Value-first token tracker

Explore economic design, value capturing structure, and utility of digital assets.

USDT derives its value from a 1:1 peg to the USD, acting as a representation token; a stablecoin backed by collateral reserves held by Tether Limited, reflecting a digital representation of $1.00, despite occasional minor fluctuations.
Tether Limited issues and redeems USDT, guaranteeing one-to-one redeemability for verified clients, subject to conditions like a historical minimum threshold (which may vary), KYC/AML compliance, and fees, with retail users typically relying on exchanges.
USDT enables DeFi integration across blockchains, leveraging its pegged value for trading and liquidity with no additional governance or staking features.

Acting as a representation token, USDC is a stablecoin soft-pegged 1:1 to the USD, issued centrally by Circle and backed by equivalent fiat reserves, serving as a stable unit of account and medium of exchange for crypto natives during volatile markets.
Deployed as an ERC-20 token with smart contract support, it enables regulated, transparent use in DeFi, remittances, and institutional finance across multiple blockchains, with supply tied directly to audited dollar reserves.
Through a centralized mint-and-redeem process, USDC represents a tokenized USD claim, where each token’s creation or destruction mirrors fiat deposits or withdrawals, ensuring stability without reliance on crypto-collateral or algorithms.

The DAI stablecoin is a token pegged to the value of the U.S. dollar and can be used as a representation thereof.
The peg is maintained by structuring the DAI issuance process in such a way that it is minted as an overcollateralized loan; thereafter, insufficiently collateralized positions are automatically liquidated.
There exist additional stabilising measures in the form of a surplus/debt auction and a module allowing direct fixed-rate swaps of stablecoins for DAI in order to prevent excessive DAI appreciation. In any case, the one-to-one redeemability of DAI for $1 of accepted collateral apiece is guaranteed at emergency protocol shutdown.

ENA’s core functions are: (1) governing Ethena protocol (2) yield generation.
Earn yield by staking ENA to receive sENA, which accrues value from ecosystem rewards, and boost rewards by locking sENA or restaking it on Symbiotic via the liquidity page.
Use ENA to participate in governance by voting on proposals via Ethena’s Snapshot page and engaging in discussions on the governance forum.

As a governance token, BREAD endows holders with the power to decide how the yield from staked xDAI is distributed among Breadchain’s supported projects. Holders can begin voting on the governance portal, and may also opt to provide liquidity; retaining the same voting rights.
BREAD is minted 1:1 to xDAI and can be burned at any time to redeem the underlying stablecoin. This mint-and-burn system makes BREAD akin to a representation token. Holders can bridge their tokens to Gnosis Chain here, and start crowdstaking here.
Use BREAD as a medium of exchange in the Breadchain marketplace to purchase goods and services. Current marketplace supporters include Giveth, TBS DAO, Dandelion, Crypto Commons Association, and Crypto Leftist Discord.