What is an ERC-20 Token? (ERC20 Tokens can be converted into ETH)
What is an ERC-20 token? ERC20 tokens are tokens based on the ERC-20 protocol. A
What is an ERC-20 token? ERC20 tokens are tokens based on the ERC-20 protocol. According to official sources, ERC20 tokens are decentralized tokens issued on the Ethereum network. The goal is to design a universal currency that will bring new functionality and applications to the blockchain ecosystem in the future. It uses ERC-20 technology to facilitate digital asset transactions and allows people to conveniently exchange their cryptocurrencies, eliminating the time cost and complexity required by traditional financial institutions. According to their official website, there are currently tens of thousands of addresses holding assets such as erc20-sdk, 1 million erc20-USDC tokens, and erc20-usDai assets worth over 10 million US dollars.
ERC20 Tokens can be converted into ETH
According to official sources, the Ethereum 2.0 beacon chain testnet eth2 was officially launched at 15:00 Beijing time on May 10. It is reported that erc20 tokens can operate on the mainnet but cannot be transferred to exchanges for trading.
According to data from ETHGasStation, Ethereum has consumed a total of 436,000 transactions so far, of which approximately 745,000 are contracts using the ERC-20 version, while there are only about 140,000 contracts based on the ERC-721 standard. These smart contracts can still be used on the Ethereum network.
In addition, from now on, erc20 tokens can also become the main supporters of ETH and ERC20-USDC, namely the Ethereum Foundation.
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