🔥 Essential Crypto Fundamentals: Ethereum’s ERC-20 Standard
The approve and transferFrom mechanism lets contracts transfer your tokens on your behalf within the authorized allowance. This is also the source of authorization risks.
Don’t send tokens to the token’s own contract address. These contracts usually don’t have a way to return them, so once sent, they’re basically lost.
ERC-20 tokens are issued on Ethereum, and each transfer requires $ETH to pay for gas. Currently 2367.73.
Have you run into any pitfalls like these? Share your experiences to help others avoid them.
The approve and transferFrom mechanism lets contracts transfer your tokens on your behalf within the authorized allowance. This is also the source of authorization risks.
Don’t send tokens to the token’s own contract address. These contracts usually don’t have a way to return them, so once sent, they’re basically lost.
ERC-20 tokens are issued on Ethereum, and each transfer requires $ETH to pay for gas. Currently 2367.73.
Have you run into any pitfalls like these? Share your experiences to help others avoid them.