How can the same wallet receive tens of thousands of different tokens?
First, a definition: The governance tokens of many DeFi protocols are ERC-20 tokens, such as Uniswap's $UNI .
Here's how it works: The barrier to issuing an ERC-20 token is very low. Anyone can freely choose its name and ticker, so to identify a token, you need to check its contract address—not just its name.
ERC-20 tokens are issued on Ethereum, and each transfer requires $ETH to pay for Gas. Currently 2142.9.
When you see claims of high returns, be extra skeptical.
#ETH
For record-keeping and sharing only; this is not investment advice.
First, a definition: The governance tokens of many DeFi protocols are ERC-20 tokens, such as Uniswap's $UNI .
Here's how it works: The barrier to issuing an ERC-20 token is very low. Anyone can freely choose its name and ticker, so to identify a token, you need to check its contract address—not just its name.
ERC-20 tokens are issued on Ethereum, and each transfer requires $ETH to pay for Gas. Currently 2142.9.
When you see claims of high returns, be extra skeptical.
#ETH
For record-keeping and sharing only; this is not investment advice.