What is an ERC20 token?
ERC20 is a technical standard used for smart contracts on the Ethereum blockchain to deploy tokens. These ERC20 tokens can be held in an Ethereum wallet. Sometimes, distributed for free by a company or project – call it an airdrop. Generally, these tokens are exchanged for Ethereum using a smart contract. This is called a token sale. This phenomenon of raising funds in Ether and distributing tokens is known as ICO – Initial Coin Offering.
Sale & Value of ERC20 . Token
The tokens received into your Ethereum wallet as an airdrop or through a token sale need to have a value. They do not hold any value until they are publicly traded on an exchange or OTC market. (OTC trading occurs when the underlying organization or project has delivered well-deservedly). Read: how to send erc20 token from myetherwallet
If they are being traded on a crypto exchange, the next question would be “how do I transfer these tokens from my wallet to the crypto exchange?”
How to transfer ERC20 tokens with an example?
Let us take the 0Xproject (ZRX) token as an example. This can be any other ICO as long as the tokens are issued according to ERC20 standard like ZRX or KICK or any other token. To answer the above question, let’s take a look at a prominent exchange that has ZRX listed – Binance and see how we can move these ERC20 tokens to the crypto exchange and trade them. after that.
Get deposit address from exchange
Read more: how to go into edit mode in blender Login to Binance Go to Balance -> Deposits & Withdrawals Interestingly, finding ZRX here is easy as you sort it by name as project or coin name starts with 0 or you can filter by typing in ZRX . When you see the ZRX as shown below, you need to get the Deposit Address.Click the Deposit button in the Actions column of the table for ZRX tokens (row). You should be able to see an Ethereum-like address that you need to copy to the clipboard.
Send tokens from Wallet to Exchange
Now go to topqa.info and unlock your account with the stored private key. This will open the wallet where you purchased ZRX tokens. Once it is unlocked, go to the bottom right corner of the screen where you will see the buttons “Deposit Token Balance”, “Show Token”. ERC20 tokens are compatible with MyEtherWallet. Luckily, the ZRX starts with Z and will be easily available at the end when you scroll all the way down. Read more: how to add waterfall to pool You can now view your ZRX Balance here. back to MEW (MyEtherWallet). Since you already have a Token Balance, you will now have a drop-down menu next to Amount to Deposit, showing all possible Tokens for which you have a balance. Ex: ETH and ZRX as shown below. Select ZRX and continue to next step You can enter the amount of ZRX tokens to be sent for exchange or use the Quick link Deposit Full Balance to fill your ZRX balance. Then paste (Ctrl + V or Command + V) the deposit address. you copied from Binance. Be very careful and double, triple check that the address matches your Binance address – If you copied something wrong or missed something, your tokens will be lost forever.
Once the address is pasted, the amount to be deposited is filled in and ZRX is selected from the drop-down menu. The gas value will automatically change to around 52000 and then click Create Transaction and then click Submit Transaction and that’s it – it gives you a “Verify Transaction” button at the bottom or you can can search topqa.info using your Binance address. Posted on our media blog Read more: How much psi does it take to break concrete
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