How to set up an ERC20-compatible Ethereum wallet (2024)

FAQs

How to set up an ERC20-compatible Ethereum wallet? ›

You can use a tool or library to call these functions on the target address. Evaluating Return Values: If the function calls succeed and return valid values (e.g., a non-zero balance or a total token supply), it's a strong indication that you're dealing with an ERC20 token contract.

You can use a tool or library to call these functions on the target address. Evaluating Return Values: If the function calls succeed and return valid values (e.g., a non-zero balance or a total token supply), it's a strong indication that you're dealing with an ERC20 token contract.

On average, the cost to create ERC20 token lies between $5000 to $10,000, depending on the type of token developed and business requirements.

You can convert it using decentralised exchanges like Ethersweep it is one of the fastest, most convenient way to scan Ethereum wallets and convert ERC-20 tokens to ETH.

Is ERC20 the Same as ETH Network? The blockchain Ethereum has its own cryptocurrency, ether (ETH). The Ethereum Request for Comment number 20 (ERC20) is an implemented standardization proposal for smart contracts. So, while they are related, they are not the same thing.

Ether (ETH) is the native token used by the Ethereum blockchain and network as an internal payment system. ERC-20 is the standard for creating smart contract-enabled fungible tokens to be used in the Ethereum ecosystem.

ETH (Unified) and the ERC-20 tokens we have listed use the same address format so be careful not to confuse your ETH generated address with your ERC-20 token deposit addresses. It's important to only deposit the token to the address it was generated for.

ERC-20 tokens are digital assets built on the Ethereum blockchain, following a specific set of standards that allow them to be shared, exchanged, or transferred to any Ethereum address.

Coinbase Wallet supports thousands of tokens, including all ERC-20 tokens and all tokens on EVM-compatible chains, such as Avalanche C-Chain and Polygon. This includes stablecoins (like USDC and DAI) on all of Coinbase Wallet's supported networks. Coinbase Wallet also supports tokens hosted on the Solana Network.

The exchange will make it clear what type of chain they are using; however, one easy way to differentiate between these two is by the way the address is structured. An ERC20 Address only starts with '0' and 'x'. For example: 0xbc6e. A TRC20 Address only begins with a capital 'T'.

How to check if wallet address is ERC20? ›

Currently, the way we do it is that we call decimals(), name(), symbol() functions. and if they don't get failed, then it means it's ERC20. problem is that those functions are optional on ERC20... So, sometimes token address might be ERC20, but we will still detect that it's not ERC20.

Token Tool eliminates the need for coding expertise, allowing individuals with limited technical background to create their own ERC20 tokens quickly and easily. You can even try it for free on the Ethereum Sepolia Testnet.

MetaMask is one of the most popular crypto wallets for storing ERC20 tokens. There are no fees to use MetaMask, and it comes as a mobile app (iOS and Android) and a browser extension (Chrome, Firefox, Edge, Brave). MetaMask is decentralized, so users are provided with their private keys when setting the wallet up.

Then, open MetaMask, click on the Import tokens button and paste the contract's address in the Token contract address field. MetaMask will fetch the Token Symbol and decimals automatically. Click the Next and Import, and your token will be added to the wallet; it will be available under the assets section in Metamask.