What is ERC20 Token?
ERC20 token is an open-source token that runs on the Ethereum blockchain and provides smart contract capabilities. The ERC20 coin employs P2P technology to function without any central authorities. ERC20's numerous unique characteristics allow users to enjoy exciting applications. Given the ERC20 price, such applications could be quite rewarding for token holders.
The name of the project might get a bit confusing knowing about the existence of the ERC-20 token standard. However, to make things clear, the ERC-20 standard is Ethereum's token standard, which many tokens use. ERC20 token, on the other hand, is an open-source cryptocurrency that has smart contract functionality. It is also based on the ERC-20 token standard. Besides, the name of the ERC20 token has been validated and it is recorded in the Ethereum contract's ABI language and contract source code.
Besides, the project has released its own collection of 100 ERC20 MEME NFTs. The arts in the collection were produced in 2017 by the ERC20 Token community.
You can view the latest ERC20 price changes on the charts above.
Use Cases of ERC20 Tokens
ERC20 tokens with built-in smart contracts permit safe and secret transactions to be carried out without the involvement of external middlemen. Lowering transfer fees, access to international remittance, trustless governance and ownership, and real-time transparency are among the most prominent benefits of the ERC20 token.
However, the main use case of ERC20 tokens is farming. As of writing, there are three farming options:
- Farming on BSC-based BNB pools. To farm ERC20 tokens users need to stake their LP tokens in the pools.
- Farming ERC20 NFTs. To farm ERC20 tokens users need to stake their ERC20 NFTs.
- Farming on Ethereum-based ETH pools. To farm ERC20 tokens users need to stake their LP tokens in the pools.
Who Founded ERC20?
As the ERC20 crypto is a decentralized project, there’s no individual founder.
Tokenomics of ERC20
There is no max supply set for ERC20 tokens. However, to maintain the stability of the ERC20 price, the project employs token burns. As of February 2023, there have already been five ERC20 token burns.
In terms of allocation, 14% of ERC20 token supply is held by the CEO of Binance, CZ, 13% is held by Vitalik Buterin, the founder of Ethereum, 2% of ERC20 tokens are donated to India Covid Crypto Fund, and 2 million ERC20 tokens are held by GraysCale Invest. There is no other information about further token allocation.
The charts above show the latest ERC20 price, market cap, trade volume, and other details that can help you make an informed decision when buying the token.
