The ERC20 standard is a technical specification on the Ethereum blockchain that defines a common set of rules for fungible tokens. This standard ensures interoperability among different tokens and applications. It specifies functions like transferring tokens, checking balances, and approving expenditures, enabling consistent behavior.
Context
The ERC20 standard has been pivotal in the development of the decentralized finance (DeFi) ecosystem and the broader digital asset market. Most tokens issued on Ethereum adhere to this standard, allowing them to be easily traded on exchanges and utilized within various decentralized applications. Its continued prominence affects how new tokens are developed and integrated into the existing crypto infrastructure.
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