Each factor was weighted equally at 20%, ensuring a fair assessment across various types of tokens. This ERC-20 token can be used like Ethereum—it can be bought, sold, and used in various DeFi platforms. However, Lido Staked Ether’s main benefit is allowing users to participate in Ethereum staking without locking up their crypto holdings. USDC Coin (USDC) is another ERC-20 token pegged to the US dollar and the second-largest stablecoin by market capitalization. It was launched in 2018 in collaboration with the international fintech company Circle and the leading crypto exchange Coinbase. Based on its latest roadmap, BNB aims to reduce transaction latency across the blockchain while maintaining high throughput.
Treasure Mainnet
Many other tokens, blockchains, and ecosystems have derived from Ethereum. One such ecosystem and blockchain belongs to Binance, the cryptocurrency exchange. The team behind Binance created its own blockchain, the Binance Chain, from an Ethereum fork. ERC-20 is the technical standard for fungible tokens created using the Ethereum blockchain. A fungible token is one that is exchangeable with another token, whereas the well-known ERC-721 non-fungible tokens (NFTs) are not. Launched in 2015 as a decentralized, blockchain-based global supercomputer that could serve as the foundation for an ecosystem of interoperable, (dApps) powered by token economies.
Lisk Mainnet
And in order to calculate how much ETH is needed to make a transaction work, the developers behind Ethereum created https://ai-robert.com/ethereum-surges-40-weekly-crypto-market-recap/ gas. Collectively they help power the network, incentivize miners, and allow others to build their own tokens on top of Ethereum’s blockchain. This compliance is also necessary for Ethereum to keep the promise of scalability; it ensures compatibility between the many different tokens created using the Ethereum ecosystem.
Astar Mainnet
Storing and sending ERC20 tokens can be done through Ethereum wallets like MetaMask and Ledger. These cryptocurrency wallets allow users to add ERC20 tokens from any other Ethereum wallet by transferring tokens to the corresponding wallet address. ETH is the native cryptocurrency of the Ethereum blockchain, serving network operations and used to pay for transaction fees.
- By following these guidelines, developers can create tokens that seamlessly interact with other Ethereum-based applications, fostering a vibrant ecosystem of decentralized finance (DeFi).
- Used across 17 blockchain networks, Tether remains a crucial stablecoin that bridges the gap between fiat and crypto ecosystems.
- These tokens are a representation of an asset, right, ownership, access, cryptocurrency, or anything else that is not unique in and of itself but can be transferred.
- This will ensure that no account receiving the token has less than the necessary Ether to pay the fees.
- The ability to quickly convert a digital currency or token into another asset or cash without affecting its price.
The term ‘fungible’ simply means that you can interchange one unit of a token with any other unit of that token because they represent the same value. On that note, take the example of crypto assets like UNI or LINK — the ERC20 tokens of Ethereum-based protocols Uniswap or Chainlink. Each of these tokens are fungible because one UNI or LINK token will always be equal to any other UNI or LINK token. Then came Ethereum which introduced the concept of blockchain-based decentralized applications and protocols you can interact with an Ethereum (ETH) wallet.
