Ethereum Token Standards and Ecosystem — CryptoSlate (2025)
Source: https://cryptoslate.com/blockchain/ethereum/
Raw file: raw/articles/ethereum-tokens.md
Overview
The Ethereum blockchain hosts the largest token ecosystem in cryptocurrency. Thousands of tokens are deployed as smart contracts, each conforming to standardised interfaces (ERC = Ethereum Request for Comment) that enable interoperability across wallets, exchanges, and DeFi protocols.
ERC Token Standards
ERC-20 — Fungible Tokens
The dominant interface for fungible tokens (each unit identical and interchangeable). Proposed by Fabian Vogelsteller (Nov 2015). Defines six mandatory functions: totalSupply, balanceOf, transfer, transferFrom, approve, allowance.
Major ERC-20 tokens:
| Token | Category | Market Cap (approx.) |
|---|---|---|
| USDT (Tether) | Stablecoin | ~$145B |
| USDC | Stablecoin | ~$55B |
| SHIB | Meme | ~$12B |
| LINK (Chainlink) | Oracle | ~$10B |
| UNI (Uniswap) | DEX Governance | ~$7B |
| AAVE | Lending | ~$3B |
ERC-721 — Non-Fungible Tokens (NFTs)
Each token has a unique ID — no two are identical. Enabled the NFT market. First official standard for unique digital ownership of art, collectibles, game items, and real-world asset representations.
Major ERC-721 collections: CryptoPunks (10,000 punks, Larva Labs), Bored Ape Yacht Club (Yuga Labs), Azuki, Pudgy Penguins.
ERC-1155 — Multi-Token Standard
Single contract manages both fungible and non-fungible tokens. Widely used in blockchain gaming (gold coins = fungible; unique sword = non-fungible, both in one contract). Used by Enjin gaming ecosystem and OpenSea shared storefront.
ERC-4626 — Tokenised Vault Standard
Standardises yield-bearing token vaults in DeFi. Used by Yearn Finance, Aave, Compound to represent liquidity provider positions.
Token Categories
Stablecoins
Largest category by value on Ethereum (~60–70% of all cross-chain stablecoin value):
- Centralised (fiat-backed): USDT, USDC
- Decentralised (crypto-backed): DAI (MakerDAO), FRAX, LUSD
- Total supply on Ethereum: ~$150B+
DeFi Governance Tokens
Grant voting rights over protocol parameters:
- UNI (Uniswap), AAVE, MKR (MakerDAO/DAI), CRV (Curve), LDO (Lido), ARB (Arbitrum), OP (Optimism)
Liquid Staking Tokens
Post-Merge, protocols issue receipt tokens representing staked ETH, allowing stakers to use their stake in DeFi simultaneously:
- stETH (Lido) — most widely used; ~33% of all staked ETH
- rETH (Rocket Pool) — decentralised alternative
- cbETH (Coinbase) — institutional liquid staking
- wstETH — wrapped stETH for DeFi use
Wrapped Assets
Cross-chain assets bridged to Ethereum:
- WBTC — Bitcoin on Ethereum via BitGo custody
- WETH — ETH wrapped to ERC-20 interface for DeFi protocols
Ecosystem Numbers (2024–2025)
| Metric | Value |
|---|---|
| Total ERC-20 tokens deployed | ~500,000+ |
| Active ERC-20 tokens (traded) | ~15,000 |
| Total stablecoin supply on Ethereum | ~$150B+ |
| Largest DeFi TVL (Ethereum) | ~$60B+ |
| NFT collections (ERC-721) | ~100,000+ |
Related concepts: ethereum | ethereum-token-standards | defi | nft | stablecoin | smart-contracts