Ethereum, the second largest cryptocurrency, has just surpassed 200,000 ERC20 smart contracts deployed on its mainnet as of August 5, 2019. At the time of writing this article, there are 204,303 ERC20 tokens on Ethereum’s network. The blockchain network hit this milestone months after Vitalik Buterin, co-founder of Ethereum, announced that Ethereum 2.0 would fix the platform’s inability to handle increasing transaction volumes.
Smart Contract Count Hit a New High
The ERC20 token standard utilizes the Ethereum platform’s smart contract capabilities to implement third-party tokens on the blockchain. ERC20 tokens don’t have their own dedicated blockchain, reducing the development overhead and technical complexity for smaller scale businesses and teams. These tokens can then be traded, bought or sold on any cryptocurrency exchange that lists them.
Tokens such as Binance Coin (BNB), Basic Attention Token (BAT), and Maker (MKR) are popular examples of ERC20 tokens that make use of the Ethereum blockchain. BNB has the highest market cap of any ERC20 token at $4.34 billion. ERC20 tokens exploded in popularity alongside Initial Coin Offerings (ICO) as an alternative fundraising method for many blockchain startups. Brave Browser’s BAT, for instance, raised $35 million by issuing a billion tokens on the Ethereum blockchain. Similarly, Binance was able to attract $15 million worth of investor capital in 2017. Read More at BeinCrypto