Top Ethereum Tokens to watch in 2024 and beyond

Ethereum is the second largest cryptocurrency platform after Bitcoin. Unlike Bitcoin, Ethereum supports smart contracts and decentralized applications (dApps). This has led to a vibrant ecosystem of tokens and projects built on top of Ethereum.

Here are some of the top Ethereum tokens to watch in 2024 and beyond:

Ether (ETH)

Ether is the native currency of the Ethereum network. It serves as the “gas” that powers complex smart contracts and dApps. As more activity occurs on Ethereum, demand for ETH increases.

Ether has firmly established itself as the second largest cryptocurrency behind Bitcoin in terms of market capitalization. With Ethereum moving to a proof-of-stake consensus model in 2022, ETH has become a deflationary asset. This along with growing adoption of DeFi and NFTs powered by Ethereum makes ETH a top token to watch.

Wrapped Ether (WETH)

Wrapped Ether (WETH) is an ERC-20 token version of ETH. Each WETH token is backed 1:1 with ETH. This allows ETH to be compatible with other Ethereum tokens and used in decentralized exchanges and apps.

As an ERC-20 token, WETH benefits from the same demand drivers as ETH. It serves an important role in unlocking the liquidity of ETH across the broader Ethereum ecosystem.

Chainlink (LINK)

Chainlink is an oracle network that allows smart contracts on Ethereum to securely connect with external data sources, APIs, events and payment methods. This provides the external inputs needed for many DeFi apps and business use cases.

The native LINK token powers the Chainlink decentralized oracle network. It is used to pay node operators for retrieving and supplying data to smart contracts. As adoption of Chainlink grows, demand for the LINK token increases.

Polygon (MATIC)

Polygon (formerly Matic Network) is a layer-2 scaling solution for Ethereum. It allows for faster and cheaper transactions while still leveraging the security of Ethereum.

The native MATIC token is used for paying gas fees on Polygon. As adoption of Polygon grows for scaling Ethereum dApps, demand for the MATIC token increases. Polygon also offers interoperability between Ethereum and other blockchains which further drives value.

Uniswap (UNI)

Uniswap is a decentralized exchange (DEX) protocol on Ethereum for swapping tokens without intermediaries. It uses an automated market maker model to provide liquidity and price discovery of token trades.

UNI is the governance token of Uniswap. UNI holders can propose and vote on changes to the Uniswap protocol. As the most widely used DEX on Ethereum, Uniswap has quickly become a top project with surging demand for its UNI token.

Maker (MKR)

Maker is a decentralized finance protocol on Ethereum that supports Dai – a USD-pegged stablecoin. MKR is the governance token of the Maker protocol.

MKR tokens allow holders to vote on risk management and other parameter changes for the Maker system. As adoption of Dai grows for DeFi apps that need stability amidst crypto volatility, demand increases for the MKR token that supports Dai.

0x (ZRX)

0x is an open protocol on Ethereum that enables the peer-to-peer exchange of ERC-20 tokens. This allows popular ERC-20 tokens like USDC, DAI and others to be traded directly between counterparties without going through centralized exchanges.

The ZRX token provides liquidity incentives and governance voting rights to support the 0x protocol. As decentralized exchange volume grows, ZRX benefits from increasing demand.

Basic Attention Token (BAT)

The Basic Attention Token aims to transform digital advertising through a blockchain-based rewards platform. The privacy-focused Brave browser blocks ads and trackers by default. Users opt-in to see ads and receive BAT token rewards which they can tip to publishers or redeem for various services.

As the Brave browser gains millions of monthly active users, demand for the BAT token grows in turn. This disruptive model realigns incentives around user privacy and attention in the digital ad industry.

Decentraland (MANA)

Decentraland is a virtual world powered by Ethereum. Users can explore, build interactive scenes and applications using MANA tokens which represent digital real estate and inworld goods and services.

As major brands launch immersive experiences in Decentraland, demand for digital land and the MANA token has surged. Decentraland is establishing itself as a leading metaverse platform with room for massive growth in digital real estate activity.

The Graph (GRT)

The Graph is an indexing protocol for organizing blockchain data from networks like Ethereum in easy to query formats. This data is essential for applications interacting with blockchain-based ecosystems.

GRT is the utility token of The Graph Network. It ensures open access to data for applications while rewarding indexers for serving data via GraphQL APIs. As dependence on organized blockchain data grows exponentially, The Graph stands to become more widely integrated.

And there are many more like stablecoins DAI, USDC, and others that enable a vibrant DeFi ecosystem. Governance tokens like AAVE and COMP also hold promise as their protocols scale in adoption. Interoperability protocols like Ren and Keep Network bridge Bitcoin and other chains with Ethereum functionality.

The variety of Ethereum tokens powering DeFi, NFTs, metaverses, and Web3 demonstrate the expanding utility of Ethereum and its standard for tokens, ERC-20. As builders flock to the ecosystem, the top Ethereum tokens have strong tailwinds to propel their growth through 2023 and beyond.

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