ERC-20

ERC 20 is the general token standard on the Ethereum blockchain using which crypto projects can create their own tokens on the Ethereum.

ERC stands for Ethereum Resource for Comments, a naming standard for proposals that have passed voting in the Ethereum community.

This token standard not only maintains a high level of consistency among Ethereum-based cryptocurrencies but also offers developers many benefits in developing the cryptocurrency.

10 Popular ERC-20 Tokens

1. Tether (USDT): Tether is the largest stablecoin. It was initially launched on the Bitcoin blockchain, but soon, it found a new home in ETH.
2. USDC: Circle’s stablecoin USDC also exists primarily as an ERC-20 token.
3. Wrapped Bitcoin (WBTC): Wrapped Bitcoin is the ERC-20 version of Bitcoin created by the joint collaboration between BitGo, Khyber Network, and REN.
4. Shiba Inu (SHIB): Shiba Inu is the second largest memecoin and has the largest ecosystem among its peers. It has its own blockchain, Shibarium which is also based on Ethereum.
5. Polygon (POL): Polygon was among the first layer-2 solutions on Ethereum and its token POL (formerly MATIC) also exists on the Ethereum blockchain as an ERC-20 token.
6. Pepe (PEPE): Pepe is one of the fastest growing memecoin based on the popular frog-themed meme Pepe.
7. Chainlink (LINK): Chainlink is the largest blockchain oracle, a project that supplies reliable off-chain data to Ethereum smart contracts and many others. Its token LINK also exists on the Ethereum blockchain as an ERC-20 token.
8. Uniswap (UNI): Uniswap is the largest DeFi protocol that offers crypto-based services like lending, borrowing, stake, and swapping.

5 Well Known ERC-20 Wallets

ERC-20 wallets are those crypto wallets that support all ERC-20 tokens. Below is a list of top such wallets that have gone through rigorous testing and provides the best user experience.

1. MetaMask: MetaMask is the most widely used ERC-20 wallet. It is predominantly used by crypto experts and users with moderate knowledge.
2. Trust Wallet: The Trust wallet is one of the most convenient custodial wallets and has a readymade list of cryptocurrencies that you can turn on and start to use right away, unlike MetaMask, where you have to manually add cryptocurrency data before you can deposit them.
3. Coinbase Wallet: Although it is an exchange wallet, the Coinbase wallet gives full custody of crypto to its users. The wallet was among the earliest wallets that provided seed phrase backup, otherwise users had to note them physically on a paper.
4. 1inch Wallet: The 1inch wallet is a defi-enabled software wallet. It offers almost all the services that you get in the 1inch DEX aggregator platform.
5. Ledger Wallet: This is a hardware wallet by Ledger and is suitable for long-term investment. The wallet comes in various forms and one can easily choose between them based on the features they want.

Other Token Standards

BRC-20

• Description: BRC-20 is a token standard on the Bitcoin blockchain, inspired by ERC-20 tokens on Ethereum. Introduced in 2023, BRC-20 tokens enable fungible assets on Bitcoin using the Ordinals protocol.
• Primary Use: Like ERC-20, BRC-20 enables the issuance and transfer of fungible tokens (tokens with identical values and attributes).
• Limitations: BRC-20 tokens don’t have native smart contracts like Ethereum; they use JSON inscriptions for tracking and transactions. This makes them less flexible but suitable for fungible asset issuance.

ERC-721

• Description: ERC-721 is a widely adopted Ethereum standard specifically designed for creating unique, non-fungible tokens (NFTs).
• Primary Use: Used in gaming, collectibles, and digital art, ERC-721 tokens are one-of-a-kind, each with a distinct value.
• Key Feature: Each ERC-721 token has unique metadata and cannot be duplicated, making it ideal for applications that require uniqueness and provenance.

ERC-1155

• Description: ERC-1155 is a more advanced Ethereum token standard that allows for both fungible and non-fungible tokens within a single smart contract.
• Primary Use: It’s commonly used in blockchain-based games and digital art, where items might be unique (like special artifacts) or semi-fungible (like currency or multiple copies of a digital item).
• Key Feature: Enables batch transfers and supports both fungible (identical) and non-fungible (unique) tokens in the same contract, providing greater flexibility.

BEP-20

• Description: BEP-20 is a token standard on the BNB Smart Chain (formerly Binance Smart Chain), similar to Ethereum’s ERC-20 standard.
• Primary Use: Primarily used for fungible tokens on BNB Smart Chain, enabling a wide range of DeFi applications.
• Interoperability: BEP-20 tokens can be easily swapped or bridged with other chains, making them widely compatible within the Binance ecosystem and beyond.