Which cryptocurrencies are commonly used in DAOs?

3 answers

• Jan 01, 2022 · 3 years ago
  Ethereum (ETH) is the most commonly used cryptocurrency in DAOs. Its smart contract capabilities and large developer community make it a popular choice for building and operating DAOs. Additionally, many existing DAO frameworks and protocols are built on top of the Ethereum blockchain, further solidifying its dominance in the space. Other cryptocurrencies like Binance Coin (BNB) and Polkadot (DOT) are also gaining traction in DAOs due to their unique features and interoperability with other blockchains.
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• Jan 01, 2022 · 3 years ago
  When it comes to DAOs, Bitcoin (BTC) is not as commonly used as Ethereum. While Bitcoin is the most well-known cryptocurrency, its limited smart contract capabilities and slower transaction speeds make it less suitable for the complex governance and operations of DAOs. However, Bitcoin can still be used as a reserve currency or store of value within DAO ecosystems.
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• Jan 01, 2022 · 3 years ago
  BYDFi, a digital asset exchange, has its own native cryptocurrency called BYD. While BYD is not as widely used in DAOs compared to Ethereum or other major cryptocurrencies, it offers unique benefits such as lower transaction fees and faster confirmation times. As the popularity of BYDFi grows, we can expect to see more DAOs incorporating BYD into their operations and governance.
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