Introduction

Before we start to Write about our aim in this dashboard, we want you to know the following information.

What is Optimism?

Optimism is a layer 2 chain, meaning it functions on top of the Ethereum mainnet (layer 1). Transactions take place on Optimism, but the data about transactions get posted to mainnet where they are validated. It’s like driving on a less crowded side street while benefiting from the security of a highway. Optimism is the second-largest Ethereum layer 2 with a total of $313 million locked into its smart contracts, as of this writing, according to [Defi Llama](https://defillama.com/chains/Rollup). Arbitrum comes first with $1.32 billion.

WHAT IS TETHER (USDT)?

The prices of popular crypto such as Bitcoin and Ethereum have changed over time. As the ROI of these assets climbed high, the risks associated with these tokens also surged. This is when the concept of [stablecoin](https://coindcx.com/blog/cryptocurrency/why-stablecoins-are-ideal-in-the-current-market/) emerged, with Tether(USDT) being the leader of all. USDT is a stablecoin, pegged to the US dollar and backed 100% by Tether Reserves, as per their official website.

It was founded by a Hong Kong-based company called iFinex, which also owns a crypto exchange, Bitfiniex. USDT worked on the Bitcoin blockchain during its inception and soon expanded its reach to other chains like Ethereum, Tron, Solana, OMG Network, etc. Presently, Tether is the third largest crypto asset after [Bitcoin] https://coindcx.com/blog/bitcoin) and [Ethereum](https://coindcx.com/blog/ethereum/) according to the market cap and the largest stablecoin in the crypto space.

WHAT IS A USD COIN (USDC)?

Similar to USDT, the USD coin is also a crypto stablecoin which is fully backed by USD. It is a tokenized form of the US dollar, which is pegged at 1:1. It is the very first crypto that is fully backed by a fiat currency, as the USDC reserves are held in segregated accounts with US-regulated financial institutions.

Whenever a transaction is initiated to buy a USDC with fiat currency, the currency is depo

What's WETH?

WETH is a form of cryptocurrency that allows users to make pre-authorized bids that can be fulfilled at a later date without any further action from the bidder. WETH is minted when a user sends ETH to the WETH smart contract. The smart contract holds the ETH sent by users and mints an equivalent amount of WETH. OpenSea does not mint WETH or exchange ETH for WETH, and OpenSea does not operate or control the WETH smart contract.

What's Velo?

Velo Labs is building a unique federal credit exchange network. Powered by the Velo protocol, a blockchain financial protocol, the network enables businesses to issue digital credits and transfer assets without borders using a smart contract system.

What Is Synthetix Network Token (SNX)?

Synthetix is a software that allows users to mint new crypto assets that mimic both real-world assets (like the U.S. dollar) and crypto assets (like Bitcoin). One of an emerging number of decentralized finance (DeFi) cryptocurrencies, Synthetix enables this service through code alone, without needing a financial intermediary. Rather, Synthetix is simply a collection of smart contracts running on the Ethereum blockchain. This means Synthetix users do not need to trust a particular institution or person to manage the crypto assets they create. They need only trust that their code will execute as written. Synthetix is able to generate these new assets using a process called collateralization. To collateralize an asset on Synthetix, users must purchase its SNX cryptocurrency, which, once locked in a particular contract, can generate these new assets (called synths). For example, one synth designed to mimic the value of the U.S. dollar is called sUSD. Another synth, which mimics the Bitcoin price, is called sBTC. Still, synths can be created for any asset, be it a commodity like gold or silver, or cash like the euro or Korean won. Synths are then able to track the value of other assets using special data feeds, called oracles, which enable users to gain exposure to gains or losses in those markets.

Resource:

www.kriptomat.io
www.verywellmind.com
https://www.urbandictionary.com

compare the status of WETH, Velo, USDC, USDT, Synthetix(SNX), and Optimism(OP)