A token is an asset or a unit of value which exists on a blockchain. It represents a particular asset or utility and can be used for various purposes. For example, tokens can be used as a currency for services in a specific project.
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Within a Decentralized Autonomous Organization (DAO), tokens can be used to grant holders voting rights on decisions that affect the organization or a blockchain project. This makes token holders an integral part of the decision-making process, essentially giving them a say in the governance of the DAO.

So, a token is like a digital tool that can be used in many ways, including representing value (which can be converted to real fiat money), granting access, and enabling participation in decision-making processes related to protocols (DeFi systems) or chains' governance or development.