A quick (animated) overview of Ethereum Improvement Proposal (EIP) process. The EIP process plays a vital role as it enables the Ethereum community to propose and engage in discussions about changes or enhancements to the network in an organized way, leading to impactful

We genetically modified this in our design lab to make everyone on crypto twitter violently ill. You're welcome 💜

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A few 'Powered by Ethereum ⚡' badge ideas @sassal0x .(by @sleety_eth). 1/3

RT @RP_Intern: The GMC funded a collab with @tokenmotion_io to produce high-quality design elements for the protocol, supporting Rocket Poo….

To read the actual EIP for implementing the ERC-20 standard: 📄. OpenZeppelin docs on tokens: Thanks for reading! Subscribe for more animated tweet threads and retweet to help spread education about Ethereum! 🚀. 18/18

NFTs. Most NFTs are based on the ERC721 or ERC1155 standards, not ERC20. Each NFT has unique characteristics, making them non-fungible and not interchangeable. This uniqueness allows for varying valuations, unlike the interchangeable nature of stablecoins, which maintain

WRAPPED TOKENS. ERC20 wrapped tokens (e.g. WBTC, WETH, renBTC) are important digital assets that represent cryptocurrencies from other blockchains on the Ethereum network. By enabling interoperability, they allow users to leverage these assets in decentralized applications,

GOVERNANCE TOKENS. ERC20 governance tokens (e.g. UNI, COMP, AAVE) are vital digital assets that empower holders to participate in the decision-making processes of decentralized protocols. By enabling voting on proposals and changes, they foster community engagement and drive

UTILITY TOKENS. ERC20 utility tokens (e.g. LINK, BAT, UNI, RPL) are crucial digital assets designed to provide users with access to specific features and services within decentralized applications (dApps). Their functionality enhances user engagement and incentivizes

STABLECOINS. Stablecoins are essential ERC20 tokens (e.g. USDT, DAI, USDC) - designed to maintain a stable value by pegging to fiat currencies like the US dollar. This stability makes them a reliable medium of exchange in the volatile crypto market. 13/18

OK, that’s what they are and how they’re made - what are some things they do? . Let's look at 4 common types of ERC-20 tokens. 12/18

When ERC-20 tokens are sent to a smart contract that can't handle them, those tokens can be permanently lost! . This occurs because the receiving contract lacks the functionality to recognize incoming tokens and there’s no notification mechanism in the ERC-20 standard. As a

While the above six functions are mandatory, developers can also implement additional optional functions to enhance the token's capabilities, such as:. - mint(address account, amount): Creates new tokens and assigns them to a specified address. - burn(amount): Destroys a

(4/6) approve(address sender, address recipient, amount): Allows a third party to spend a set amount of tokens on the holder's behalf. (5/6) transferFrom(address sender, address recipient, amount): Moves tokens from one address to another, based on prior approval. (6/6)

- (1/6) totalSupply(): the maximum number of tokens that will ever exist. - (2/6) balanceOf(address account): Returns the number of tokens held by a specific address. - (3/6) transfer(address recipient, amount): Transfers a specified amount of tokens from the sender's account to

To create an ERC-20 token, developers write a smart contract on the Ethereum blockchain that adheres to the ERC-20 standard. This involves implementing key functions that govern the token's behavior and interactions. Let’s take a look those 6 mandatory functions:. 7/18

ERC20’s are fungible. That means each token is interchangeable with other tokens of the same type. This characteristic is crucial for creating digital currencies or assets as it allows for equal value among tokens - similar to how traditional currencies operate e.g., one

If all tokens issued use this ERC20 standard, they can work seamlessly with each other. It makes it easier for developers to create and integrate new tokens, knowing that every other token has the same core functions. Imagine the chaos that would ensue if wallet providers like

ERC-20 tokens utilize these smart contracts. They are ‘smart’ because they are self-executing contracts with agreement terms written into code. This ensures functions like token transfers and balances are automated, and clever geeky things can actually work as they should. 4/18