DAOs (Decentralized autonomous organizations) are internet native organizations running on smart contracts or codes. Within this DAO, the community together takes any decision and determines the protocols as well as the rules and regulations. In a general case, the DAO membership consists primarily of holders of the said native DAO token. Although, technically speaking DAOs do not need to have crypto associated with it, however, as of now most of the DAOs do. The last few years have seen DAOs rising tremendously and experts believe that it is one of the fastest-growing offshoots of blockchain technology. Currently, the crypto market is full of hundreds of DAO tokens.
But, what is a DAO?
Read: What is a Decentralized Autonomous Organization (DAO)
Here are the top 10 DAO tokens by market capitalization that you must consider before taking your next step into the world of DAOs.
| Coin Name | Uniswap (UNI) | Aave (AAVE) | Maker (MKR) | Curve DAO Token (CRV) | Dash (DASH) | Compound (COMP) | Synthetix (SNX) | SushiSwap (SUSHI) | 0x (ZRX) | Nervos Network (CKB) |
| About | Uniswap is an example of automated market maker and is also a popular decentralized trading protocol.
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Aave is a very popular example of DeFi (Decentralized finance) protocol allowing people to borrow and lend crypto. | Maker(MKR) is the governance token for for the MakerDAO as well as the Maker protcol built on the Ethereum blockchain. This helps the users to manage as well as issue the stablecoin DAI. | Curve is a special decentralized exchange just for stabelcoins that also utilizes automated market maker for managing liquidity.
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Dash is an open-source blockchain focusing on cheap as well as fast global payments in a decetralized manner. | Compound is yet another DeFi lending protcol allowing users to receive interest on their cryptos via depositing them into one of the numerous pools available on the platform. | Synthetix (SNX), a DeFi lending protocol allows on-chain exposure to a wide variety of both crypto as well as non-crypto assets. | SushiSwap (SUSHI) is yet another automated market maker (AMM) that deploys smart contracts to make market for any given pair. | 0x is an infrastructure blockchain protcol letting users trade ERC20 tokens as well as otherr crypto assets on the Ethereum network without the intervention of centralized intermediaries present in centralized exchanges. | Nervos Network is an open-source public blockchain ecosystem. It describes itself as a collection of protocols. |
| All time high 2021 | $44.97 | $666.86 | $6,339.02 | $60.50 | $1,642.22 | $911.20 | $28.77
I |
$23.38 | $2.53 | $0.04412 |
| Consensus | Proof-of-work | Proof-of-stake | Proof-of-work | Proof-of-work | Proof-of-work with hash function named X11 | Proof-of-work | Proof-of-work | Proof-of-work | Proof-of-work | Proof-of-work |
| Token type | Native | Native | Governance | Native | Native | Native | Native | Native | Native | Native |
| Supply | 632,258,216.89 UNI | 13,514,625.86 AAVE | 977,631.04 MKR | 445,209,123.91 CRV | 10,581,109.44 DASH | 6,567,523.63 COMP | 114,841,533.01 SNX | 127,244,443.00 SUSHI | 847,496,054.80 ZRX | 29.79B CKB |
| Top use cases | The automated process of market making not just reduces the risk but also reduces the cost for all the parties | Aave lets users lend as well as borrow in 20 cryptos giving users a great amount of choice. Borrowers can also alternate between variable and fixed interest rates. | MKR allows holders to directly participate in the process of governing the stablecoin DAI. | It is an automated market maker for trading stablecoins. | Dash aims to become a user-friendly as well as scalable payment-focused crypto for the entire world. | Compound allows users to earn interest on their idle cryptos by simply depositing them in a completely trustless fashion. | t is a decentralized exchange (DEX) for synthetic assets. | It is used to create automated liquidity between any two crypto pairs. | 0x supports both fungible (ERC20) as well as non-fungible (ERC-723) tokens unlike other decentralizeed exchanges. | It enables the storage of any crypto asset with immutability, security and in a permissionless manner as well as enables smart contract along with Layer 2 scaling. |
| Market cap | $7,065,170,479 | $2,297,026,088 | $2,075,112,111 | $1,404,374,792 | $1,136,972,117 | $878,155,455 | $567,255,600 | $554,409,863 | $578,334,870 | $440,138,774 |
*All prices are latest by February 16, 2022. 5:40 PM IST.
Source: CoinMarketCap; CoinDCX
Additional Read: Best DAO Crypto Projects 2022
Summing it UP!
Just as NFT is the futuristic or digitized version of owning property rights, Metaverse is a digitized world similarly DAOs are the blockchain and digitized version of organizations. DAOs are member-owned organizations that do not have any centralized leadership. Currently, every day a new crypto asset pops up promising a new feature. However, while indulging in these native tokens of these internet-based organizations, it is important to understand the purpose, principle, and process of the DAO. We always recommend that crypto investors do their own research before investing in any crypto assets. However, one must consider these top 10 DAO tokens by market capitalization before putting their hard-earned money in some other DAO token.
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