Value-first token tracker

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

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Project
Category
Value Capturing Mechanism
Price
Last 7 days

1
1inch1INCH
DeFi
Vote-escrowed Access

1INCH holders lock tokens in a vote-escrow contract to gain governance power, controlling protocol parameters (e.g., fees, treasury allocation).
Encumbered 1INCH enables Resolver deployment (with a 5% UP supply threshold), allowing users to execute Fusion orders and capture additional value through fees, contingent on operational upkeep.
Users can delegate their locked 1INCH (UP) to resolvers, transferring governance rights for a share of resolver fees and rewards (e.g., via the Delegation Incentive Program), enhancing flexibility and ecosystem participation.

2
AaveAAVE
DeFi
Pooled InsuranceGeneralized Governance

AAVE is the governance and pooled insurance token for the AAVE Protocol, an overcollateralized lending platform where token holders have a voice in the protocol’s direction and have access to yield generating opportunities.
Token holders participate in protocol governance through a multi-stage proposal process, starting from community discussions on the Governance Forum, eventually leading to formal votes on-chain. Voting power is based on token holdings, allowing direct voting or delegation.
The Safety Module feature of AAVE acts as a pooled insurance mechanism where holders can stake their AAVE tokens to earn rewards while providing an additional security layer. In case of protocol shortfall events, staked tokens can be slashed.

3
AvalancheAVAX
Layer 1
Value TransferConsensus Token

AVAX is the native token of Avalanche, a Proof-of-Stake blockchain, used for paying transaction fees, and for staking to secure the network.
Staking AVAX provides rewards as a staking yield, and unlike other PoS networks, the validator does not experience token slashing for negligent/malicious behavior.
AVAX powers three blockchains: X-Chain for asset creation, C-Chain for smart contracts, and P-Chain for validator coordination; together forming the Primary Network.

4
BittensorTAO
Layer 1
Value TransferWork TokenConsensus Token+1

TAO drives value transfer as the native currency for transactions on Bittensor, enabling users to purchase blockspace, computational resources, and AI model requests, while serving as a work token by rewarding miners (41% of emissions) for providing computational power and model training, with staking and slashing ensuring honest participation.
Consensus is powered by the Yuma Consensus algorithm, where TAO acts as a consensus token, distributing stake-weighted rewards to subnet miners and validators (41% of emissions) based on performance evaluations, reinforcing network integrity through aligned incentives and reduced influence for outliers.
Governance operates via a two-tiered system, where the Triumvirate (three Opentensor Foundation employees) creates proposals, and the Senate (elected delegates with significant TAO stake) votes on them within a set timeframe, with TAO holders indirectly shaping decisions by electing Senate delegates.

5
BNBBNB
Layer 1
Value TransferAccessDiscount Token+2

BNB facilitates value transfer across the BNB Chain ecosystem, serving as the native currency to pay transaction fees on BNB Smart Chain and gas costs for smart contract execution on BSC and opBNB.
As a consensus token, BNB secures the network through staking in the PoSA model, where holders delegate to or vote for 21 active validators, earning rewards to support block production and ecosystem stability. Liquid staking is also available here.
BNB supports generalized governance through Tally and Snapshot, by enabling holders to create and vote on proposals. Additional utilities include the famous BNB discount utility on Binance, access to its launchpad, alongside numerous other utility traits listed here.

6
BreadBREAD
Stablecoin
Value transfer from RepresentationGeneralized Governance

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.

7
BubblemapsBMT
Blockchain Service
AccessGeneralized Governance

BMT is the utility token of Bubblemaps, a decentralized platform that aims to highlight scams and insider manipulations, making the crypto space safer and more transparent. Case studies can be found here.
BMT has governance utility: it could be locked via the Intel Desk to acquire governance power, allowing to: (1) submit cases (2) vote on investigations (3) direct on-chain investigative resources.
BMT has access utility, providing access to premium tools on the Bubblemaps app like P&L computation, cross-chain analytics, and more. Some amount of BMT must be held in the user's wallet for premium access.

