Why crypto transfers have both an asset and a network

ETH can appear on Ethereum and on Arbitrum One, yet the two networks keep separate records of its movement. A cryptocurrency name therefore gives only part of a transfer's description. It identifies the asset, while the network identifies where the transaction takes place. That distinction explains why a wallet or payment service can display both a cryptocurrency label and a blockchain name. The terminology becomes less obvious when token standards enter the picture. ERC-20, often displayed beside a cryptocurrency name, describes common rules for fungible tokens: units of the same token that are interchangeable with one another.