Abstracted
base.erc20_approval
Abstracted
base.erc20_approval
Table Description
The ERC20_approval event is a key component of the ERC20 token standard, one of the most widely used token standards on the Ethereum blockchain. ERC20 tokens are fungible tokens, meaning each token is identical and holds the same value as others of the same type, much like traditional currencies. In the ERC20 standard, the approval function and the corresponding Approval event play a crucial role in enabling delegated token transfers. This feature allows token holders to give permission to another account, typically a smart contract or another user, to transfer a specified amount of their tokens on their behalf. This mechanism is essential for many decentralized applications (dApps) and services within the Ethereum ecosystem.