November 06, 2023

Native Token

Native Token

What is Native Token?

A native token is any cryptocurrency asset that can be used to service a protocol natively and get payment in return. Examples of native tokens include those found in masternode protocols like XZC and DASH, as well as those used in Proof-of-Stake blockchains like ETH2.0.

Native Token

Understanding of Native Token

Numerous native tokens exist, each with its own blockchain. The native tokens of the Ethereum blockchain are called Ether (ETH), Binance Coin (BNB) on the Binance Smart Chain, and ADA on the Cardano blockchain.

For developers, native support has several benefits. For example, handling custom tokens eliminates the need to write smart contracts, adding another level of complexity and reducing the possibility of human mistake because the ledger manages all token-related operations. The ledger model’s current accounting architecture, which was designed to process ada-only transactions, is expanded to support transactions using a variety of assets by the native tokens feature, among these resources are many user-defined custom tokens and ada.

Latest news about Native Token

  • Blur, an NFT marketplace, has launched its public version after four months of beta. To celebrate, the startup launched an airdrop of its native token, $BLUR. The platform aims to increase decentralization and move the NFT space towards institutional grade. Paradigm invested $11 million in Blur’s Seed Round in March. Eligible individuals have thirteen days to claim the airdrop, and will receive “Care Packages” containing $BLUR tokens. The second airdrop is scheduled for November.
  • Optimism’s native token experienced a significant drop in valuations after users noticed $450 million in currency left their public multisignature wallet. The alleged hack, which sparked a Twitter flurry, did not occur. CoinMarketCap reported a 10% drop in the OP token’s value, with the coin falling to as low as $1.29. Optimism later clarified the cause of alarm and pledged to practice transparency. However, users are still concerned about the situation, with DeFi Llama illustrating that their Total Value Locked (TVL) ballooned from $285 million to $1.11 billion on August 14. Optimism’s latest price action follows a series of developments, including OP Labs’ planned Bedrock upgrade in Q4 2022.

FAQ

Cardano native tokens are digital assets that are built directly on the Cardano blockchain, using its native token standard.

Avalanche is a blockchain platform that has its own native cryptocurrency called AVAX. AVAX is the native token of the Avalanche network and serves various purposes within the ecosystem.

« Back to Glossary Index

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Viktoriia is a marketing researcher and copywriter with a background in international relations. Her professional portfolio includes the writing of research papers focused on the import and export of products to Europe and Asia. Proficiency in the Chinese language and the time she has spent in China have extended her capabilities to master not only European markets but also those in China and Singapore. While currently living in Italy, Viktoriia continues to deepen her knowledge and skills in marketing and copywriting. Her experience allows her to perform analytical work and create texts on a diverse range of topics, ensuring accessibility to a broad audience.

More articles
Viktoriia Palchik
Viktoriia Palchik

Viktoriia is a marketing researcher and copywriter with a background in international relations. Her professional portfolio includes the writing of research papers focused on the import and export of products to Europe and Asia. Proficiency in the Chinese language and the time she has spent in China have extended her capabilities to master not only European markets but also those in China and Singapore. While currently living in Italy, Viktoriia continues to deepen her knowledge and skills in marketing and copywriting. Her experience allows her to perform analytical work and create texts on a diverse range of topics, ensuring accessibility to a broad audience.

Hot Stories
Join Our Newsletter.
Latest News

NFTs & Mining: A Digital Synergy

The rise in usage of the non-fungible tokens has changed the way we see and engage with ...

Know More

AI in Crypto

Explore the ever-evolving realm of artificial intelligence within the cryptocurrency sphere. Discover the transformative impact of AI ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
Sponsored
Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
February 24, 2024
Vitalik Buterin and Sandeep Nailwal headline decentralized agi summit @ Ethdenver tackling threats of centralized AI
Sponsored
Vitalik Buterin and Sandeep Nailwal headline decentralized agi summit @ Ethdenver tackling threats of centralized AI
February 23, 2024
Magic Square Acquires TruePNL, Gears Up for Staking and Launchpad Release
Business News Report
Magic Square Acquires TruePNL, Gears Up for Staking and Launchpad Release
February 23, 2024
Kinetex Network Partners with Succinct to Develop BTCX, a Bitcoin ZK Light Client for DeFi Evolution
News Report Technology
Kinetex Network Partners with Succinct to Develop BTCX, a Bitcoin ZK Light Client for DeFi Evolution
February 23, 2024
What You
Need to Know

Subscribe To Our Newsletter.
Daily search marketing tidbits for savvy pros.