Cryptocurrency Development Tutorials, Guides & Insights

npm install ethers
npm install axios

In this step, we will use Ethers.js to query the balance of an ERC-20 token for a specific Ethereum address.

Once you have written the script, run it from your terminal:

node etherscanBalance.js

const ethers = require('ethers');

// Replace this with your Ethereum wallet's private key or mnemonic phrase
const privateKey = 'YOUR_PRIVATE_KEY_OR_MNEMONIC';

// Use a public Ethereum node URL (this is a public node for demonstration purposes)
const publicProvider = new ethers.JsonRpcProvider('https://mainnet.publicnode.com');

// Create a wallet instance using your private key and connect it to the public node provider
const wallet = new ethers.Wallet(privateKey, publicProvider);

// Function to get the balance of the wallet
async function getWalletBalance() {
    // Get the wallet's balance in wei
    const balanceInWei = await wallet.getBalance();

    // Convert the balance from wei to Ether for readability
    const balanceInEther = ethers.utils.formatEther(balanceInWei);

    // Log the results
    console.log(`Wallet Address: ${wallet.address}`);
    console.log(`Wallet Balance: ${balanceInEther} ETH`);
}

// Execute the function
getWalletBalance();

• Replace 'YOUR_PRIVATE_KEY_OR_MNEMONIC' with your actual Ethereum wallet's private key or mnemonic phrase.
• For the Infura method, replace 'YOUR_INFURA_PROJECT_ID' with the Infura Project ID you received when you created your Infura account.

The "0x000000000000000000000000000000000000dead" address is used as a burn address because it is widely recognized as a destination for token destruction. Since tokens sent to this address are permanently locked and cannot be retrieved, it’s an ideal address for conducting token burns. It is a well-established convention across many blockchain projects.

For example, in token burn events, project developers often send tokens to this address to signal to the community that those tokens are now out of circulation. This is usually followed by a public announcement, detailing the number of tokens burned and the reasons behind the burn.

This Flask app listens for POST requests on /webhook and prints the received data. You can expand this to handle specific webhook events like order fills, price alerts, etc.

Managing open orders and closing positions is essential for effective trading. Pybit makes it straightforward to close orders.