Token Standards and NFTs Flashcards
7 cards from real Blockchain Technology practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Token Standards and NFTs flashcards as text
What does the ERC-4626 standard define?
Answer: A tokenized vault standard for yield-bearing tokens
ERC-4626 standardizes interfaces for vaults that issue shares representing deposited ERC-20 assets.
In ERC-4626, what does the convertToShares function estimate?
Answer: How many vault shares a given amount of underlying assets is worth
convertToShares returns the share amount corresponding to a deposit of underlying assets at current rates.
What is a 'soulbound' token?
Answer: A non-transferable token bound to a single address
Soulbound tokens (SBTs) are designed to be non-transferable, representing identity or credentials.
What does ERC-4907 add to the ERC-721 NFT standard?
Answer: A rental role with a user and expiry separate from the owner
ERC-4907 introduces a 'user' role with an expiration, enabling NFT rentals without transferring ownership.
Why is wrapping (e.g., WETH) used in token ecosystems?
Answer: To make native ETH conform to the ERC-20 interface
Native ETH isn't ERC-20 compliant, so WETH wraps it 1:1 to interact with ERC-20-based contracts.
What distinguishes a semi-fungible token, well-suited to ERC-1155?
Answer: It is fungible until an event, then becomes non-fungible (e.g., a redeemable ticket)
Semi-fungible tokens are interchangeable while valid, then become distinct once redeemed or used.
What does the ERC-20 totalSupply function return?
Answer: The total amount of tokens in existence
totalSupply returns the aggregate number of tokens currently issued by the contract.