As the first orderbook decentralized exchange (DEX) on Aleo, we are thrilled to announce we will soon unveil ARC20 — a new token standard tailored for Aleo. Our upcoming token creation feature will allow all users to easily generate ARC20-compliant tokens.
New Feature
As Aleo’s premier DEX, we recognize the need for a unified token standard on the network. The ARC20 standard will fuel growth of the Aleo ecosystem by providing a common format for new projects. We are discussing with Demox Labs to design ARC20 specifically for Aleo and its privacy features. Below is the initial framework on how we design the standard.
Launching next week, our ARC20 token creation tool will empower Aleo users to mint their own ARC20 tokens. This hands-on experience will showcase ARC20’s capabilities and kickstart fresh token innovations on Aleo. We encourage everyone to try creating ARC20 tokens to enrich the testnet community. In the next version, we’ll implement a review process before launching new tokens. However, tokens created during this initial period will be unaffected. For now, we want users to rapidly prototype and demonstrate ARC20’s potential.
What’s ARC20?
Currently on Aleo platform there lacks an ARC(Aleo Request for comments) standard for user defined tokens similar to ERC-20, a basic token standard on Ethereum. This might be an essential precondition for every Defi projects on Aleo. We propose an ARC with the name ARC20 to salute ERC-20. ARC20 introduces a design for fungible tokens just like ERC-20 which is upgradeable and scalable.
ARC20 is somehow similar to ERC-20 standard, especially in terms of functions and terminologies. We also introduce some more features corresponding to Aleo special features, i.e. private records, to provide better user privacy protection than Ethereum.
The ARC20 standard will lays the foundation for many new private tokens to emerge on Aleo. More tradable tokens means more opportunities for privacy-preserving trading on our DEX. Unveiling ARC20 is our most exciting update yet. It will empower the Aleo community to launch decentralized projects while cementing our DEX as the premier destination for private token trading. We believe this will benefit all Aleo users and can’t wait for you to try it!
Certainly, if you have more ideas, you are welcome to participate in our discussion about ARC20. We believe that more discussions will help improve ARC20 even further.
