How I Searched for the Very First ERC20 Token

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The story of Ethereum’s evolution is written in code—buried in transactions, contracts, and event logs scattered across the blockchain. While sifting through historical Ethereum data, I found myself asking a seemingly simple question: What is the very first ERC20 token?

It’s a question that blends curiosity with technical archaeology. To answer it, we need to understand not just what defines an ERC20 token, but also how early developers interpreted—and sometimes anticipated—the standard before it was formally adopted.

Understanding the ERC20 Standard

At the heart of every ERC20 token lies a set of rules defined by EIP-20, the Ethereum Improvement Proposal that standardized how tokens behave on the Ethereum network. The core functions include:

Additionally, the standard requires emitting a Transfer event whenever tokens change hands. This event became my starting point in the search.

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The First Transfer Event – A Red Herring?

The earliest recorded Transfer event dates back to October 2015, just months after Ethereum's mainnet launch. It originated from a contract designed as a simple bank, storing users’ ETH balances and emitting a Transfer event upon withdrawal.

You can view the transaction here, and its decompiled bytecode here. However, this contract only used the Transfer event—it didn’t implement any other ERC20 functions. No totalSupply(), no balanceOf(), and certainly no approval logic.

So while it technically emitted the right event, it wasn't a token at all—just a clever coincidence. This wasn’t the origin story I was looking for.

MistCoin: The Almost-ERC20 Pioneer

Just four days later, another contract emerged with more promise: MistCoin.

Deployed on November 3, 2015, MistCoin predates the finalization of the ERC20 standard by mere days. It implemented key functions like transfer() and totalSupply(), along with optional ones such as name() and decimals(). For early-stage development, this was impressive.

But there was one fatal flaw: it lacked approval functionality. Without approve(), allowance(), and transferFrom(), it couldn’t support delegated spending—an essential feature for decentralized exchanges and smart contract integrations.

Still, MistCoin deserves recognition. In spirit, it was ERC20-like. In practice, it fell short. I’d call it “ERC19.5” — innovative, forward-thinking, but not fully compliant.

Why Did Early Contracts Skip Approval?

You might wonder: why didn’t these early developers include approval mechanisms?

The answer lies in context. In late 2015:

To most developers, adding approval logic may have seemed unnecessary overhead—like installing seatbelts in a go-kart. The ecosystem hadn’t yet evolved to demand interoperability.

Over 180 early token contracts share this trait: they mimic parts of ERC20 but miss critical components. They’re relics of an experimental era.

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The Real First: elcoin

After hours of scanning through bytecode, event logs, and decompiled functions, I found it—the true pioneer.

Meet elcoin, deployed on January 27, 2016, with a total supply of 200 trillion tokens (yes, trillion). While its source code isn’t publicly verified, analysis of its bytecode confirms full compliance with the ERC20 standard.

How do we know?

Because it includes the function selectors for all mandatory approval-related methods:

These are not optional extras—they’re required for true ERC20 status. And elcoin had them from day one.

You can explore the token contract here, and witness the first token transfer here.

This wasn’t just a token that looked like ERC20—it was built to be one.

Core Keywords in Context

Throughout this journey, several core keywords naturally emerge:

These terms reflect both technical depth and search intent, helping readers and search engines alike understand the significance of elcoin’s discovery.

FAQ: Frequently Asked Questions

Q: Is elcoin still active today?
A: While elcoin’s contract remains on the Ethereum blockchain, it is largely inactive. Its historical value far outweighs its current utility.

Q: Can a token be ERC20 without verified source code?
A: Yes. As long as the deployed bytecode implements all required functions and events, a token qualifies—even without public source code.

Q: Why does approval functionality matter in ERC20?
A: Approval enables secure interactions with third-party contracts, such as DEXs or lending platforms, allowing users to set spending limits without transferring ownership.

Q: Could there be an older ERC20 token that never made a transfer?
A: Technically, yes. My search was based on Transfer event logs. A compliant contract that never moved tokens would not appear in this dataset—making it invisible to this method.

Q: What tools can I use to analyze old smart contracts?
A: Etherscan’s bytecode decompiler, Tenderly for simulation, and manual ABI reconstruction are powerful tools for reverse-engineering legacy contracts.

Q: Was the ERC20 standard finalized when elcoin launched?
A: By January 2016, the EIP-20 draft was well-circulated and functionally stable, even if not formally finalized. Developers were already aligning with its structure.

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Final Thoughts

Finding the first true ERC20 token wasn’t just about tracing timestamps—it was about understanding intent, design choices, and ecosystem maturity. elcoin stands as a milestone: the first known contract to fully embrace what would become one of the most influential standards in blockchain history.

It reminds us that innovation often happens quietly—without fanfare, documentation, or verification—yet leaves an indelible mark on the future of technology.

And who knows? Maybe somewhere in Ethereum’s uncharted corners, an even earlier compliant contract waits to be discovered—silent, dormant, but compliant.

If you find it… you’ll make crypto history.