8
CardanoADA
Layer 1
Value TransferConsensus TokenGeneralized Governance

ADA is the native cryptocurrency of Cardano, a Proof-of-Stake blockchain with smart contract capabilities. The token assumes the roles of: value transfer, consensus and governance.
Token holders participate in Cardano's governance, where they can propose, discuss, and vote on changes to the protocol via a tricameral model outlined in CIP-1694 and seven distinct types of governance actions.
Cardano’s Proof-of-Stake (PoS) consensus mechanism, named Ouroboros, allows token holders to stake their ADA to secure the network, validate transactions, and earn rewards without the energy-intensive mining processes of Proof-of-Work systems.

9
Convex FinanceCVX
DeFi

CVX powers Convex Finance as its meta governance and fee-sharing token, letting users stake to capture rewards from Curve and Frax liquidity pools (CRV, FXS), converted into veCRV/veFXS and paid out as cvxCRV/cvxFXS, with extra perks for those who lock their tokens.
Locking CVX for at least 16 weeks unlocks voting influence over reward distribution and platform decisions, with a 4-week buffer after unlocking before others can claim a small fee (0.25% per extra week) for unlocked tokens resting idle in the locker contract.
With a fixed 100M token cap, CVX is earned proportionally by Curve stakers and Curve liquidity providers, and users can delegate their voting rights independently, offering flexibility without needing to commit to a lockup.

10
DaiDAI
Stablecoin
Representation

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.

11
Enzyme FinanceMLN
DeFi
Value Transfer

MLN serves as a value transfer token for accessing Enzyme Finance's protocol, requiring users to pay fees in MLN equivalent to 25 basis points of their AUM.
These tokens are then burned, and failure to pay results in a 50 basis points dilution of vault shares as a penalty.
300,600 MLN are minted annually to fund ecosystem development and growth; governed by the Enzyme Council DAO, and the remaining unused funds being burned at year-end.

12
EthenaENA
DeFi/Stablecoin
DividendsGeneralized Governance

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.

13
HederaHBAR
Layer 1
Value TransferConsensus Token

HBAR serves as the value transfer, and consensus token for the Hedera Hashgraph network, facilitating transaction fees, smart contract execution, network services and security.
The network uses a Proof-of-Stake consensus model; allowing token holders to earn yield on their HBAR by staking their tokens.
The reward rate for staking is determined by the Hedera Council, comprising up to 39 organizations, and responsible for core network decision making.

14
HyperliquidHYPE
Layer 1
Value TransferConsensus Token

HYPE serves as the native gas token for the Hyperliquid L1 and HyperEVM transactions; facilitating its role as value transfer.
Token holders may stake HYPE to participate in the L1’s consensus; earning yield for securing the network.
HYPE staking features a 1-day lockup for delegations, a 7-day unstaking queue, and automatic reward compounding, with validator commissions capped at a 1% increase to protect delegators.

15
JupiterJUP
DeFi
Yield-Incentivized Governance

$JUP token core function is governance: holders participate in JupiterDAO and govern the platform
$JUP gain access to governance after staking their tokens in a lock-up mechanism staking.
Governance participation is rewarded in JUP and participant projects’ tokens from the LFG launchpad.

16
Layer3L3
Social
Value TransferGeneralized Governance

L3 serves as both a governance and utility token for the Layer3 ecosystem, enabling staking to earn protocol rewards and participate in governance.
Staking L3 grants access to premium features such as special launchpads and enhanced reward rates.
The benefits scale with the amount staked and the duration of commitment, incentivizing long-term participation.

17
LidoLDO
DeFi
Generalized Governance

LDO is the - governance token for Lido, empowering holders to vote on protocol upgrades, fee structures, and validator node operator selections via the Lido DAO.
The Lido DAO operates as an Aragon organization, leveraging its framework to provide transparent and reliable governance for managing the liquid staking protocol.
The DAO leverages Easy Track, a streamlined governance tool, to reduce voter fatigue and gas costs, enabling efficient routine decisions like node operator approvals or grants.

18
LiquityLQTY
DeFi
Generalized Governance

LQTY serves as the governance, and yield-bearing stake token for Liquity V2, enabling holders to stake and direct Protocol Incentivized Liquidity (PIL) to subsidize ecosystem growth, while earning fees from V1.
Staking LQTY provides voting power that grows linearly with staking duration, unlocking dual rewards in LUSD and ETH from V1 alongside BOLD-related revenue, with no lock-up but reduced influence upon withdrawal.
Holders vote weekly on external initiatives via a time-weighted system, directing PIL (sourced from loan interest) to enhance BOLD liquidity, with potential bribes from third parties boosting voter incentives.

