ERC20 (Ethereum Request for Comments 20) is the token standard that defines how tokens are created and transferred on the Ethereum blockchain. Proposed in 2015 and finalized in 2017, ERC20 has become the backbone of the entire DeFi ecosystem.
Every ERC20 token follows the same smart contract rules: total supply, balances, and transfer functions. This compatibility means any ERC20 token works with any Ethereum wallet, exchange, or DeFi protocol automatically.
ERC20 wallet addresses always begin with 0x followed by 40 hexadecimal characters (e.g., 0x742d35Cc6634C0532925a3b8D4E5432). This address format is shared across all Ethereum-based networks.
ERC20 Fees Explained
ERC20 transactions require gas fees paid in ETH. Gas prices fluctuate based on network congestion. Simple ERC20 transfers typically cost $1–$10, but during peak DeFi activity, fees can exceed $50 or even $100. This is the primary drawback compared to TRC20.
- Address format: starts with 0x (40 hex characters)
- Gas fees paid in ETH: typically $1–$50+ per transfer
- Confirmation time: 15 seconds to 10 minutes
- Used for DeFi, NFTs, DEXs like Uniswap
- Most trusted and audited token standard in crypto
Popular ERC20 tokens include USDT (Tether), USDC, DAI, UNI (Uniswap), LINK (Chainlink), and thousands more. If your wallet address starts with 0x, you are using the Ethereum network and ERC20 tokens.
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