Crypto-Backed
Explore crypto-backed stablecoins: digital assets pegged to the value of other cryptocurrencies.
Top gainers this week
Top losers this week
$CRV has led the category 7 days running this week
$MIM +18 places this week
$HOPE +14 places this week
$sUSDD fell 18 places this week
Weakest this week: $MIM bottomed out at a 13 gem score
$CRV hit a gem score of 77 this week
37 tokens rose and 19 fell this week
Up 12 places this month, $FPIS is gaining ground
Frequently asked questions
How has Crypto-Backed performed recently?
The Crypto-Backed category shows mixed activity across both timeframes. Over seven days, there were 36 tokens up and 19 down, while over thirty days, 47 tokens were up and 8 down, indicating a generally positive trend. Curve LlamaLend V2 (CRV) stands out, leading in streaks for both the seven-day (7 days) and thirty-day (10 days) periods. Magic Internet Money (MIM) on chain 0xa experienced significant climbs over both seven-day (225.0% score increase) and thirty-day (191.6% score increase) periods, making it a top performer. Dai Stablecoin (DAI) on chain 0x1 entered the top-k in both windows, suggesting renewed interest, while Dai Stablecoin (DAI) on chain 0x171 exited the top-k in both windows. Magic Internet Money (MIM) on chain 0x1 and AVAI on chain 0xa were among the notable fallers across both seven-day and thirty-day windows.
What are crypto-backed stablecoins?
Crypto-backed stablecoins are a type of stablecoin whose value is pegged to another cryptocurrency, often over-collateralized to maintain stability.
How do crypto-backed stablecoins maintain their peg?
They maintain their peg through over-collateralization with other cryptocurrencies, often managed by smart contracts that facilitate the minting and burning of tokens to maintain a stable value relative to their target asset.
What are the risks associated with crypto-backed stablecoins?
Risks include the volatility of the underlying collateral, smart contract vulnerabilities, and potential for liquidation if the collateral value drops significantly.
How do crypto-backed stablecoins differ from fiat-backed stablecoins?
Crypto-backed stablecoins are collateralized by other cryptocurrencies, whereas fiat-backed stablecoins are backed by traditional currencies held in reserves by financial institutions.