19 May 2022 · 3 min read

Top Utility Tokens to Look at in Q2 2022

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

The crypto market has evolved at an unfathomable rate over the last couple of years. This is made evident by the fact that an increasing number of new offerings — ranging from stablecoins, utility tokens, NFTs, amongst many others — have recently caught the attention of crypto enthusiasts globally. Utility tokens, in particular, are an interesting addition to the digital asset spectrum because as the name suggests, they provide their owners with real world utility as opposed to just speculative gains. 

To elaborate, utility tokens are meant to serve a particular purpose, i.e. they are designed to help their owners gain access to a select range of products, services, and benefits, all while fulfilling the role of a standard cryptocurrency. Technically speaking, utility coins are unique to the platforms they are affiliated with and can therefore not be mined. In that sense, they are pre generated using a smart contract and distributed by the platform’s devs as they see fit, primarily via avenues such as airdrops, rewards, claims, etc.

Our Picks

There are a whole host of utility tokens that have continued to add broader utility to their underlying ecosystem over the last couple of years. In this section we will seek to list out some of these assets. So, without any further ado, let’s just jump straight into the heart of the matter.

VERSE

Verse is the native token of the burgeoning Bitcoin.com ecosystem. It allows users to participate in a wide array of activities ranging from decentralized finance, trading, yield farming, staking, payments, etc. Since the Verse project is highly incentive driven, users who utilize the Bitcoin.com network for fulfilling their buying/selling/spending/swapping needs can accrue Verse-centric rewards seamlessly. For example, Verse tokens can be acquired by supplying liquidity to the Verse DEX. Users also have the option of staking their holdings in order to earn rewards or use Verse as collateral in lending pools. 

Furthermore, each payment made using the Bitcoin.com ecosystem is eligible to earn a cashback reward in VERSE, which can later be traded in for the cryptocurrency of one’s choice. Lastly, to further maximize the utilitarian aspect of Verse, Bitcoin.com will soon be introducing an associated payment card by the end of 2022. The offering will reportedly function like any other credit card in the market, allowing users to spend their crypto seamlessly all while allowing them to collect incentives along the way.

BNB

BNB is a utility token powering the BNB Chain ecosystem allowing for the facilitation of a wide range of transactions taking place within BNB Beacon Chain and BNB Smart Chain. Furthermore, BNB can be used for a host of use cases such as lowering trading fees on Binance exchange, payment of transaction fees on Binance DEX/BNB Beacon Chain/BSC, payment of goods and services made via Binance Card or Binance Pay, amongst other things.

Additionally, BNB can also be deployed for the payment of one’s travel expenses, gift purchases, creation of smart contracts, making it ideal for users who tend to make use of the Binance network on a regular basis.

Axie Infinity (AXS)

AXS is an ERC-20 based token that helps drive the Axie Infinity universe. In its most basic sense, Axie Infinity is a blockchain gaming title where players can battle, collect, and build a digital kingdom for their pets (referred to as Axies). 

Owners of Axie Infinity Shards (AXS) can claim rewards in lieu of their token staking activities, participating in various in-game adventures as well as engaging in key governance votes (allowing users to have a say in the game’s future). The tokens can be freely bought/sold across a number of popular exchanges and are required to participate in the Axie Infinity universe. Lastly, AXS can be traded for a number of popular cryptos like Bitcoin, Ethereum, Dogecoin, etc.

Curve (CRV)

Curve DAO Token (CRV) is an Ethereum-based token that is designed to fuel a DeFi/AMM protocol called Curve.fi. The platform is designed to streamline swaps taking place between various ERC-20 tokens, primarily stablecoins (like USDC and DAI) as well as other unique offerings such as WBTC and renBTC. Owners of CRV tokens are afforded the ability to vote on proposals associated with the Curve ecosystem, with loyal holders getting more say in the platform’s future development.