ERC20 is a token standard used by Ethereum (ETH). The Ethereum network is the top blockchain network widely used for building any sort of token-based project.

ERC20 amounts to a fully functioning smart contract that dispenses a token, controls its supply and monitors its movement at all times.

Think of ERC20 tokens like arcade tokens with the function to give you access to some sort of digital experience.

ERC20 Tokens:

  • The tokens are on the Ethereum platform

  • They run on the Ethereum blockchain

  • They store transactions and smart contracts

Fees to swap/send out ERC20 tokens:

To swap or send out ERC20 tokens for other cryptocurrencies users must have $3 - $10 worth of ETH (Ethereum) in their wallet to cover networking fees.

Please note that the fees are for network miners to process the payments on blockchain not for

How to locate ERC20 tokens:

Complete list of ERC20 tokens can be found under "My ETH wallet" "RECEIVE" tab

List of some ERC20 tokens:

  • Compound - COMP

  • Decentralized autonomous organization - DAO

  • Sushi - SUSHI

  • Tether - USDT

  • USD Coin - USDC

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