🤑🤑Utility tokens are digital assets that grant access to specific or services within a blockchain ecosystem. They are functional "digital keys" rather than investments in the traditional sense, meaning their value comes from their use within their specific platform, not from ownership rights in a company.
💵💵Here are some examples of well-known tokens with distinct utility
🤖Ethereum (ETH): While also a major cryptocurrency, ETH is fundamentally a utility token as it is the "fuel" required to pay transaction (gas) fees for executing smart contracts and running decentralized applications (dApps) on the Ethereum network.
⭐Binance Coin (BNB): Used within the extensive Binance ecosystem, holders can use BNB to pay for trading fees on the exchange at a discounted rate, participate in new token launches, and interact with services on the BNB Chain.
🤑Chainlink (LINK): This token is integral to the Chainlink decentralized oracle network. LINK is used to pay node operators for providing smart contracts with reliable, real-world data and external API information, a critical function for connecting blockchain to the outside world.
👽Filecoin (FIL): FIL is the native utility token of the Filecoin decentralized storage network. Users spend FIL to pay for decentralized data storage and retrieval services, while providers earn FIL by renting out their unused disk space.
🚀Basic Attention Token (BAT): Used within the privacy-focused Brave browser, BAT allows advertisers to pay for ad campaigns. Users can earn BAT for opting into viewing privacy-respecting ads and then use those tokens to tip content creators or access premium features.
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