Ethereum has recently achieved a significant milestone — more than 200,000 ERC20 smart contracts have been deployed on its mainnet. According to Etherscan, there are currently 204,292 ERC20 tokens.
An ERC20 smart contract token is your ordinary cryptocurrency that is powered by the Ethereum Blockchain. Similarly to Bitcoin, these tokens can be bought, sold or traded on cryptocurrency exchanges that list them.
Back in 2017, everyone and their uncle started issuing these tokens as a means of fundraising, which lead to the ICO bubble (and its subsequent burst). Many of these projects offered nothing more than a white paper full of empty promises.
As of now, Binance Coin (BNB) is the biggest jewel in Ethereum’s crown with a market cap of $4.3 bln, but the Chinese behemoth recently started migrating BNB tokens to its own custom Blockchain. Other notable examples include Market, Crypto.com Chain, BAT.
Despite its failure to flip Bitcoin, Ethereum remains one of the dominant forces in the cryptocurrency space. On July 30, its mainnet turned four years old (time flies!).
The fact that Ethereum has the biggest cryptocurrency ecosystem that is valued at 12.2 bln says a lot about how big its developer community is.