What it means
A token that gives its holders a vote on how a protocol is run.
Holders vote on fees, new markets and treasury spending. Its price can swing a lot.
How it works
Defied has no token.
Related terms
| Term | What it means |
|---|---|
| DAO | Decentralised autonomous organisation: a group that runs a protocol by token holders' votes rather than a company's management. |
| Token | A unit of value recorded on a blockchain, which can stand for money, a vote, a share of a pool or anything else. |
| Airdrop | Tokens sent to many wallets for free, often to reward early users of a protocol. |
This glossary explains terms in general. It isn't investment, tax or legal advice.