These DAO-Governed Cryptos Show Potential: FIREPIN Token (FRPN), UniSwap (UNI), and Aave (AAVE)

Cryptocurrency is, at its heart, a community-driven technology and decentralized autonomous organizations (DAOs) are a way of giving the community the power to influence the decisions that govern a protocol.

Not all cryptocurrencies are governed by DAOs, but the likes of FIREPIN Token (FRPN) have strong fundamentals and they are putting the community front and centre in their projects.

FIREPIN Token (FRPN) Is A Community-Driven Metaverse Protocol

FIREPIN Token (FRPN) is the utility token of the FIREPIN ecosystem and is also used for network governance. FIREPIN Token (FRPN) is a community-driven token and protocol governed by a DAO that token holders can join to submit and vote on network proposals. Holders of FIREPIN Token (FRPN) earn a passive income through staking rewards and get the opportunity to earn more by locking funds in liquidity pools.

One of the defining features of FIREPIN Token (FRPN) is the NFT Marketplace. The NFT marketplace allows users to list tokens created on different blockchains for sale together in one place. This marketplace also has a unique feature that lets users subdivide NFTs that they own into multiple “child NFTs”, an innovation that was pioneered by the FIREPIN team.

Another core component of the FIREPIN ecosystem is the FIREPIN Swap protocol, for instant and low-cost swaps between FIREPIN Token (FRPN) and other cryptocurrencies. All transaction fees paid by users of the FIREPIN ecosystem will go to the FIREPIN Treasury and will be used to pay staking fees to holders, as well as reinvested into the development of original 3D metaverse games.

UniSwap (UNI) May Be The World’s Most Popular DEX

UniSwap is one of the most popular decentralized cryptocurrency exchanges (DEX) and many have traced much of the success of decentralized finance (DeFi) to its popularity. The exchange launched in November 2018 and the team launched the UniSwap (UNI) governance token in September 2020.

The UniSwap (UNI) token launch was a huge success in part due to a massive promotional event. This boosted the number of token holders and activity as everybody who traded on the UniSwap exchange before a certain date was distributed 400 Uniswap (UNI).

In May 2022, the UniSwap (UNI) community voted in favour of passing a governance proposal concerning the deployment of UniSwap V3 (the latest version of the protocol) on two new blockchains, Moonbeam and Gnosis. Moonbeam is a smart contract platform for Polkadot and Gnosis is an Ethereum-based crypto that powers a decentralized prediction market.

Community-governed Liquidity Protocol Aave (AAVE) Is Built on Ethereum

Founded in 2017, Aave is an Ethereum-based open-source liquidity protocol and Aave (AAVE) is the name of its native utility and governance token. Aave (AAVE) launched in January 2020 and is an ERC20 token used for accessing liquidity pools for lending and borrowing. Lenders can earn an income from staking their tokens into liquidity pools to receive a portion of the interest paid by borrowers.

Aave is governed by the community, and holders of Aave (AAVE) can discuss, vote on, and propose protocol upgrades by connecting their wallets to the governance page on the official Aave website. 

More Cryptocurrencies Should Be Community-Driven

Some of the most dynamic projects right now are those that have prioritized communities, in particular those governed by decentralized autonomous organizations (DAOs) like FIREPIN Token (FRPN) and Aave (AAVE).