Crypto-Backed
Explore crypto-backed stablecoins: digital assets pegged to the value of other cryptocurrencies.
Top gainers this week
Top losers this week
Up 15 places this week, $MIM is gaining ground
Up 13 places this week, $AVAI is gaining ground
$CRV hit a gem score of 77 this week
$DAI dropped out of the top ranks this week
42 tokens rose and 10 fell this week
Down 23 places this month, $sUSDD is losing steam
Frequently asked questions
How has Crypto-Backed performed recently?
The Crypto-Backed stablecoin category has shown mixed activity recently. Over the 7-day period, 42 tokens saw an upward trend in score, while 10 experienced a downward shift. Magic Internet Money (MIM) on Ethereum and Avalanche chains, along with AVAI, were among the top climbers, with Dai Stablecoin from PulseChain showing the highest percentage score increase. On the other hand, Savings Usdd (sUSDD), Alchemix USD (alUSD), and MIM on BNB Chain were among the notable fallers. Over a 30-day window, a similar pattern emerged with 44 tokens experiencing score increases and 8 seeing declines. FRAX and MAI were among the climbers, while sUSDD again led the fallers, alongside USDL Stablecoin and another instance of DAI from Ethereum. Dai Stablecoin (DAI) also entered the top K in the 7-day window.
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.