Governance Token
Token yang grant holder voting right di protocol governance decisions.
Penjelasan
Sobat Kripto, governance token adalah category major crypto token. Hold token = vote di protocol decision. Examples: UNI (Uniswap), AAVE, MKR (MakerDAO), CRV (Curve), banyak DAO governance token. Beyond vote: sometimes value capture (fee distribution), staking reward, utility access. Significant category di crypto ecosystem.
Voting Power
Linear voting: 1 token = 1 vote. Common but plutocratic (whale dominate). Vote-escrowed (veToken model): lock token untuk multiply voting power (incentivize long-term holder). Quadratic voting: vote weighted by square root of token (reduce whale dominance). Each model trade-off democracy vs sybil resistance.
Value Capture
Some governance token tidak ada direct value capture (UNI saat ini, tidak distribute fee). Some distribute fee revenue (CRV via veCRV, MKR via fee). 'Fee switch' debate: kapan governance token start capture revenue. Significant impact pada token value: token tanpa value capture lebih spekulatif.
Untuk Sobat Kripto
Governance token hold = participate di protocol governance. Mostly small holder tidak influential (votes consolidate di whale, delegated). Hold for: speculation pada protocol success, future value capture, governance influence (untuk advocate). Risk: many governance token underperform karena lack of value capture mechanism. Evaluate tokenomics carefully sebelum invest.