ERC20 Token Guide: What Are ERC20 Tokens and Which Are the Best ERC20 Tokens for 2024?

The ERC-20 tokens have gained a lot of attention and adoption from investors and enthusiasts alike. This further reflects immense growth for the ERC-20 ecosystem

ERC-20 tokens have gained immense popularity and adoption among investors and enthusiasts alike, thanks to their diverse applications and role in driving the growth of the ERC-20 ecosystem, which serves as a solid foundation for numerous projects in the crypto space.

Some of the major projects utilizing ERC-20 tokens include non-fungible tokens (NFTs), decentralized applications (dApps), decentralized finance (DeFi), the metaverse, play-to-earn (P2E), and many more.

So, what exactly are ERC-20 tokens and which are the best ERC20 tokens for 2024? Continue reading this ERC20 token guide to learn more!

List of Top ERC20 Tokens in 2024

There are currently over 500,000 ERC-20 tokens available. However, some of these tokens have zero value while others are making big strides in terms of value.

Here are the top-performing ERC20 tokens!

1. Tether USD (USDT)

Tether USD (USDT), is an ERC-20 token based on the Ethereum blockchain. This token was originally launched on 6th October 2014 as Realcoin and has since then gained massive adoption in various sectors.

Unlike other cryptocurrencies, USDT is backed by USD at a ratio of 1:1 making it less volatile. Additionally, this makes the token unique as its price can never go below $1.

USDT now holds a value of $114.48 B in market cap and is used in many decentralized applications, such as liquidity pools and DEXs.

2. Shiba Inu (SHIB)

Shiba Inu (SHIB) operates as an ERC-20 token on the Ethereum blockchain. The token was launched in August 2020 with an initial price of $0.000000001009 under the name Ryoshi.

Ryoshi later on went ahead to leave the token in the hands of the community. It then turned out later that the Shiba Inu project was an experiment by Ryoshi to see whether a decentralized organization could function without a central leadership.

Initially, SHIB’s supply was divided into two with 50% of the token’s supply issued to Vitalik Buterin (Ethereum co-founder) and the other 50% was then locked on Uniswap. The current market cap of the SHIB ERC-20 token now stands at $9.87B

3. Uniswap (UNI)

Uniswap is an ERC-20 token that powers the Uniswap, which is a decentralized exchange protocol on the Ethereum network. To be more specific, Uniswap is an Automated Liquidity Protocol, hence it does not require an orderbook or central facilitator.

Launched in September 2020, Uniswap did not run any ICO or presale phase. Instead the UNI tokens are and will be distributed based on an established schedule. UNI now has a market cap of $4.63B.

4. USD Coin (USDC)

USD Coin (USDC) is a fiat-backed stable coin that exists on the Ethereum blockchain. This coin, being fiat-based, means that it is backed by the reserve assets of the traditional financial system, such as securities, cash, or cash equivalents.

The USDC ERC-20 token was launched on 15th May 2018 by Centre, a joint venture between Coinbase and Circle. Currently, USDC has a total market supply of $34.15B.

5. Wrapped Bitcoin (WBTC)

WBTC, or rather Wrapped Bitcoin, is more like a converted version of Bitcoin. This token serves as an ERC20 token investment that holders can use in Ethereum dApps.

Wrapped Bitcoin, was launched in January 2019 with an aim to grant dApps on the Ethereum network access to Bitcoin. This further availed other financial services that were not previously accessible.

This ERC-20 token is backed by BTC, meaning it has a ratio of 1:1 with BTC. Its current market cap is $10,005,321,076.48.

6. Binance USD (BUSD)

Binance USD (BUSD) is a stablecoin existing in the Ethereum ecosystem. This ERC-20 token, which has a 1:1 backing from USD, was launched by Binance in partnership with Paxos.

BUSD is unique in its own way as it is fully regulated by the New York State Department of Financial Services (NYSDFS). With a market cap of 5445265.17 USD, Binance designed BUSD to maintain a stable market value.

7. Polygon Ecosystem Token (POL)

Polygon Ecosystem Token (POL) is designed to replace the MATIC token in 4 years. POL