Since making the CryptX wallet service available, we’ve been adding support for more tokens, bringing the total number to 108 supported coins. These most recent additions are all ERC-20 tokens, on the Ethereum blockchain.
What are ERC-20 tokens and why are there so many? ERC-20 has become the technical standard for tokens used in smart contracts on the Ethereum blockchain. Since Ethereum is a decentralized application platform, the projects running on Ethereum use their own tokens for asset transactions.
ERC-20 tokens are one of the most important parts of our system, and the decentralized applications based on them today have played a leading role in the current positive shifts in the crypto world. We have seen that these special-use tokens are becoming more and more popular. Among them are some of the popular cryptocurrency ERC-20 analogues, such as Wrapped Bitcoin (WBTC). Of course, these new tokens and applications further enhance the importance of ERC-20 and Ethereum blockchain as a whole. CryptX is constantly working to support new popular tokens and thus help both our clients and blockchain startups improve their business.
Why are some called “stable” coins? Stablecoins refer to those that are pegged to a reserve asset. They aim to offer the security and efficiency of crypto payments with the stability of a non-volatile valuation.
How do I add these coins to my CryptX wallet? To add ERC-20 tokens, you will first need to create a multi-address ethereum wallet. See https://cryptx.com/faq#eth for more information.
Listed below are the latest addtions to the CryptX wallet:
CGT: CACHE Gold tokens are fully regulated, public, transparent, redeemable tokens backed by gold stored in vaults around the world.
WBTC: Wrapped Bitcoin is a tokenized version of Bitcoin that runs on the Ethereum blockchain, and is backed 1:1 with Bitcoin.
BUSD: Binance USD is a 1:1 USD-backed stable coin issued by Binance (in partnership with Paxos), approved and regulated by the New York State Department of Financial Services (NYDFS).
UNI: Uniswap is a popular decentralized trading protocol, known for its role in facilitating automated trading of decentralized finance tokens.
UMA: Universal Market Access enables its users to design and create self-executing, self-enforcing financial contracts secured by economic incentives and run them on Ethereum’s blockchain.
COMP: Compound is a DeFi lending protocol that allows users to earn interest on their cryptocurrencies by depositing them into one of several pools supported by the platform.
AAVE: Aave is a decentralized finance protocol that allows people to lend and borrow crypto. Lenders earn interest by depositing digital assets into specially created liquidity pools. Borrowers can then use their crypto as collateral to take out a flash loan using this liquidity.
CEL: Celsius is an all-in-one banking and financial services platform for cryptocurrency users, offering rewards for depositing cryptocurrency, along with services such as loans and wallet-style payments.
MTL: Metal is the native currency of Metal products and an essential part of the Metal ecosystem. Sending and receiving any crypto to friends on Metal Pay is, according to the Metal team, instant and feeless.
MOC: Moss Coin is the virtual asset for Mossland, a gaming platform centered on landmarks from all around the world.