ERC-3643 Validated As The De Facto Standard For Enterprise-Ready Tokenization

Ready for an exciting year of tokenization?

Last week, the ERC-3643 standard achieved a significant achievement by attaining ‘Final’ status in its Ethereum Improvement Proposal (EIP). This indicates its validation by the official Ethereum community.

The EIP is a rigorous process mandatory for all Ethereum-based standards, including prominent ones like ERC-20 and ERC-721. Achieving the final status signifies a major milestone for the tokenization industry, as ERC-3643 now provides an official token standard for compliant tokenization.

As the initial creator of the ERC-3643 standard, we identified an essential requirement for a unified standard to achieve interoperability. From its inception, we committed to an open-source approach. Initially known as the T-REX (Token for Regulated EXchanges) protocol, this protocol embodied our vision for a more interconnected and efficient tokenization ecosystem with built-in compliance.

In 2021, we submitted the T-REX protocol to the EIP, aspiring to establish it as an official standard. This journey, though extensive and intricate, involved the process of evolving from Draft to Stagnant, then to Review, and ultimately achieving Final status after two years of dedicated effort.

Today, ERC-3643 is the de facto standard for enterprise-ready tokenization, with highlights including:

✅ Validated by the Ethereum community: Earning the ‘Final’ status ensures official recognition and trust from the EVM developer community.

✅ Audited by Hacken: The audit results yielded a flawless score of 10/10, serving as a testament to the high level of security and integrity that the protocol offers.

✅ Supported by institutions: Prominent institutions and firms, like Apex Group, Invesco, Aztec, CMS, DLA Piper, and Polygon have formed a non-profit association to catalyze worldwide adoption of the ERC-3643.

✅ 6-year track record: The standard has been used to tokenize over $28 billion in assets for hundreds of projects over the past six years.

2023 marks the dawn of institutional tokenization, and we believe that institutions will increasingly embrace tokenization. The audited and validated ERC-3643 standard is set to expedite this shift in 2024!

It is an exciting day for Tokeny’s brainchild. We encourage anyone interested in tokenizing or wanting to implement ERC-3643 to access the code on GitHub here.

However, building a tokenization platform is more than just deploying smart contracts. We have built a no-code and API-ready platform for enterprises to start securely and quickly with an easy UI and UX.

We wish you a Happy New Year!