What exactly is the purpose of tokens? Since the inception of DeFi, this has remained one of its most fundamental unsolved mysteries. Does a token grant governance rights? Does it have any claims to the treasury? Does it generate protocol rewards through buybacks or dividends? Today, we're launching Token Rights on DefiLlama. Token Rights provide a clear and standardized understanding of the rights token holders enjoy: rewards, treasury rights, governance rights, or none of the above. We've rolled out this feature across more than twenty protocols and provide further context, such as historical governance discussions surrounding Token Rights and whether the team has raised equity through other means.