Early cryptocurrency users profited from the spectacular ascent of confident cryptocurrency leaders, such as Bitcoin. With cryptocurrencies already in place, what could have prompted the invention of crypto tokens? You must first grasp the background of crypto tokens before answering the question, “what is a crypto token.” 

A blockchain protocol’s native currency, cryptocurrency, serves as a store of value and a medium of trade. The primary function of cryptocurrencies is to act as transaction fees. The decentralized nature of cryptocurrencies and the laws governing them are significant reasons for their rapid popularity. No one entity or individual controls cryptocurrencies or the rules that govern them.

Blockchain technology is used to distribute tokenized and decentralized money in cryptocurrency. Most crucially, cryptocurrencies take advantage of blockchain technology to cause global financial disruption. On the other hand, cryptocurrencies are limited to the blockchain system on which they are issued.

One of the most noticeable drawbacks of Bitcoin is the lack of programmability. As a result, cryptocurrencies must adhere to the limitations of digital money functionality. This is where you’ll find the building blocks for creating a cryptocurrency token that can be used for more than simply digital money.

Also, read – Crypto Gaming Tokens: A Complete Guide.

The groundwork for creating a crypto coin may be traced back to Ethereum’s beginnings. Since its inception in 2015, Ethereum has overgrown as a general-purpose development platform for building decentralized apps and crypto-assets. Developers have utilized Ethereum to create a wide range of digital tokens that may be used to connect with decentralized apps. Furthermore, Ethereum might be used to tokenize practically any unusual object that developers come upon. The tokenization of scarce assets has demonstrated that crypto tokens can disrupt many industries.

https://www.youtube.com/watch?v=2jCE6re5DVw&pp=ygUXYmVzdCBjcnlwdG8gdG9rZW5zIDIwMjM%3D

Top 3 Cryptocurrencies

The bitcoin market has not yet recovered completely. However, many tokens are generating impressive profits in such a short period of time. Surprisingly, the coins generated a lot of buzz in the crypto world. Those high-gain cryptos gained more than 20% in a single week, and they’re worth investigating. This post will discuss the top three cryptos of the week and give a quick overview of their projects.

#3 in the Top 3 Cryptocurrencies 

Kava (KAVA).

Kava is a decentralized lending platform that aims to break free from the constraints of traditional lending. They provide a variety of assets to trade as well as lending and borrowing services. The KAVA platform’s Blockchain is home to the KAVA coin. Within the ecosystem, it is employed as a governance token. Users can then use this token to vote on critical Bitc initiatives. Their voting power is determined by the number of KAVA tokens they own. KAVA coins also have three essential functions: security, staking assets, and resort lending.

another crazy coin… $KAVA I’ve been seeing her strong lately pic.twitter.com/o1jl7RVUPJ

— EliZ¥ (@eliz883) April 21, 2022

StepN (GMT)

STEPN is a Solana-based move-to-earn gaming platform that requires players to earn tokens by walking, jogging, or running. You must first purchase footwear that is appropriate for your favorite physical activity before you can begin earning tokens. This game is a web3 platform that aims to motivate people to adopt healthy lifestyle habits. It accomplishes this by rewarding people who exercise. STEPN blends Game-Fi and Social-Fi aspects, according to the official website. Because games combine gaming and banking, Game-Fi is a common aspect of blockchain gaming. This combo allows you to make money in the real world.

ApeCoin (APE) is the number one cryptocurrency with a 42 percent gain.

ApeCoin is the APE and BAYC ecosystem’s governance and native cryptocurrency. Its design allows it to serve as a decentralized protocol layer for community and ecosystem operations. It’s also an ERC-20 token that developers utilize to empower and incentivize web3’s decentralized community growth. Token holders manage themselves using the ApeCoin DAO’s decentralized governance system.

ApeCoin & The Death of Staking – https://t.co/9dvuWpMkE7 pic.twitter.com/CRcZNvWvKr

— Cobie (@cobie) April 21, 2022

The token holders can also vote on how the DAO’s ecosystem funds are used. ApeCoin is a member of the APE Foundation and Yuga Labs’ Bored Ape Yacht Club.