When discussing the asset support for ERC-20 tokens, you may come across terms such as "Supported" and "Unsupported." This article aims to clarify the meanings of these classifications.
"Unsupported" or "Non-Supported"
By default, all ERC-20 tokens are categorized as "Non-supported." This classification implies several important limitations regarding the interaction and usability of these tokens. Specifically, Non-supported tokens can only be accessed and interacted with through the MetaMask and TrustVault Chrome extension. This means that users are restricted to using these specific platforms for any transactions or activities related to these tokens, which may hinder their usability in broader contexts.
"Supported"
On the other hand, Fully supported ERC-20 tokens come with a host of additional advantages that enhance user experience and functionality. For instance, users can conveniently view their token balances directly within the iOS TrustVault app and the TrustVault Web interface. This integration allows for better tracking and management of digital assets.
Furthermore, the valuation of these supported tokens can be displayed in the portfolio balance section of both the TrustVault app and TrustVault Web. This feature provides users with a clear understanding of their asset worth, contributing to informed decision-making.
Supported tokens are also displayed natively within the iOS TrustVault app and TrustVault Web, complete with transaction details. This native support means that users can easily access comprehensive information about their transactions, enhancing transparency and trust in the platform.
Moreover, users have the capability to construct transactions for these tokens directly within the iOS TrustVault app and TrustVault Web. This functionality simplifies the process of sending and receiving tokens, making it more user-friendly.
From a technical standpoint, the API for supported assets allows for the creation of transactions by simply passing the asset symbol (for example, LINK). This streamlined process makes it easier for developers and users alike to interact with supported tokens.
Additionally, users who utilize webhooks can receive notifications when ERC-20 tokens are received, complete with a full data payload that includes valuation information. This feature is particularly beneficial for those who want to stay updated on their asset transactions in real-time.
How does a token become supported?
In order for a new token to be added to the list of supported tokens, it must undergo a thorough onboarding process. This process involves several critical evaluations. First, the status of the token is assessed to determine its legitimacy and whether it qualifies as a security. These initial checks are crucial to ensure that only trustworthy tokens are included in the supported list.
Next, the price feeds for the token are examined to ensure there is sufficient liquidity and reliable price data available. These factors are essential for the proper functioning of the token within the marketplace and for providing accurate valuation to users.
Lastly, the popularity of the token is considered, specifically whether it is widely used by clients. A token that has a broad user base is more likely to be beneficial for the platform and its users, thus making it a strong candidate for support.
If you have a specific ERC-20 token in mind that you would like to see added to the "Supported" list, please do not hesitate to contact us. Your suggestions are valuable to us as we strive to enhance our offerings and support for various digital assets.