How to Create BEP20 token? - Create Your Own Token

There are many cryptocurrencies in the crypto market and most of them have similar token standards. Some top token standards are ERC-20, BEP-20, BEP2, BEP1155, and BEP72. BEP-20 is a leading token standard that has a significant impact on the cryptocurrency world. If you want to know how to create BEP20 token then you are in the right place. BEP-20 tokens are a type of digital asset that can be created and used on the BNB Smart Chain (BSC). In this blog, we will explore what is a BEP-20 and BEP-20 token, how they are regulated, how to create a BEP20 token, and their advantages.

What is a BEP-20 and BEP-20 Token?

BEP-20 stands for Binance Smart Chain Evolution Proposal 20. BEP-20 is a popular token standard developed by Binance. The transaction speed of this token is one of the fastest ones on the Binance Smart Chain(BSC). BSC is currently known as the BNB smart chain. BEP-20 is like an extended version of the token model Etheium's ERC-20. It was first created using the ERC-20 standard and later migrated to Binance. It is now a native asset of BNB Smart Chain.

The BEP-20 standard defines the rules and functionalities for creating a BEP-20 token. These rules outline procedures for token transfer, balance inquiry, and other common features of fungible tokens. BEP20 token standard helps users to get a safe and transparent experience in the blockchain.

BEP20 is also cross-compatible with BEP-2 and ERC-20. This compatibility adds extra advantages for users who own other tokens but now want to use the latest version of the BNB smart chain.

BEP20 is very user-friendly for developers who work on blockchain technology. Developers get the flexibility to create decentralized finance (DeFi) applications, gaming platforms, and more based on BEP20.

BNB is used to pay transaction fees on the Binance Smart Chain, rewarding validators for processing BEP-20 token transfers. Users can exchange BEP-2 for BEP-20 using Binance Wallet. So, there is enough flexibility and compatibility to make the BEP-20 the most robust and reliable token standard.

List of Top BEP-20 Tokens

• Swipe (SXP)
• Venus (XVS) 
• WazirX (WRX)
• Cream (CREAM)
• Tether (USDT)
• Binance Coin (BNB)
• Doge Token (DOGE)
• PancakeSwap (CAKE)
• BakeryToken (BAKE)
• Alpha Token (ALPHA)
• BurgerSwap (BURGER)
• Trust Wallet Token (TWT)
• TOKO Crypto Coin (TOKO)

Parameters of the BEP20 Token Standard

The BEP20 token standard is a technical specification that outlines the guidelines for creating tokens on the BNB Smart Chain. This standard consists of four essential parameters: mint, burn, pause, and blacklist. It is crucial for developers who intend to create tokens on the Binance Smart Chain to comprehend these parameters. Developers can guarantee a secure and reliable user experience by adhering to the BEP-20 token standard. It ensures a secure and reliable blockchain user experience.

1. Mint: BEP20 has a very standard token minting feature. A token issuer can supply tokens as much as he wants. One can create any number of required tokens at BEP20. However, making too many tokens can raise inflation and lower the token's value. So, you should be careful when supplying more tokens in one platform.

2. Burn: There is also a feature in BEP20 to lower the supply of tokens. It is called Burn. It helps reduce the number of tokens and maintain the token's value. Burning tokens also help to increase the existing reward token value.

3. Pause: Token users can temporarily stop the token contract in the BEP20 token standard. You can pause the token contract if you face any security issues with the token. The issuer can prevent any other transaction until the issue is resolved.

4. Blacklist: Token issuers can block users from using the token created with the BEP20 standard. This will prevent any unusual activity that is not legal on that token. Thus, the issuer can ensure proper safety and lawful use of that token.

How To Create BEP20 Token - Step By Step Guide

Creating a BEP20 token by understanding its features takes time. But here we will discuss the step-by-step guide for creating a new BEP20 token with easy guidelines.  Creating BEP-20 is not totally free. But this guideline will also help you create any new token in a moment.

1. Choose A Reliable Wallet

If you are determined to create a BEP20 token, you must choose a reliable crypto wallet. There are many crypto wallets for blockchain apps. MetaMask is a good option for a crypto wallet. If you do not have an account, download the MetaMask app and create one.

