WHAT IS TOKEN-2022?

Summary from the TLDR Crypto newsletter

This blog from Helius dives into Solana's Token2022, an upgrade to its current token program. It introduces extensions for enhanced functionality while maintaining functionalities like minting, transferring, and burning tokens. New features include transfer fees, transfer hooks, closing mint, interest-bearing tokens, non-transferable tokens, confidential transfers, memos on incoming transfers, immutable ownership, default account state, and permanent delegate. These additions meet the growing demand for more complex and adaptable token features, providing developers more flexibility. Despite similar features on Ethereum and Binance Smart Chain, Solana's speed, low transaction costs, and Token2022's new functionalities could provide a competitive edge in the L1 race.