Governance tokens are cryptocurrencies that grant users a role in the decision-making process of a blockchain project.
Governance tokens play a key role in decentralized Autonomous Organisations (DAOs) and decentralized Finance (DeFi) decision-making about the future without relying on a central authority.
Here in this article, we will list the top 10 leading governance tokens in 2024 based on the recent market updates.
Top 10 Leading Governance Tokens
Here are the top 10 leading tokens that grant voting rights, influence protocol development, and unlock the power of governance community-driven governance in Decentralized Autonomous Organisations (DAOs):
1. Internet Computer (ICP)
Internet Computer (ICP) is the first “World Computer” blockchain that can be utilized to build almost any online system or service, including web social media, without the need for traditional IT like cloud computing services and it can also enable full end-to-end decentralization.
The trading volume of ICP tokens in the last 24 hours is $106,893,479 with over $5,846,294,766 in market capitalization.
2. Uniswap (UNI)
Uniswap (UNI) is a prominent decentralized trading project, popular for its automated trading of decentralized finance (DeFi) tokens.
Uniswap aims to keep token trading automated and completely open to anyone who trades the tokens and improve the efficiency of trading compared to traditional exchanges.
UNI token has a $5,831,308,576 market capitalization and $153,024,098 trading volume in the last 24 hours.
3. Maker (MKR)
Maker (MKR) is a decentralized organization and software platform based on the Ethereum blockchain that allows users to issue and manage the DAI stablecoin.
MKR tokens act as a voting share for the network that manages DAI. The MKR has a $67,846,619 trading volume in the last 24 hours and a market capitalization of $2,588,972,104.
4. Aave (AAVE)
Aave is a community-governed, completely decentralized protocol. This is an open-source, non-custodial lending and borrowing protocol that allows users to earn interest on their deposits and borrowers to use their cryptocurrency holdings as collateral to exchange it for a variety of other supported altcoins and stablecoins.
The market capitalization of the AAVE is $1,277,111,984 and the trading volume in the last 24 hours is $60,228,606.
5. eCash (XEC)
eCash (XEC) is the rebranded version of Bitcoin Cash ABC (BCHA) that is designed to be used as electronic cash.
eCash aims to be a medium of transaction used to pay for goods and services. eCash also Improves the payment experience by reducing transaction finality time.
The trading volume of XEC in the last 24 hours is $11,175,263 and has a market capitalization of $966,386,932.
6. Synthetix Network (SNX)
The Synthetix Network Token (SNX) is used as collateral to support the creation of Synths which represent a variety of assets which include cryptocurrencies, indexes, and real-world assets like gold.
The network aims to broaden the cryptocurrency space by introducing non-blockchain assets and providing accessibility to a more robust financial market.
The trading volume of SNX in the past 24 hours is $19,372,623. It has a market capitalization of $855,191,722.
7. Ribbon Finance (RBN)
Ribbon is a cryptocurrency that uses financial engineering to make structured products that deliver sustainable results.
Ribbon’s first product emphasizes yield through automated strategies. The market cap of RBN is $778,995,998 and the trading volume in the last 24 hours is $6,923,004.
8. PancakeSwap (CAKE)
Pancakeswap is a cryptocurrency built on the BNB Chain where users trade tokens without a centralized exchange.
Pancakeswap is fascinating in innovating quickly and shipping new products regularly. The trading volume of CAKE in the last 24 hours is $34,881,205 and has a market capitalization of $680,599,141.
9. Curve DAO (CRV)
Curve is a decentralized exchange for stablecoins that utilizes an automated market maker (AMM) to deal with liquidity.
The Curve is similar to the decentralized finance (DeFi) network and has grown significantly in the second half of 2020.
The market capitalization of the CRV is $519,033,154 and the trading volume in the last 24 hours is $43,785,530.
10. 0x Protocol (ZRX)
0x is an infrastructure protocol where users can easily trade tokens and other assets on many different blockchains (including Ethereum) without relying on centralized exchanges as it is a platform for decentralized exchange.
The trading volume of ZRX in the past 24 hours is $26,594,035. It has a market capitalization of $460,271,609.
Conclusion
As the blockchain network is evolving, the role of governance tokens is likely to become even more prominent.
Many new tokens have been emerging and positioning in the top lists recently. Therefore by staying informed and actively participating in these evolving communities, you can improve your stand in decentralized governance.
