Definition
What is ERC-20?
ERC-20 is the standard interface for fungible tokens on EVM chains, defining functions such as transfer, approve, and balanceOf so every wallet and exchange can handle any token the same way.
Fungible means every unit is interchangeable, like currency. Almost every stablecoin, governance token, and utility token follows ERC-20. On Monad, ERC-20 contracts deploy unchanged; OpenZeppelin's implementation is the usual starting point.
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Definition by Adwait Keshari, founder of Monsmith.
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