DeFi Token Development

By AAO Techs 20 Mar 2022
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Any token that is used within a DeFi ecosystem or decentralized protocols core is a DeFi token. We have tokens like COMP, and UNI they operate the voting rights to the stakeholders. With this, the stakeholders can cast their vote for or against protocol changes. 

Decentralized finance tokens furnish crypto clients with admittance to various bank-like administrations like advances, loaning, and protection. You must have got this doubt, what is the difference between tokens and coins? Or tokens vs coins crypto or tokens vs cryptocurrency Let's explain this in this way, you are planning to move around and you need a car for it. Either you can buy a new car for the purpose and become the whole owner of the car, besides bearing the responsibilities of maintaining the car, fuels, mechanic bills. The other way for this is you rent a car on a monthly basis, use it and return the car. This can be understood now that tokens are not as worthy as coins. This is so much near to coin and the token definition. In token, you don't have to buy a coin, but you have to pay the rent and run the coin in the blockchain. 

Ethereum has its own blockchain that stores its value and validates transactions. Ethereum token/ ERC20 uses an Ethereum blockchain technology background. Ethereum developers work on the updating and solving of all the issues.
Some other standard Ethereum based tokens are: ERC721, ERC1337, ERC621, ERC1155, ERC777, ERC223, ERC1400, ERC827

Crypto.com earlier used to use tokens but since their tokens became so popular, they have created their own coins now. We cannot directly convert tokens straight into coins, we can create a bridge that will allow us to swap old tokens for new coins. Some coins are considered tokens in other blockchains. 

DeFi contains various types of tokens. Tokens and types are, some of them are UMA, yEarn, Aave, sushiswap, Compound, Uniswap.