New ERC-20 Tokens Live at SpectroCoin

Why ERC-20 tokens?

So far, our buy and sell list concluded of twelve popular cryptocurrencies, including major ones such as Bitcoin, Ethereum, and Litecoin, and a range of stablecoins like Tether, USD Coin, and Paxos Standard. Listening to our community, we saw a massive demand from our client base to implement more ERC-20 tokens into the platform. 

ERC-20 tokens, cryptocurrencies built on the Ethereum blockchain, give additional value to their holders. Usually, users obtain a possibility to vote on the project-related decisions, gain recurring rewards, or use the services provided by the project at a discounted rate. Awhile, ERC-20 tokens played an essential role in ICOs (Initial Coin Offerings) and crowdfunding projects – companies seeking to attract contributors to their projects issued tokens. 

What are the new ERC-20 tokens added to SpectroCoin?

With the recent system release, we enabled ten new ERC-20 tokens: WBTC, LINK, DAI, UNI, MKR, AAVE, COMP, ZRX, BAT, and SUSHI. We shortly introduce each of them below: 

Wrapped Bitcoin (WBTC) is a token pegged to the value of Bitcoin at a 1:1 ratio. The purpose of wrapped coins is to widen the usage of particular cryptocurrencies in the Ethereum applications such as smart contracts or Ethereum wallets.

Chainlink (LINK) is used to pay for services offered by the Chainlink project, a network that provides required real-time data to Ethereum smart contracts.

Dai (DAI) is a stablecoin backed by the US dollar. The token is used in the MakerDAO platform, a lending system in which DAI is borrowed and repaid by the users. 

Uniswap (UNI) is a governance token of the Uniswap platform – a decentralized exchange built on Ethereum. Holding UNI tokens, platform users gain the right to vote on the project development. 

Maker (MKR) aims to improve the volatility of the native Maker project's stablecoin – DAI. The price of MKR solely depends on the DAI usage. Similarly to other tokens, MKR token holders can vote on the business development of the project. 

Aave (AAVE) is a native token of the lending project based on the Ethereum blockchain. In addition to voting on the project development, AAVE holders can benefit from discounted services.

Compound (COMP) is a currency of the Compound protocol, allowing users to lend and borrow crypto without any intermediaries. Also, COMP tokens are used as a reward for customers participating in the Compound market. 

0x (ZRX) is a utility token of the open-source Ethereum protocol, called 0x. The protocol offers crypto exchange on the Ethereum blockchain. Holding ZRX tokens, users are required to pay for trades made on this protocol.

Basic Attention Token (BAT) is used to pay for services provided by the advertising software, named Basic Attention Token. The software allows to track users' attention and time spent on the Brave browser. 

SushiSwap (SUSHI) is a token of a decentralized platform called SushiSwap, in which users are able to buy and sell cryptocurrency. Token holders can suggest adjustments and decide on other users' proposals to the platform. 

SpectroCoin users can already buy, sell, hold, deposit, and withdraw these tokens on the platform. Of course, that's not it – our team is continuing their work to bring even more cryptocurrencies to SpectroCoin. Stay tuned! 

If you have any questions regarding ERC-20 tokens at SpectroCoin, don't hesitate to get in touch with our customer support through the LiveChat bubble available on our website or drop an email at [email protected].