repay. My Constant users never have to deal with these issues because the platform operates purely as code. Removing the bank from the equation provides a more open and democratic lending process to the market. Additionally, it enables My Constant to reward lenders for their services.
In the centralized financial system, everyone is a lender if they like it or not. The bank takes your funds and loans them out with interest. It then pays you a pathetic amount of this interest. For example, the current average rate for a US bank savings account is just 0.03%. My Constant provides lenders with the chance to secure healthier ROIs in a p2p manner.
What Problems was META 1 Coin Built to Alleviate?
The developers behind the META 1 concept wanted to take on the entire financial sector. The platform was built from the ground up to enable the average user to generate wealth using low-risk methods. This strategy falls in line with META 1 Coin’s greater purpose to empower users to achieve financial freedom.
Volatility
As with all stablecoins, volatility is one of the main concerns that developers wanted to alleviate. META 1 accomplishes this task through its technical structure. The protocol derives value from gold-related assets. Eliminating volatility was a vital step in making META 1 the ideal store of value for traders in the DeFi sector.
Prevent Whales
Whales come in all shapes and sizes. As such, the network has integrated a token limit on individual users. This limit is set at $5 million. The value ensures that no single trader can garner enough influence to create volatility within the ecosystem. The developers added this feature recently after learning a single trader tanked LUNA.
Inflation
Inflation occurs when a currency begins to lose value. This issue causes a lot of problems for savers. The issues get worse when the inflation rate outpaces the interest paid by savings accounts which is the scenario currently. The average savings account only pays out 0.03% APY, which means that savers are losing money at the moment.
Inflation has hit 40-year highs recently. You now pay double for gas and 30% more for basic items such as food. Worst of all, inflation is set to continue for the rest of the year, as the federal reserve continues to try and think of ways to stop it from spiraling into hyperinflation.
META 1 eliminates inflation because it’s not pegged to fiat currency. The politicians can print out trillions in cash and sprinkle it across the country and it won’t drop the value of META 1. META 1 appreciates over time making it the smart choice for savers who want to avoid inflationary concerns altogether.
Onboarding
One of the biggest problems that META1 Coin seeks to alleviate is user confusion. The change from banks to DeFi can be a hard shift for non-technical users. META1 eliminates the technical barriers and reduces the anxiety of the change through its easy-to-navigate interface. Anyone can trade, HODL, stake, save, buy, and sell META1 Coins regardless of their experience level.
Onramper Portal
The Onramper portal is META 1’s answer to confusing onboarding processes. The interface enables you to conveniently convert fiat currencies to META 1 Coins without leaving the platform. This is a major upgrade compared to the competition that requires you to first secure crypto from a third-party before you join their DeFi systems.
Onramper is easy to use. It supports a huge selection of fiat currencies and is available internationally. The protocol fits perfectly into META 1’s desire to be as open and convenient as possible.
Scalability Issues
Anyone who has used crypto over the last year can attest to the congestion issues currently plaguing the market. Networks like Ethereum have massive gas fees due to their congestion. These fees have made the network unusable for many people such as those conducting micro-transactions.
The META Blockchain provides high performance and transaction throughput on par with global payment systems. The network leverages a DPoS consensus algorithm to make this possible. This consensus system does away with power-hungry mining rigs. Regular users can participate simply by delegating their tokens to community-elected nodes called witnesses.
Privacy Concerns
There is a severe lack of privacy in the market. Privacy has always been a concern for crypto traders. While some claim this desire is due to nefarious reasons, the truth is much different. Privacy is your best security measure to protect against online threats. Hackers are unlikely to target you if they don’t know you hold crypto.
META 1 supports privacy for its users through its open enrollment system. The network only requires you to link a wallet to start participating in its advanced features. This strategy prevents future identity theft due to data breaches. Sadly, data breaches are on the rise with hackers attacking multiple exchanges recently.
Lack of Passive Income
Another real problem for savers is a lack of access to passive income streams. Passive income can make achieving financial freedom easier as this form of income requires single actions with prolonged payouts. For example, royalties or rental properties are passive income streams.
DeFi redefines passive income through the use of a variety of helpful features. You don’t need to qualify for a home or make a hit record to secure high yield returns using META 1. There are multiple ways for users to build wealth and enjoy more ROI opportunities.
How Does My Constant Work?
My Constant users can be either borrowers or lenders. Lenders secure interest for their participation. These rewards are paid directly to their attached wallet via smart contracts. There is no human intervention required. To date, My Constant lenders have earned $1,410,397 in rewards.
Lenders and borrowers can choose their terms using the dashboard feature. You can also use the explorer to see all the lending activities of the network in real-time. This level of transparency would be impossible in a centralized setting.
My Constant users never experience funding delays. The platform offers borrowers LTV ratios up to 66%. Users can also select the time they desire. Loans come with three options – 1, 3, or 6 months. Along with this flexibility, My Constant provides a low fee structure. Specifically, borrowers pay around 6% APR.
Users must decide how they want to withdraw their loan. There are a lot of options including fiat, stablecoins, or you can trade your loan for any of the +71 cryptocurrencies the network supports. The system scans a variety of top exchanges to ensure that you receive the best rates when selecting trade for crypto withdrawal.
How Does META 1 Coin Work?
The META 1 Coin provides stability that surpasses fiat currencies such as the dollar. To accomplish this task, the developers choose to back the token using a combination of gold-related assets. The decision to spread the backing over different asset classes provides more security from value drops. Additionally, since all the assets are gold-related, the token enjoys appreciation.
Unlike its predecessors, the META 1 Coin introduces some new smart contracts to help secure new value. The token blocks large firms and corporations from owning the token to prevent decentralization. Additionally, major token holders may not sell their coins under the token value. This further protects users from whale manipulation which is a major issue for other blockchain networks.
META 1 Coin users gain access to a ton of cool features. There’s a high-performance DEX (decentralized exchange) that provides non-custodial trading options on a variety of top blockchain projects. Non-custodial exchanges never separate you from your assets until the exact moment your trade occurs. As such, they are way more secure than CEXs.
High Yield Savings Account
The META VAULT savings account feature. Both processes enable users to access passive rewards without the need to sell their META 1 Coins. These rewards combine with the tokens’ appreciation to drive your ROIs higher. In this way, META 1 provides users with powerful tools to escape financial treachery.
My Constant vs META 1 Coin – DeFi Options Continue to Expand After reviewing the data, it’s easy to see that META 1 Coin offers more services and features to users. However, if you’re looking to get into DeFi lending, My Constant provides a secure alternative in the market. On the other hand, META 1 offers users access to an all-inclusive DeFi ecosystem to build wealth. For these reasons, most users agree META 1 wins this bout.