What are token standards, and why are they important in token development?

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auroragrace

Token standards, such as ERC-20 (Ethereum) or BEP-20 (Binance Smart Chain), define a set of rules that tokens must follow. They ensure compatibility and interoperability within the ecosystem. By adhering to token standards, developers can integrate tokens into wallets, exchanges, and other platforms seamlessly. Token standards also provide guidelines for token functionalities, including transferability, supply management, and additional features like voting or staking.

source: https://www.inoru.com/token-development

Tags: development, token

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