19
LitecoinLTC
Currency
Value Transfer

LTC serves as Litecoin’s native value transfer token, enabling secure, trustless peer-to-peer transactions and covering network fees, underpinned by Scrypt-based proof-of-work consensus run by miners.
The token’s supply is fixed at 84 million, with issuance halving every four years, enhancing scarcity to bolster its store-of-value narrative.
Open-source projects like MimbleWimble Extension Blocks (MWEB) enhance LTC with confidential transactions and scalability by pruning old data, while Ordinals Lite aims to enable unique asset tracking and digital collectibles, expanding Litecoin’s utility and ecosystem potential.

20
LivepeerLPT
Blockchain Service
Work TokenGeneralized Governance

LPT is the work and governance token of Livepeer, used to stake and secure the network, enabling orchestrators to perform transcoding work and earn ETH fees plus LPT rewards.
Token holders can delegate LPT to orchestrators, sharing in rewards while influencing network reliability without running nodes themselves.
LPT’s governance power extends to protocol influence as well as treasury management.

21
MakerMKR
DeFi
Pooled InsuranceGeneralized Governance

MKR is the governance token for MakerDAO, empowering holders to vote on protocol parameters like stability fees, collateral types, and liquidation ratios, shaping the DAI ecosystem.
MKR also acts as a pooled insurance token, where holders bear risk and reward through a burning and minting mechanism; users can vote to sell DAI surplus for MKR which is then burned, reducing supply, while new MKR is minted to recapitalize the system during shortfall events.
Without staking rewards, MKR’s value accrues partly on its scarcity, with burns from stability fees tightening supply as DAI usage scales.

22
MantleMNT
Layer 2
Value TransferGeneralized Governance

MNT facilitates value transfer within the Mantle Ecosystem by serving as the utility token for gas fees on Mantle Network, enabling cost-efficient transaction processing.
The token’s additional use case is one to facilitate governance; granting holders voting weight, where 1 MNT equals 1 vote when delegated, to influence key decisions like protocol upgrades and treasury management.
Mantle Governance operates off-chain, starting with community or core team discussions on the forum, progressing to formal MIPs if sentiment is positive, and culminating in MNT holder votes via Snapshot, with ratified proposals manually implemented by core contributors.

23
MANTRAOM
Layer 1
Value TransferConsensus TokenGeneralized Governance

Use OM to cover fees when tokenizing assets or performing other actions on the MANTRA platform. Holders may also link their EVM wallet to their MANTRA wallet through the bridge to unlock numerous benefits such as access to airdrops.
Stake your OM to help keep the MANTRA network secure and earn rewards through the stake portal. Want more OM? You can also boost your earnings by depositing USDC into the Chakra Pool for a chance at the 50M OM airdrop.
Through the Guard Module, stake OM to access exclusive apps that require KYC verification, and you can use your tokens to participate in community governance outlined here. Plus, you can earn extra rewards by providing OM in liquidity pools.

24
MoneroXMR
Layer 1
Value Transfer

XMR is Monero's native token, whose function assumes the value transfer role, with no premine, instamine, ICO, or token sale.
Monero operates on a Proof of Work (PoW) system, currently using the RandomX algorithm, which is designed to ensure mining can be done with common hardware like CPUs and GPUs.
The token’s primary feature is its strong privacy orientation, achieved through ring signatures, stealth addresses, and confidential transactions.

25
Near ProtocolNEAR
Layer 1
Value TransferConsensus Token

NEAR is the native token of NEAR Protocol, functioning as a medium of exchange, unit of account for transactions and storage (value transfer), and securing the network through staking (consensus).
Staking NEAR provides rewards for validators who maintain network integrity, with a slashing stake mechanism for validator misbehavior.
Transaction fees are paid in NEAR, with part of these fees burned to contribute in supply reduction based on network usage, aiming for value accrual as demand scales.

26
Ondo FinanceONDO
DeFi
Generalized Governance

ONDO serves as the governance token for the Ondo DAO which governs the protocol known as Flux Finance, allowing holders to vote on protocol changes, upgrades, and economic parameters.
Proposals start with community discussion on the Flux Finance Governance Forum, followed by an on-chain vote using Tally, based on Compound's Governor Bravo.
Governance participation requires at least 100,000,000 ONDO for proposal submission, with a 3-day voting period, 1,000,000 ONDO quorum, and a 1-day timelock before execution.

