The equivalence between the two standard means ERC-20 tokens on Ethereum and BEP-20 tokens on BNB Chain are interchangeable. BNB Chain/BSC and its BEP-20 standard is the most prominent example. Some networks have their own, parallel token standards which essentially equate to ERC-20. Outside of Ethereum mainnet, ERC-20 tokens are handled differently depending on the network you're using, and it can quickly get confusing. Similarly, if you want to send or receive a specific ERC-20 token, you have to do it via the token's address. Think of it this way: if you want to send or receive from your account, you'd use your public address. This is because the same cryptographic method is used in both situations (with slight nuances). When the originator first deploys the token's contract on the network, an address is generated that looks similar to the public addresses of Ethereum accounts. In addition to basic functions such as the symbol and name, token creators must also determine total supply and methods for managing the balances of all token holders - one of its core responsibilites. This wouldn't be possible if they didn't all adhere to the same standard.Įvery ERC-20 token is essentially created by inputting some details into a template smart contract which then controls and manages the token. For example, you can add any ERC-20 token to MetaMask. The ERC-20 standard makes it considerably easier for wallets such as MetaMask, dapps, and other platforms to integrate existing and new tokens into their functions. This is a set of requirements for any fungible token on Ethereum - meaning one token has to have an identical value as other tokens of the same type, just like how one US dollar = one US dollar. What is a token address?Īs you may be aware, tokens on Ethereum mainnet generally conform to the ERC-20 standard. To find out more about adding tokens, head to our article on the subject to see several different methods. Depending on the method you use, finding a token contract address is one step in the process of adding a custom token to MetaMask.
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