2. Set Wallet For Test  Network

There are many test networks available on the internet. Chainlist is a popular one that helps to create a new BEP20 token. It has an extensive list of EVM networks. Mark the Include Testnets and Search for BNB; you will get a BNB Smart Chain Testnet. Connect your crypto wallet with this network. Then, use your wallet address and request some BNB in this Testnet. After a few moments, you will get the BNB in your wallet. Now, you have everything to create a BEP20 token.

3. Write the Code For Token

Many websites help to create industry-standard codes for token building. You can visit OpenZepplin to scaffold your token code. From the Contracts library, visit Contracts Wizard. Select ERC20 for scaffolding your token code.

We are building a BEP20 token, but that is not there. BEP20 is based on the ERC20 token. So,  we can use their ERC20 token to build a new BEP token.

You can name your token and symbol. You can also select how many you want to mint to start. You can also add other features, access control, and upgradeability options for your token.

4. Review and Deploy The Code

Open the code in Remix mode. This will open a new tab with the scaffold code. You can see the pragma solidity version used for developing your token.

From the left menu, click on the DEPLOY & RUN TRANSACTIONS. From the Environment, choose Injected Web3. That will actually connect your crypto wallet and take the wallet information. Thus, the remix will act with the BNB smart chain. Select the correct contract and then deploy your codes.

In this step, you have to confirm the transaction from your wallet. At this point, it is deploying to the blockchain. After some moments, you will get the successful deployment confirmation message. Thus your BNB token is generated and you will get a unique address.

5. Test Your BEP20 Token

To check your new BEP20 token, copy the address and check on BscScan. You will find the recently created BEP-20 token here with the timestamp. This is how you create a BEP20 token. From here, you can take this token to the mainchain.

Benefits of Using BEP-20 Tokens

BEP-20 tokens are famous for various blockchain-based applications. There are several benefits to using BEP-20 tokens on the BNB smart chain. Some of the key advantages include:

1. Interoperability

BEP-20 tokens are compatible with the BNB Smart Chain. They can be transferred and utilized conveniently within the Binance ecosystem. You can use them with decentralized applications, exchanges, and other blockchain-based platforms.

2. Low Transaction Fees

The BNB Smart Chain has lower transaction fees than other blockchains like Ethereum. BEP-20 token transactions are cost-effective, especially for trading, transferring, and using smart contracts.

3. Listing Opportunity

BEP20 tokens can be easily listed on the crypto exchange network. So, after creating a BEP20 token you can trade it in the decentralized market.

4. Fast Transaction Confirmation

The BEP-20 has a fast block time of around 3 seconds. It results in quicker transaction confirmations. This is perfect for DeFi trading and gaming platforms that demand speedy transactions.

5. Ecosystem Support

BEP-20 tokens are part of the growing BNB Smart Chain ecosystem. This includes many projects, services, and decentralized applications (dApps) that use BEP-20 tokens.

6. Integration with Binance Exchange

BEP-20 tokens are supported on Binance, one of the largest cryptocurrency exchanges in the world. It enables trading BEP-20 tokens on Binance's centralized exchange easier. Thus, Binance gives BEP20 tokens more liquidity.

7. Smart Contract Functionality

BEP-20 tokens use smart contract technology so that developers can add custom features. This flexibility enables various use cases, such as DeFi, non-fungible tokens (NFTs), and governance tokens.

8. Community and Adoption

The BNB Smart Chain has a large and growing community of developers. This helps to increase the use and adoption of BEP-20 tokens. This community encourages innovation, collaboration, and new decentralized applications for BEP-20 tokens.

Conclusion

Now that we have talked a few thousand words about how to create BEP20 token, let's conclude with some essential information.

There are many token standards with different purposes. BEP20 is the popular token standard in Binance. BEP20 defines a set of rules for BEP20 tokens. Clearly define your purpose before creating your tokens or using the BEP20 token for your new project. Otherwise, your time and money investment will be a waste. BEP20 tokens have many advantages, but you should also consider the limitations when choosing BEP20 for your project.