Native Tokens
What are Native Tokens in Colony, and how do they work?
Every colony has its own native token that complements its reputation. Payment in a colony’s native token confers reputation in the team from which it was received, as well as all parent Teams, including Root.
They do not earn any reputation in child Teams, as well as siblings Teams.
Both internal tokens and reputation are required to create motions, raise disputes, and vote.
Users can decide to adopt an existing ERC20 token as their native token (i.e. DAI or USDC), or to create a new one. Native Tokens are a key aspect when creating a new colony. To know more, please read Selecting Colony Native Token.
You can also check the Native Token contract address and add it to your Metamask.
A colony native tokens are locked and non-transferrable by default. They can be unlocked anytime, so that they may be freely transferred between accounts. This action is irreversible and only applies to new tokens created with Colony.
Last modified 1yr ago