August 8, 2024

Ethereum token standards on peaq

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In a nutshell: peaq will support all Ethereum token standards — including ERC-20, ERC-721, ERC-1155, and more — from launch. This means DePIN builders will be able to use some of the most popular standards in Web3 and natively deploy EVM-based tokens and smart contracts on peaq. It will also allow DePIN projects already building on any EVM-compatible chain to easily integrate with or migrate to peaq.

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The true home of DePIN

From the very beginning, peaq has been built as a home for all DePIN builders, regardless of the programming language they use or the other Web3 ecosystems they originally chose to build in. As Ethereum Virtual Machine (EVM) is Web3’s predominant way of running smart contracts, peaq has been designed to be EVM-compatible from the get-go. But what exactly does that mean? Well, for starters, that it will support all of Ethereum’s token standards — including the popular ERC-20, ERC-721, and ERC-1155 — from day 1.

This type of versatility opens the doors to a vast variety of DePIN projects and builders, ensuring greater innovation and a wider range of DePINs for end users to benefit from. It means that anyone interested in building on peaq will have immediate access to the most popular standards in Web3. By enabling builders to natively deploy EVM-based tokens and smart contracts, peaq allows them to tap into a wider developer base, as well as seamlessly interact with other EVM-based chains.

On the other hand, DePIN projects already building on Ethereum or any other EVM-based chain will be able to integrate with and expand to peaq as soon as it launches. And any EVM-based projects interested in migrating to peaq will be able to do so quickly and with ease.

Ultimately, this will help secure peaq’s position as a versatile and robust home for both established and upcoming DePIN projects. By supporting Ethereum’s token standards, peaq is providing improved interoperability, advanced smart contract capabilities, and much more to its growing ecosystem.

Let’s take a closer look at some of the most popular Ethereum token standards that will be available on peaq from launch and see exactly what each of them brings to the table.

ERC-20: One of the most widely-used token standards in the world, ERC-20 is the driving force behind all Ethereum-based fungible tokens.
ERC-721: The token standard that enables Ethereum NFTs — arguably the most popular type of non-fungible token out there.
ERC-1155: A versatile multi-token standard for smart contracts that allows for the creation of both fungible and non-fungible tokens within the same contract.

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