Introduction

The USDC, a stablecoin backed by the US dollar, recently lost its peg to the USD. This news has caused some shockwaves in cryptocurrency circles as it raises questions about how reliable and secure stablecoins are.

Stablecoins are digital assets designed to maintain their value relative to another asset or currency such as gold or the US Dollar. They’re intended to be used for transactions on blockchains since they provide stability while avoiding volatility of traditional cryptocurrencies like Bitcoin and Ethereum. The most popular form of a stablecoin is one that is pegged 1:1 with an underlying fiat currency, such as the UDSC which was pegged 1:1 with USD until recently when it dropped below $0.97 per token due to market demand fluctuations in crypto markets at large .

While this incident does not necessarily mean all other forms of stable coins will suffer similar fates ,it certainly brings attention back onto what makes these tokens so attractive in comparison with more volatile cryptocurrencies - namely their ability for price stability over time . It also serves as a reminder that investors should always do thorough research into any investment before committing funds , particularly those involving new technologies like blockchain and digital currencies .

In conclusion , although this event may have shaken investor confidence somewhat there still remains potential for further development within both utility tokens (such as ETH)and Stablecoins alike- provided proper security measures are taken by issuers prior launch .

Methodology

The purpose of this dashboard is to examine the recent impacts of USDC depeg on the Optimism Network. The report is divided into several sections. The first section investigates the network performance. The second section compares the transfer amounts in two major sectors - CEX and DeFi - and examines USDC transfers. The third section focuses on swaps in the network, providing an overview of all swaps in addition to a detailed analysis of USDC swaps. This section also highlights the most popular assets to swap to/from USDC on depeg day. The following two sections cover NFT and Bridge, providing detailed information about these important components of the system. We hope you find this report informative and enjoyable.