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The Ethereum ecosystem is the most vibrant and fastest-growing in the market. A lot of this momentum comes from the fact that it was the first network to support smart contracts, token standards, and DeFi functionalities. Today, the network is home to thousands of platforms. Here are the top 10 ERC-20 platforms you need to know.
Polygon (MATIC) is a popular Ethereum scaling solution. It entered the market in 2017 and has been gaining users and developers ever since. The platform offers a host of developer tools. The most popular is the Polygon PoS protocol. This system enables anyone to integrate crypto solutions into their business model securely.
Polygon improves the transaction speed of Ethereum considerably. The network has been clocked at 7,000 transactions per second and can scale vertically. When Polygon first entered the market, it was a crucial way for developers to create ERC-20-compatible Dapps while avoiding high fees due to blockchain congestion.
The 0x protocol streamlines the creation of DEXs and other methods of swapping digital assets. The developers saw the growing number of ERC-20 tokens and wanted to ensure people had a reliable and secure way to interchange these assets. Their solution is a selection of DEX developer tools.
0x is an open-source ERC-20 project that streamlines the integration and security requirements of exchanges. The system supports non-custodial DEX operations such as direct wallet-to-wallet trades of ERC-20 tokens. To accomplish the task, the platform incorporates a unique off-chain order relay mechanism.
Decentraland remains one of the most active ERC-20 metaverses in operation. This on-chain virtual world enables players to secure real-world earnings while interacting with a global audience of users. The Decentraland universe relies on NFT technology to add another layer of value and excitement to the platform.
Users can purchase and develop virtual real estate. Each plot is a unique NFT that can be upgraded and traded or sold for other cryptocurrencies. Notably, you have a lot of freedom in the virtual world. You can develop your real estate into virtual businesses, museums, carnivals, and more.
Users can purchase and trade NFTs using the in-game free market. Decentraland has a vibrant in-game economy that leverages blockchain technology to provide full transparency about the network and assets. There are currently Decentraland properties owned by celebrities and major brands.
Chainlink changed the market forever when it started offering decentralized oracle services to the ERC-20 community. Oracles are off-chain sensors that can relay data to and from blockchains. They are a vital component of the market today as many dapps rely on these systems for timely data.
Chainlink's decentralized oracle solution helped to solve data inconsistencies between oracles in the past. Today, the network is a popular option that enables users to secure rewards for operating oracles. Chainlink oracles are handling DEX pricing, certifications, validations, market conditions, and much more.
Uniswap remains the most popular DEXs on the ERC-20 roster. This massive exchange is best known for pioneering the DEX concept and liquidity pools. Before Uniswap, most startups relied on ICOs (Initial Coin Offerings) or IEOs (Initial Exchange Offerings). Both methods were effective but cost more and require more stipulations than liquidity pools.
Uniswap liquidity pools opened the door for ultra-low-cost fundraising. This new method of accessing public funds only requires a startup to seed a liquidity pool with a corresponding amount of their token and ETH. Liquidity pools have since become one of the most popular ways for startups to secure funding.
Basic Attention Token (BAT)
The Basic Attention Token is the main utility asset for the Brave Internet browser. This privacy-focused platform was created by one of the co-founders of the Chrome browser. The protocol improves privacy by converting the advertising-based business model to a balanced format between the user and advertiser.
Users can secure rewards in many different ways including by watching advertisements, publishing content, and participating in other campaigns. The BAT tokens are rewarded to users via a simplistic interface. From there, BAT can be converted to ETH or other tokens directly on DEXs such as Uniswap.
Loopring is one of the most popular layer 2 solutions for ERC-20 users. This off-chain protocol removes much of the transaction data from the Ethereum mainnet which reduces congestion and improves performance. Loopring users pay much less and enjoy faster transactions.
Loopring is capable of handling 2,025 transactions a second and leverages zero-knowledge proofs to improve privacy. One of the key aspects of the network is its ability to process multiple transactions simultaneously. This structure reduces costs further for users.
OmiseGo is an ERC-20-based blockchain infrastructure provider, DEX, and liquidity provider. The network also supports private messaging between users. These systems have helped the network become one of the top-performing ERC-20 options in the market. Notably, OmiseGo was the first ERC-20-based DEX to receive a +$1 billion valuation.
Golem users enjoy many benefits thanks to the network's open-source and scalable architecture. The network leverages Ethereum for security but provides a host of additional features that makes it stand out. Currently, there are a variety of popular Golem-powered applications. These platforms include ID systems, validation methods, contract monitoring protocols, and enterprise systems.
Tether is one of the most recognizable ERC-20 tokens in the market. This stablecoin pioneered the use of fiat reserves to decouple from market volatility. Unlike previous attempts, USDT launched on the popular exchange Bitfinex which gave it the perfect audience for its features.
Notably, the world's most popular stablecoin launched as an ERC-20 project. Since then, USDT has made its way to many other blockchains. However, the ERC0 20 version is still the most common in use today.
ERC-20 Platforms Continue to Emerge
There are thousands of ERC-20 platforms in operation today. Many of these networks have helped to drive blockchain adoption to new heights. As such, they add extreme value to the Ethereum ecosystem by enabling more functionality and usability to the community.