Skip to content

Token Standards โ€‹

Token standards are a set of rules and specifications that a token's smart contract must follow. These standards ensure that tokens are compatible with other applications in the ecosystem, such as wallets and exchanges.

TIP

CoinBuddy supports the most popular token standards, making it easy to create tokens that are widely compatible.

Common Token Standards โ€‹

Here are some of the most common token standards you'll encounter:

  • ERC-20: This is the most widely used standard for fungible tokens on the Ethereum blockchain. Fungible tokens are interchangeable, meaning each token is the same as every other token. Most of the tokens you see today are ERC-20 tokens.

  • ERC-721: This is the standard for non-fungible tokens (NFTs) on Ethereum. Each ERC-721 token is unique and represents ownership of a specific digital or physical asset.

  • BEP-20: This is the token standard for the BNB Smart Chain (formerly Binance Smart Chain). It is similar to ERC-20 but for the BNB ecosystem.

  • BEP-721: This is the equivalent of ERC-721 for the BNB Smart Chain, used for creating NFTs.

Why Standards Matter โ€‹

Using a standard like ERC-20 or BEP-20 has several advantages:

  • Interoperability: Wallets, exchanges, and other dApps can easily interact with your token without needing custom code.
  • Security: Standards are typically well-audited and battle-tested, reducing the risk of vulnerabilities.
  • Simplicity: You don't have to reinvent the wheel. The standard provides a clear blueprint for your token's functionality.