ERC-20 Meaning and Definition | Define What is ERC-20

ERC-20

ERC-20 is a widely used technical standard for creating tokens on the Ethereum blockchain. It establishes a set of rules and functions that every Ethereum-based token must follow, ensuring interoperability with other smart contracts, decentralized applications (Dapps), and wallets on the Ethereum network. ERC-20 tokens can be used for various purposes, such as governance, utility, or as a representation of assets.

This standard allows for the seamless integration of different tokens within the Ethereum ecosystem, making it easy for developers to create and launch their own tokens. Popular tokens like USDT, Chainlink, and Uniswap's UNI token all adhere to the ERC-20 standard. The ease of use and compatibility of ERC-20 has made it a foundational building block for decentralized finance (DeFi) and tokenized projects.

More Terms:

Affiliate Program

Crypto affiliate programs offer individuals the opportunity to earn commissions by promoting cryptocurrency products and services through referral links. These programs, such as those offered by Uphold, Binance, Eightcap, and SwissBorg, provide affiliates with commissions for referring customers to cryptocurrency platforms.

Airdrop

A crypto airdrop is a promotional strategy used by blockchain startups to distribute tokens or coins to specific wallet addresses, aiming to raise awareness and increase ownership of a new cryptocurrency.

Algorithmic Peg

Algorithmic peg in the realm of cryptocurrencies refers to the mechanism used by algorithmic stablecoins to maintain a stable value, typically pegged to a fiat currency like the US dollar.

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Plena Finance supports ERC-20 tokens, allowing users to store, manage, and trade a wide range of Ethereum-based tokens directly from their decentralized wallet. With Plena, users can interact with the vast ERC-20 token ecosystem seamlessly, including accessing DeFi services like staking, liquidity mining, and yield farming, all within a secure and user-friendly platform.