In a <a href="https://www.coinbase.com/blog/coinbase-announces-new-asset-recovery-tool-for-erc-20-tokens" target="_blank" rel="nofollow noopener">blog post</a>, Coinbase (COIN), a U.S.-based cryptocurrency exchange, announced a tool that allows users to restore more than 4,000 ERC-20 tokens that are submitted to its ledger but are not currently supported. All digital currencies built on the <a href="https://www.cryptoknowmics.com/news/starkware-launches-starknet-crypto-token-on-ethereum-blockchain">Ethereum blockchain</a> are referred to as ERC-20 tokens.
<h2>Restoration Tool for Lost ERC-20 Tokens</h2>
Will Robinson, vice president of engineering at <a href="https://www.cryptoknowmics.com/news/coinbase-says-law-enforcement-requests-surged-66-from-year-ago">Coinbase</a>, told the resources that it had become a problem for users who had sent the digital currencies built on the Ethereum blockchain to a Coinbase recipient address. These resources were essentially trapped when someone unintentionally sent them, until this moment.

Customers, except those in Japan or <a href="https://www.cryptoknowmics.com/news/coinbase-prime-network-receives-industry-attestation-reports">Coinbase Prime</a> subscribers, will be able to utilize the service within the next several weeks. In addition to a separate network cost that is charged for all recoveries, there will be a 5% restoration fee for sums exceeding $100.
<h2>Development of Ethereum Blockchains</h2>
ERC-20 tokens are commonly used by users who trust the networks that underpin those tokens and developers who wish to construct their own tokens on the Ethereum blockchain, even if transactions of these tokens aren't particularly substantial. <a href="https://www.cryptoknowmics.com/news/uniswap-foundation-suggests-changes-to-crypto-dexs-governance">Uniswap (UNI)</a>, <a href="https://www.cryptoknowmics.com/news/llama-and-gauntlet-propose-covering-1-6m-in-aave-bad-debt">aave (AAVE)</a>, 0x (ZRX), and <a href="https://www.cryptoknowmics.com/news/chainlink-labs-and-landvault-collab-to-grow-web3-metaverse-applications">chainlink (LINK)</a> are some of the most well-known ERC-20 tokens.

According to Coinbase, consumers who can give their Ethereum transaction identity for the missing assets and their contact details can now retrieve some of those ERC-20 tokens.
<h2>No Quality Presentation of Assets</h2>
Robinson stated that the exchange makes no quality representation of these assets because they have not gone through the evaluation process but facilitating the refunds that were originally issued unintentionally.

Coinbase stated that recovery for tokens other than those built on the ERC-20 standard could become accessible in the future, but the exchange is not willing to commit at this time.

Coinbase Launches Restoration Tool for Missing ERC-20 Tokens

In a blog post, Coinbase announced a tool that allows users to restore over 4,000 ERC-20 tokens submitted to its ledger but are not currently supported.

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

Coinbase Launches Restoration Tool for Missing ERC-20 Tokens

Top Picks