fiat money</strong></a> or other cryptocurrencies.</p>\n<p>Users who want to trade directly between two crypto tokens are sometimes unable to do so due to the limited <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-liquidity/">liquidity and number of trading pairs available on each exchange. They are obliged to include the intermediary step of changing into and out of fiat money or one of the more popular cryptocurrencies (such as <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin or <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum) rather than making a direct trade.</p>\n<p>Though some exchange services actively address this problem by combining multiple other exchanges and obtaining liquidity from them. <strong>Thus, traders are able to directly swap between two digital currencies without the hassle and double fees</strong> that come with completing a trade in two steps. <a href=https://www.bitdegree.org/"https://en.wikipedia.org/wiki/&lt;strong&gt;ShapeShift&lt;/strong&gt;/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>ShapeShift</strong></a>, <a href=https://www.bitdegree.org/"https://golden.com/wiki/&lt;strong&gt;AirSwap&lt;/strong&gt;-39PM6YP/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>AirSwap</strong></a>, and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-metamask/">MetaMask are a few of the services that allow token swaps.</p>\n<h3>The Migration</h3>\n<p>Users of cryptocurrencies, such as ETH, QTUM, and NEO can create new crypto tokens on top of their blockchains. 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href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin or other cryptocurrencies are related to illegal conduct. Taint also simply measures the correlation between two <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-address/">wallet addresses</strong></a>.</p>","level":"easy","meta_title":"What is Taint? Definition & Meaning | Crypto Wiki","meta_description":"Taint meaning: Taint - refers to the cryptocurrency percentage in one account that can be traced back to a different account.","meta_keywords":null,"language":"en","created_at":"2022-03-31T13:34:56.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-taint"},"prevSection":{"id":759,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Token Standard?","slug":"what-is-token-standard","section":"T","keyword":"Token Standard","status":"published","definition":"a subset of the smart contract standard that is frequently included to explain how to generate, issue, and deploy new tokens.","content":"<p>The <strong>token standard</strong> is a subset of the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contract</strong></a> standard that describes how to create, issue and deploy new <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-token/">tokens based on the underlying <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain.

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What is a smart contract standard? </em>In the most basic sense, it outlines the rules that the smart contract must follow in order to actually use the underlying blockchain network. In addition, it outlines the application-level standards for blockchains that are designed for smart contracts and other <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">decentralized applications (<strong>DApps)</strong></strong></a>.&nbsp;</p>\n<p>By setting the standard, a smart contract must follow the standards in order to perform basic activities like token creation and transaction execution. The aforementioned token standards, <strong>name registries</strong>, library or package formats, and much more can all be a part of the smart contract standard.</p>\n<p>Smart contract standards are vital in the blockchain network because they effectively specify how to use the network. A strong standard can make communication between different smart contracts within the same blockchain network more efficient.</p>\n<p><a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum is now the most widely used blockchain for creating smart contracts, and it has built a number of standards to support diverse smart contracts. The <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-ethereum-request-for-comment-erc/">Ethereum Request for Comment (ERC)</strong></a> is the most widely used token standard today, with variants such as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-1155/">ERC 1155</strong></a>, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-20/">ERC-20, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-777/">ERC-777, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-721/">ERC-721, and so on.</p>","level":"easy","meta_title":"What is Token Standard? Definition & Meaning | Crypto Wiki","meta_description":"Token Standard meaning: Token Standard - a subset of the smart contract standard that is frequently included to explain how to generate, issue, and deploy new tokens.","meta_keywords":null,"language":"en","created_at":"2022-03-31T12:25:04.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-token-standard"},"currentChapter":"T","currentSection":"what-is-token-swap","chapterTitle":"T","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-token-swap","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">

Handbook Cover Page
Crypto Terms: Letter T

What is Token Swap?

Token Swap MEANING:
Token Swap - a direct exchange of tokens between users or the migration of tokens from one blockchain to another.
Medium
2 minutes

Let's find out Token Swap meaning, definition in crypto, what is Token Swap, and all other detailed facts.

A token swap refers to two things – the direct exchange of tokens between users and the migration of tokens from one blockchain to another.

The Direct Exchange

On the market, there are numerous exchange services that allow users to purchase and sell cryptocurrencies for fiat money or other cryptocurrencies.

Users who want to trade directly between two crypto tokens are sometimes unable to do so due to the limited liquidity and number of trading pairs available on each exchange. They are obliged to include the intermediary step of changing into and out of fiat money or one of the more popular cryptocurrencies (such as Bitcoin or Ethereum) rather than making a direct trade.

Though some exchange services actively address this problem by combining multiple other exchanges and obtaining liquidity from them. Thus, traders are able to directly swap between two digital currencies without the hassle and double fees that come with completing a trade in two steps. ShapeShift, AirSwap, and MetaMask are a few of the services that allow token swaps.

The Migration

Users of cryptocurrencies, such as ETH, QTUM, and NEO can create new crypto tokens on top of their blockchains. These second-layer tokens can use the security and popularity of underlying platforms without having to invest time and money into building their own ecosystem from scratch.

However, in some situations, the platform on which a coin is developed might become insufficient for its current requirements. For instance, a developer might decide to design a token on Ethereum's blockchain to take advantage of its vast user base. Though he/she might later realize that different fundamental characteristics are needed for the actual launch of the product. In this scenario, a developer could do a token swap, in which he/she would move the token from one blockchain to another while keeping all address balances.
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