Ethereum (ETH) vs Spiko Amundi Overnight Swap Fund (EUR) (EURSAFO)

Ethereum is the pioneer in the field of distributed and programmable blockchains. Launched in 2015, this project forever revolutionized the world of cryptocurrencies by introducing the concept of smart contracts, a computer protocol that allows for the programming of complex operations on a blockchain. These have enabled the creation of decentralized applications that have led to the emergence of new sectors including NFTs, DeFi, DAOs, Web3, and many others. Initially designed on a Proof of Work mechanism, Ethereum underwent a major change in 2022 by migrating to a Proof of Stake consensus. At the heart of this ecosystem, ETH is the native cryptocurrency and is used to pay transaction fees, reward validators, and contribute to the governance of the project.

SAFO (Spiko Amundi Overnight Swap Fund) is a tokenized UCITS fund launched by Spiko and Amundi, Europe's largest asset manager. The EUR share class (eurSAFO) allows investors to subscribe from as little as 1 EUR. SAFO generates stable yields above the €STR benchmark through fully collateralized total return swaps with top-tier banks (starting with BNP Paribas), while maintaining overnight liquidity. The shareholder register is hosted on Ethereum, Polygon PoS, Arbitrum One, Starknet, Base, Etherlink, and Stellar. CACEIS (Crédit Agricole group) acts as depositary bank, PwC as auditor, and Chainlink provides on-chain NAV oracle feeds. The fund is supervised by the French AMF.