Token standards are rules and protocols that dictate how tokens function on a blockchain. Different blockchains have their own token standards to ensure interoperability, security, and efficiency. Here are some of the key token standards across the top 10 blockchains with Turing complete environments Ethereum, Solana, BNB, and XRP:Ethereum has developed many token standards to facilitate the creation and management of digital assets. These standards ensure that tokens are interoperable with various decentralized applications and services within the Ethereum ecosystem.DN-404: DN-404, or “Divisible NFT-404,” is an experimental standard designed to address the limitations of ERC-404 by improving the efficiency, scalability, and interoperability of tokenized assets. DN-404 uses a bifurcated approach with base ERC-20 tokens representing fractions of NFTs and mirror ERC-721 tokens representing the actual NFTs. This design enhances transaction throughput, reduces costs, and facilitates cross-chain transactions.Solana, known for its high-speed and low-cost transactions, has developed its own set of token standards to support its growing ecosystem of decentralized applications and digital assets.Binance Smart Chain (BSC) has developed token standards to support its decentralized applications and services ecosystem. These standards are designed to be compatible with Ethereum’s ERC standards, facilitating cross-chain interoperability.The XRP Ledger, designed for fast and efficient cross-border payments, has its own standards for creating and managing tokens.Each token standard plays a crucial role in its respective blockchain ecosystems, enabling the standardized and interoperable creation, management, and transfer of digital assets.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI. Catch the latest in crypto by following us on X. Stay informed on the go.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.All spot ETH ETFs have yet to launch despite recent developments.ICBC compared Bitcoin to gold and said Ethereum has established itself as “digital oil” capable of powering myriad applications across the web3 ecosystem.DeFillama data shows the platform’s TVL rose 135% despite the attack.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
