This is a major step forward for the ecosystem because it means that developers can interface with the ICP Ledger, all the SNSes Ledgers, the ckBTC Ledger and many more Ledgers using a single standard interface defined by the Ledger&Tokenization Working Group. Next we will work on the implementation of the ICRC-2 standard for all our Ledgers.
Let me use this opportunity to thank every contributor to the Ledger&Tokenization Working Group and all the people that contributed in the discussion on the token standard.
Does this mean that a block explorer can now track transactions? Its a key point for DEFI kick-off on ICP so please promote it. BTW tokens released on a ICRC1 standard will me automaticaly upgraded to ICRC2 once released. I mean… I don’t see thepoint on releasing a token on ICRC1 standard if it is going to get deprecated once ICRC2 is released.
You should guys communicate better on this matter.
I think he means applications (eg DEXs) might be built on the assumption that ICRC-2 is implemented, not supporting ICRC-1-only tokens for practical reasons. Hence a non-upgradable ICRC-1 token launched today could be excluded from the ecosystem in practice.
A bit of a basic question but does this (only) mean that the protocols are now compatible, or that ICRC-1 token canisters’ transaction history will automatically or with some configurable setting be stored by the ICP Ledger without the need for ad-hoc implementation of archives and transaction storage systems and resources to sustain them on a token-by-token basis?
Block explorers can track ICP transactions but this was true since before ICRC. The ICP Ledger always exposed transactions so that you can verify what’s going on. You can check our dashboard for example. DFINITY provides an application called rosetta node which creates a database with all the transactions in the ICP Ledger and can be used to provide something like a block explorer.
ICRC-2 is an extension of ICRC-1. In other words, ICRC-1 is a requirement to implement ICRC-2. ICRC-1 won’t be deprecated. For instance, icrc1_metadata, icrc1_balance_of and icrc1_supported_standard are all relevant regardless of which transfer primitives one decides to use.
The support for ICRC-1 in the ICP Ledger is important because it means that developers don’t have to write custom code for the ICP Ledger anymore . If your app works against ICRC Ledgers then it will work for the ICP Ledger, all the SNS Ledgers, the ckBTC Ledger… It’s a major simplification and it’s an important one because ICP is an important token to support.
Yes, all good at the standards level. What I think he/she meant is at the individual token level, meaning, if today a community project deploys a token that only adheres to the ICRC-1 standard and not to the ICRC-2 or other standards, and you make that deployed canister unapgradable for security or other reasons (many defi tokens in crypto have “ownership renounced” or are “non-upgradable” for security reasons), then that token would run into problems down the line if it turns out that for practical reasons, the defi ecosystem in the IC does requires ICRC-2 endpoints in their apps (eg because they don’t want to make a DEX without a icrc2_approve() function because it just turns too complicated or insecure to develop internal DEX logic without it).
In that sense, and I don’t know but that’s how I understood the above comment by gatsby, people could be in trouble if they deploy an (only) ICRC-1, (non-ICRC-2, 3, 4) token today.
Do I as a deployer / maintainer / holder of such a token need to worry about creating archival logic, spinning out archive canisters to store transactions, feed them cycles, etc, or is all that handles automatically / only requires feeding the base token canister cycles?
I can speak only for the ICP Ledger and ICRC-1 Ledger. Both Ledgers automatically create archive nodes but leave the cycles management to you. I suggest to have a look at services that can top up your canisters automatically or write a simple script that does it for you.
The ICP Ledger doesn’t really affect ICRC tokens maintainers. The new upgrade of the ICP Ledger mainly affects developers of services that need to integrate with Ledgers because now they can integrate the ICP Ledger using the same code they use to integrate with the ICRC Ledgers.