What is an ERC20 token?
Everything you need to know about ERC20 tokens inside of Exodus.
In this article:
- What is an ERC20 token?
- Why do all my ERC20 tokens have the same receive address?
- Do I need to have Ethereum in my Exodus wallet to use my ERC20 tokens?
- How do I enable ERC20 tokens in my Exodus wallet?
- I don't see my favorite ERC20 token in the list of supported assets!
- How do I check my token balances?
What is an ERC20 token?
ERC20 is a smart contract standard that allows developers to create fungible tokens on the Ethereum network. The ERC20 standard allows developers to program how a token will function within the Ethereum network and give it unique functions and features.
Although it is possible to create and program ERC20 tokens, all ERC20 tokens must follow the rules outlined by the Ethereum network. One of these rules is that all ERC20 token requires gas to transact. Gas on the Ethereum network is paid in Ethereum (ETH).
The ERC20 standard is commonly used by dApps and in DeFi. You can see the following articles if you would like to learn more about dApps and DeFi:
Why do all my ERC20 tokens have the same receive address?
In Exodus, you might have noticed that all your Ethereum and ERC20 tokens share the same receive address. Because Ethereum and ERC20 tokens are all stored on the Ethereum blockchain, they are stored at the same address. This Ethereum address always starts with 0x.
For more information on how to receive funds in your Exodus wallet, visit: How do I receive crypto with Exodus.
Please note: You cannot send Ethereum Classic (ETC) to your Ethereum address. If you accidentally send your ETC to your Ethereum address, you will have to recover it using this guide.
Do I need Ethereum in my wallet to use my ERC20 tokens?
All ERC20 transactions require Ethereum (ETH) to pay for transactions on the Ethereum network. This means to send an ERC20 token from your Exodus wallet, you will need Ethereum to pay for the Ethereum network fee, which is also known as gas.
For more information on how to send ERC20 tokens, visit: How do I pay for ERC20 token transactions with Ethereum?
If you’d like to know how much ETH you need to send or exchange your ERC20 token, we recommend referring to Etherscan's Ethereum gas tracker. Be sure to check the ERC20 transfer row.
How do I enable ERC20 tokens in my Exodus wallet?
Many of the top ERC20 tokens can be enabled in your Exodus wallet in the Assets section of your wallet settings. See here for more information on how to enable assets: How do I enable and disable assets in Exodus?
I don't see my favorite ERC20 token in the list of supported assets!
If an ERC20 token is not supported in Exodus, you can add the token as a custom ERC20 token. You will be able to send and receive the custom token with your Exodus wallet.
For more information on how to add a custom token, visit: How do I add a custom token?
How do I check my token balances?
You can confirm and view your ERC20 token balance on an Ethereum blockchain explorer such as Etherscan by pasting in your ETH address in the search bar and clicking on the ERC20 token dropdown menu as illustrated below: