Coinbase Launches Restoration Tool for Missing ERC-20 Tokens

Restoration Tool for Lost ERC-20 Tokens

Will Robinson, vice president of engineering at Coinbase, 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 Coinbase Prime 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.

Development of Ethereum Blockchains

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. Uniswap (UNI), aave (AAVE), 0x (ZRX), and chainlink (LINK) 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.

No Quality Presentation of Assets

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.