There is now a total of 204,244 ERC-20 token contracts deployed on the Etheruem mainnet.
The top 10 in terms of market capitalisation include popular cryptocurrencies such as Tether’s USDT, Bitfinex’s LEO and Circle’s USD Coin (USDC). The number of tokens on the Etheruem platform grows on a regular basis, with there being about 180,000 tokens in April of this year.
Ethereum is the second in terms of the value of its total market capitalisation among all cryptocurrencies. An Ether (ETC) is currency worth $230.66. The brainchild of 25-year-old Vitalik Buterin, Ethereum is a blockchain whose capabilities extend much beyond the limited scope of the Bitcoin blockchain. It has been designed to be a supporting platform for decentralised applications (dApps) which can offer a range of services that extend beyond financial transactions. Clearly, given the number of ERC-20 token contracts, developers are enthusiastic about the Ethereum platform.
Buterin recently spoke at an Ethereum hackathon, giving his insights into the origins and future of Ethereum, including progress on the development of Ethereum 2.0, a revamp which intends to address issues of performance and scalability and which will definitely attract more developers to the platform.
What is ERC-20?
Ethereum is a blockchain platform that supports a range of applications and services which can be deployed by developers from anywhere in the world. Tokens deployed on the Ethereum platform, which fuel developers’ respective services can represent a diverse range of digital assets, and make use of smart contracts on the Ethereum blockchains.
In order to support a range of tokens which are compatible with the Ethereum platform and adhere to its rules, Ethereum developers developed the ERC-20 standard, which is the technical standard used for all Etherum-supported tokens and their smart contracts.
The standard allows any developer to launch a token-supported application, leaving less confusion on the design of the smart contract. They can thus design a token with fewer complications, as every aspect of the token does not need to be reviewed for compliance checks.