27
OptimismOP
Layer 2
Generalized Governance

OP token empowers its holders to engage in the governance of one of the largest Layer 2 scaling solutions through its Token House.
Through the Token House, OP holders influence critical decisions like treasury spending (Gov Fund) and protocol upgrades.
Holders can vote directly or delegate their voting power to other addresses, ensuring broad participation in governance.

28
PendlePENDLE
DeFi
Vote-escrowed Governance

PENDLE is the vote-escrowed governance token for Pendle Finance, where vePENDLE holders vote on incentive distribution, protocol decisions, and receive Base APY from yield fees.
vePENDLE allows holders to earn Voter's APY from pool swap fees, up to 250% LP reward boosts, with token value based on staked amount and duration (max 2 years).
The protocol supports cross-chain reward boosts, to incentivize liquidity provision outside of Ethereum (i.e. Arbitrum)

29
Pi NetworkPI
Blockchain Service
Value TransferWork TokenGeneralized Governance

Value transfer manifests through transactions paid with fees, optional and often free when demand is low, yet market-driven during congestion, capturing value as nodes split these fees daily.
PI reimagines "mining" as a work token, rewarding users for varied contributions, daily engagement (Pioneers), trust graph creation (Contributors), network growth (Ambassadors), or running SCP-based nodes, driving value through broad participation.
Token holders will be empowered to influence the network’s future through a two-phase governance plan, starting with community input via the mobile app and offline meetups under a provisional model, then transitioning to a formal "Constitutional Convention".

30
PolkadotDOT
Layer 1
Value TransferConsensus TokenGeneralized Governance

DOT serves as the native token of the nominated proof-of-stake blockchain, Polkadot, comprising three key roles: value transfer, consensus and governance.
The token entitles holders to governance power over the Polkadot DAO, where users can voice their ideas on the direction of the Polkadot Protocol through the official forum, and participate in voting through Polkassembly.
DOT is used to connect and secure parachains (parallel blockchains) to the relay chain, enabling interoperability. Parachains can lease slots for a period, locking up DOT.

31
RedStoneRED
Blockchain Infrastructure
Pooled InsuranceWork Token

The $RED core function is staking to secure RedStone oracles providing data feeds. It provides cryptoeconomic security and acts as a skin in the game for validators.
$RED can also be staked through EigenLayer’s (AVS) to enhance network security, reflecting a Pooled Insurance model.
Stakers generate yield from data consumption fees in BTC, SOL, ETH, and stablecoins such as USDC.

32
SolanaSOL
Layer 1
Value TransferConsensus Token

SOL is the native token of Solana, used to pay transaction fees (a portion of which are burned) and interact with smart contracts, serving as a value transfer token.
Token holders can stake SOL to secure the network, earning annual rewards to facilitate consensus.
SOL enables governance indirectly, as staked tokens empower validators to influence network decisions, though holders themselves lack direct voting rights.

33
SonicS
Layer 1
Value TransferConsensus TokenGeneralized Governance

The S token facilitates value transfer through being paid for gas and redistributes up to 90% of app-generated fees (FeeM TXs) to developers and users. Holders can begin to participate in the network by exchanging their FTM for S, using the bridge.
Staking S enables validators to perform consensus; aiding in the security and general function of the network.
Token holders are able to qualify for an upcoming airdrop through a dynamic points system; accruing points via passive holding to actively deploying whitelisted assets. Additional token utility includes some form of governance power outlined here.

34
SoSoValueSOSO
DeFi/Blockchain Service
Work TokenGeneralized Governance

Serving as a work token, SOSO incentivizes the conducting of core protocol functions that result in price stability, through the Protocol Participant Deposit system, where WLPs and Index Compilers stake SOSO to ensure honesty and reliability in their activities.
Token holders can also earn SOSO via “Proof-of-Work” through task completion or by staking SSI tokens through “Proof-of-Stake”.
Staking SOSO provides access to an AI assistant, and eligibility for WLP status. This operates as a stake-based access value capture mechanism and a yield-bearing instrument, offering boosted SSI mining rewards denominated in SOSO. Upcoming SOSO utilities include the ability to mine S-VALUE and governance power.

