coreDAO wallet

What is coreDAO (COREDAO)?

Start with the name, because it is the trap. coreDAO here is an Ethereum ERC-20 governance token for a DAO that builds and runs its own DeFi products, among them cLEND, a lending market where loans are taken against a range of deposited tokens. It has nothing to do with the Core blockchain, whose native coin is CORE and which lives on an entirely separate network. Two similar names, two unrelated assets, and wallets and trackers list both.

What the token does is control. Holders vote on-chain on the parameters of the DAO's products: which tokens are accepted as collateral, what fees apply, which contract updates go live. Voting power is the balance itself, so the token functions as a governance key rather than as a claim on anything.

For a holder, that means the asset is almost always idle and occasionally used for a signature, and the practical risks are the boring ones: sending it to the wrong place, or picking the wrong token out of a list where a similarly named asset sits one line away. Always verify the contract behind the entry you are about to send, not the ticker.

Supported networks in Tangem (1): Ethereum.

In the Tangem app the asset is tracked under its own network with its own balance, and the network a transaction goes out on is shown to you before the card signs it, so the confirmation is a thing you read rather than assume. Being able to see exactly which asset on which network is leaving is worth having when the name you hold is shared with something else entirely.