ππ°It's ERC-777 week! π°π
With the upcoming launch of optimistic rollups & some recent hacks, it's time to put some focus back on my favorite token standard!
Every day this week, I'll post a thread about ERC-777 and answer any questions about it
Today: an intro to ERC777 ‡οΈ
With the upcoming launch of optimistic rollups & some recent hacks, it's time to put some focus back on my favorite token standard!
Every day this week, I'll post a thread about ERC-777 and answer any questions about it
Today: an intro to ERC777 ‡οΈ
I like to think of ERC777 as ERC20 2.0
ERC-777 is a standard for fungible tokens, and it's fully backwards-compatible with ERC-20. It works with any existing wallet, but also adds new features.
For more details, check out this thread I made last year:
ERC-777 is a standard for fungible tokens, and it's fully backwards-compatible with ERC-20. It works with any existing wallet, but also adds new features.
For more details, check out this thread I made last year:
https://twitter.com/dmihal/status/1251505373992845317
Another way to think of ERC-777 is that it makes tokens that work more like Ether.
Have you noticed that you need to approve every token you use with Uniswap, but you never need to approve ETH?
ERC-777 can be transferred & call other functions in one transaction, just like ETH.
Have you noticed that you need to approve every token you use with Uniswap, but you never need to approve ETH?
ERC-777 can be transferred & call other functions in one transaction, just like ETH.
ERC-777 improves upon ERC-20 in the following categories:
- User experience π¨πΌβπ»
- Cost π°
- Security π
I'll cover each of those topics in depth this week...
- User experience π¨πΌβπ»
- Cost π°
- Security π
I'll cover each of those topics in depth this week...
So who's using ERC-777 tokens today?
Honestly, not too many projects.
@pNetworkDeFi is one of the more notable projects
@Superfluid_HQ uses 777 tokens and really takes advantage of some cool features of it
And my project @DeFi_777 allows wrapping any token into a 777 token
Honestly, not too many projects.
@pNetworkDeFi is one of the more notable projects
@Superfluid_HQ uses 777 tokens and really takes advantage of some cool features of it
And my project @DeFi_777 allows wrapping any token into a 777 token
But to be honest, it's clear that ERC-777 is never going to take off on L1. The network effects of ERC-20 are too strong.
But the upcoming transition to L2 provides a blank canvas for us to fix some of the issues of L1 Ethereum!
But the upcoming transition to L2 provides a blank canvas for us to fix some of the issues of L1 Ethereum!
When you deposit a token into a rollup bridge, you receive a new token on L2. And this is our opportunity to seamlessly "convert" tokens to ERC777.
@arbitrum has already included ERC777 in their token bridge.
And I'm working on a PR right now for 777 bridge for @optimismPBC.
@arbitrum has already included ERC777 in their token bridge.
And I'm working on a PR right now for 777 bridge for @optimismPBC.
Moving to ERC-777 on L2 will be a huge step forward for Ethereum, but I need the community's support to make it happen!
So let me know if you have thoughts or questions about ERC777!
And check back tomorrow for a thread about how ERC-777 fixes the Ethereum user experience! π
So let me know if you have thoughts or questions about ERC777!
And check back tomorrow for a thread about how ERC-777 fixes the Ethereum user experience! π
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