# LACE Token Functionality

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$LACE Token is the primary form of value transfer and spend on the Lovelace platform.  It is also used as a governance token to enable token holders and the broader Lovelace community as a whole to participate in specific decision making within the protocol and platform.

![](https://2104300152-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-Mgg0g1iY5L9eov3K1ik%2F-Mjg4WfqRoUC1nxfYYkm%2F-MjgBVVZvc0MsDot7F-O%2Fimage.png?alt=media\&token=79a44837-c1fd-4d0b-9aaa-3ac8f501bcc4)