A token is a type of digital asset that represents a particular value or utility. Tokens are defined by smart contracts which follow a token standard such as the ERC-20, ERC-1155 or ERC-721 standards.

Tokens are a critical component of decentralized applications (dApps) built on top of blockchain platforms. They can incentivize certain behaviors, represent ownership of digital or physical assets, or facilitate transactions within the dApp's ecosystem.