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Tokens are virtual assets on Ethereum that serve analogous functions to cash or existing bearer instruments — e.g. tickets, coupons, stock and bond certificates, vouchers, food stamps, and deeds — that entitle holders to different things, similar to how we use cash. Organizations operating on Ethereum may issue tokens in order to grant holders access to their goods and services, entitle them to company dividends, and to participate in governance of their business model.

DEXWatch exclusively lists ERC20 tokens on the Ethereum main network. ERC20 is an open source software standard set by the Ethereum community. ERC20 defines a best practices API for transferring tokens and keeping a consistent record of those transfers in the Ethereum Network, which allows tokens to be exchanged via decentralized exchanges. All ERC20 tokens are issued by a smart contract, the colloquial term for an Ethereum software application, which is also responsible for generating and managing the token's supply. A token’s specific design and purpose may be further encoded into this smart contract or a set of related smart contracts.