35
SuiSUI
Layer 1
Value TransferConsensus TokenGeneralized Governance

SUI serves as the network’s native currency facilitating value transfer, paying gas fees for transactions and storage.
Staking SUI contributes to the activity of performing consensus, enabling holders to delegate to validators, earning predictable rewards proportional to stake size, with validators processing transactions and securing the network per 24-hour epoch.
Token holders are granted governance rights with the capability to vote on-chain for protocol upgrades and parameter changes.

36
SynthetixSNX
DeFi
DividendsGeneralized Governance

SNX token is central to the Synthetix protocol, allowing holders to mint synthetic assets like sUSD by staking their tokens as collateral.
Staking SNX provides access to trading fee revenue but comes with the trade-off of assuming system solvency risk.
Stakers also gain governance rights, participating through Synthetix's multi-council system in shaping the protocol's future.

37
TetherUSDT
Stablecoin
Representation

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.

38
TRONTRX
Layer 1
Value TransferConsensus Token

TRX fuels the Tron network, acting as its native token facilitating value transfer, covering transaction fees and smart contract deployment.
Staking TRX enables holders to facilitate consensus by supporting the 27 Super Representatives who validate blocks and secure the network.
TRX holders vote for Super Representatives, who govern the network by setting block rewards and transaction fee policies, shaping its direction.

39
UniswapUNI
DeFi
Generalized Governance

UNI is the governance token for Uniswap, enabling holders to vote on protocol changes, fee structures, and treasury management within the decentralized exchange.
Governance follows a three-step process: Request for Comment, Temperature Check, and Proposal Creation.
Delegates require 2.5M UNI tokens to create a proposal, and voting power is plutocratic, with one UNI token equating to one vote.

40
USDCUSDC
Stablecoin
Representation

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.

41
Velodrome FinanceVELO
DeFi
Vote-escrowed GovernanceGeneralized Governance

VELO, an ERC-20 token, powers Velodrome Finance on Optimism, enabling low-fee swaps and liquidity provision, with value unlocked by converting to veVELO via locking.
Locking VELO into its vote-escrowed (governance) version; veVELO (an ERC-721 NFT), grants voting rights over emission distribution, requiring active participation or delegation to capture governance influence and associated rewards (e.g. bribes).
veVELO holders receive dual yield stream benefits, rebases for passive ownership proportional to locked supply, and trading fees plus incentives for active voting, maximizing value through full engagement.

42
Venice TokenVVV
AI
Stake-Based Discount (VVV version)

$VVV holders stake tokens to access Venice’s AI inference at zero marginal cost and earn emissions-based staking rewards
Staked tokens represent a proportional share of Venice’s total computational power, adjusting as infrastructure scales
The token captures value through yield-bearing staking that offsets volatility and rewards long-term holders, and stake-based discounts that provide proportional AI access

43
Wrapped BitcoinWBTC
DeFi
Representation

WBTC is a representation of Bitcoin, backed 1:1 by BTC held in custody by BitGo and available for minting and redeeming using BitGo.
WBTC bridges Bitcoin to Ethereum’s DeFi landscape, enabling BTC usage for Defi activities such as lending, trading, and yield opportunities previously inaccessible in native Bitcoin network.
WBTC representation value is proofed by regular on-chain reserve attestation, providing trust in its pegged supply.

44
ybBTC
DeFi

ybBTC tokens represent shares in the Yield Basis LP pool (ERC20 BTC and crvUSD)
Owners of ybBTC have two options for yield generation: (1) receive a pro rata share of the pool's trading fees, (2) receive YB rewards from emission by depositing ybBTC in a special contract, but don't receive trading fees.
Only one option can be chosen, which means that every ybBTC holder must decide whether to receive fees or YB tokens. Trading fees generated by staked ybBTC are distributed to veYB stakers.

45
Yield Basis
DeFi
Vote-escrowed Governance

The primary YB utility is governance, which controls reward allocation and DAO decisions. To enable the governance function, YB tokens must be locked in the voting-escrow contract.
After locking, veYB position in a contract is created. In addition to governance rights, veYB captures a share of protocol fees generated by the YieldBasis.
The amount of protocol fees distributed to veYB depends on the staked share of ybBTC supply (this share doesn't receive trading fees, but receives YB emissions). The larger share of ybBTC is staked, the more fees are going to veYB holders, and vice versa. Regardless of ybBTC staked rate, veYB holders always receive at least the $minimal\_admin\_fee$ share of fees.