What is a Memo/Destination Tag?
Memo or Destination tag ensures recipients do not end up losing cryptos during the transaction process. This feature is required by a selected list of cryptocurrencies.
Which cryptocurrencies require Destination tag (Memo) technology on Liquid?
Ripple (XRP)
Stellar (XLM)
Monero (XMR)
NEM (XEM)
Electroneum (ETN)
SIX (SIX)
SophiaTX (SPHTX)
Atom (ATOM)
Clarity Token (CLRX)
ThreeFold (TFT)
HOT Token (HOT)
Hedera Hashgraph (HBAR)
WOLLO (WLO)
Cryptocurrencies mentioned above support numeric-only or alphanumeric Destination Tag/Memo.
Does Memo replace wallet addresses?
Memo Tag does not replace the wallet address. Instead, it acts as a secondary, additional method of identifying the correct recipient.
Why use Memo?
Most centralized cryptocurrency exchanges use a single address for all traders who deal with cryptocurrencies that use the Destination Tag/Memo technology. Therefore, Memo acts as an identifier to pinpoint the correct recipient.
Note: You do not need to enter the Destination Tag/Memo while withdrawing cryptos to a private wallet. A personal wallet provides users with complete control over the public and private keys. For example, Metamask or Ledger.