The token is technically simply another phrase for “cryptocurrency” or “crypto asset.” However, depending on the context, it has taken on a handful of more particular connotations. The first step is to define all cryptocurrencies other than Bitcoin and Ethereum (even though they are technically also tokens). The second is to characterize digital assets that operate on top of the blockchain of another cryptocurrency, as much decentralized finance (or DeFi) tokens do. Tokens may serve a wide variety of purposes, from facilitating decentralized exchanges to selling rare things in video games. However, they may all be exchanged or owned in the same way as any other cryptocurrency.