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Is it a big deal if a coin is in ERC20 or TRC20 or BEP20 etc? Should this affect what coins I stake/get?

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by COINS NEWS 238 Views

I hope this isn't a stupid question and I know it's DYOR here but I can't find a proper answer in Google. TLDR, is it bad if I stake coins outside ERC20? Especially if ERC20 seems like the most common ecosystem (?) in the industry.

My personal context: I have around USD 500 in Polkadex/PDEX that I plan on staking but I read now they want to migrate of some sort to their own ecosystem. I'm still trying to comprehend how to do the "migration" process, and after Googling I'm still not seeing the overall importance of having a token inside or outside the ERC20 etc.

I have a vague idea that there are different ERCs for different purposes, and that Ethereum's ERC20 is for coins. And there's ERC for NFTs, and even a hybrid one. I don't get how it works technically, but I understand the gist more or less.

I searched about TRC20 and BEP20 etc. and it seems they're coins in another network. But now I'm confused, does a token get to choose only one of them or can they exist in all of them? And if so, how does that affect us traders?

Also, are there big implications if I choose to stake a coin that's outside ERC20? Because from my understanding, a lot of token recommendations begin by saying they're in ERC20 so I'm confused why there's other types???

Really confused with this part of crypto and would really appreciate your input. Thanks.

This is the news I'm talking about btw

submitted by /u/LoriannCline
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