This report examines the top tokens in the respective categories by TVL. It looks at their YTD performance in 2023 and the impact, if any, of tokenomics on a project. DeFi tokens have often been criticized as ‘valueless governance tokens’ for their lack of fundamental value or utility. The expectation of future use cases such as a fee switch (i.e. Uniswap) help major governance tokens sustain large valuations. Some tokens have incorporated various value capture mechanisms whose efficacy is controversial. This report looks at governance, ve, and buyback models.
The coins covered are Ethereum-based and selected based on high TVL. The dashboard looks at the YTD performance of the coins. This period was...