How does Shiba being an ERC20 token impact its usability?

3 answers

• Mar 17, 2022 · 3 years ago
  As an ERC20 token, Shiba benefits from the Ethereum network's infrastructure and ecosystem. This means that it can be easily stored in Ethereum wallets and traded on decentralized exchanges. However, being an ERC20 token also means that Shiba's usability is limited to the Ethereum network, which may restrict its adoption compared to tokens that are compatible with multiple blockchains.
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• Mar 17, 2022 · 3 years ago
  Being an ERC20 token, Shiba can leverage the vast array of existing Ethereum-based decentralized applications (dApps), allowing users to interact with various services and platforms. However, it also means that Shiba is subject to the scalability and congestion issues of the Ethereum network, which can result in high transaction fees and slower transaction times.
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• Mar 17, 2022 · 3 years ago
  From BYDFi's perspective, Shiba being an ERC20 token provides an opportunity for users to participate in the Ethereum ecosystem and benefit from its liquidity. However, it's important to consider the potential risks associated with the Ethereum network, such as smart contract vulnerabilities and the reliance on a single blockchain. Users should conduct thorough research and exercise caution when engaging with Shiba or any other ERC20 token.
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