BEP20 Token Development on Binance Smart Cross-Chain
Every year, the cryptocurrency landscape produces innovative and contemporary developments that challenge the current system and offer upgrades, especially in the Decentralized Finance space. One such recent development was the Binance Smart Chain - the Binance Chain’s equivalent, but offering incentives and benefits never before seen in the Decentralized Exchange spectrum. Our current product of interest is the standard token on the Binance Smart Chain (BSC) is the BEP20 token. The BEP20 token Development has a slew of benefits that make it a lucrative investment, and businesses looking to launch their own BEP20 token are on the right track. At Blockchain App Factory - a seasoned developer and connoisseur of all things Blockchain and DeFi, we create, develop, and launch prolific BEP20 Tokens on the Binance Smart Chain. Having spent several years in the development industry and has launched products like DeFi smart contracts, Lending and Borrowing platforms, Yield farming, Token, and Tokenization development, our expertise has no bounds, making us the capital choice for your BEP20 token development services.
How to Create a BEP20 Token?
BEP20 token is a token standard that is derived from the Binance Smart Chain network. This token standard is similar to the ERC20 token standard of the Ethereum blockchain but with few exceptions. It is a known fact that the Binance Smart Chain is a fork of the Ethereum blockchain, hence, it provides similar functionalities. BEP20 token standard is created for fungible tokens that are developed on the Binance Smart Chain network. This token standard regulates tokens, which includes assuring the tokens that are tradeable when an initial amount can be set. This token standard is perfect for creating fungibility-based applications on the Binance Smart Chain.Thus, this fungible token standard is used for elevating business platforms to great heights. Hence, it is essential for a business platform to create a BEP20 token. There are many ways to create a BEP20 token; generating the token without code lines and creating with the help of a smart contract development company. The former way of creating a BEP20 token standard for the business platform is a very tedious process because it requires a highly skilled development team within the business. This procedure necessitates a significant amount of time and resources. With the latter, hiring a smart contract development company is the best and easy way to create a BEP20 token for the business platforms. This method reduces time consumption and furnishes the Binance Smart Chain project with a wide range of beneficiary factors and features.Binance Smart Chain is one of the best blockchain networks in the digital world. Thus, it is essential for business platforms to adopt this blockchain network and create their decentralized applications. Hence, coming into contact with a top-tier smart contract development company is an ideal solution. Additionally, smart contract development companies provide the business platform with a wide range of additional perks like marketing and technical support at a high level.
Binance Exchange - The most popular Cryptocurrency Exchange
One of the most prominent cryptocurrency exchanges today, the Binance exchange boasts of a high trading volume for a myriad of cryptocurrencies like Bitcoin, Ethereum, Litecoin, and now Altcoin. It offers its users benefits like high liquidity, low transaction fees, and extra discounts for those trading with its native cryptocurrency BNB. Offering services like trading, listing, withdrawing and fundraising, Binance has launched its own blockchain network called Binance Chain, hosting a series of conveniences. The Binance Chain was specifically designed to support Binance DEX. Its primary goal was to facilitate faster transactions. Apart from that, the network allowed users to issue new tokens on the chain, send, receive, and mint tokens, creating trading pairs between two different tokens to name a few. With this network, the Binance DEX holds the capability to handle trading volumes much higher than centralized exchanges.
Binance Smart Chain - The sister network of Binance Chain
The Binance Smart Chain was built in tandem with the Binance chain. It runs parallel to the Binance chain and can also be considered an update to the existing network. It permits creating smart contracts on the blockchain and allows for new staking mechanisms to BNB. The Binance Smart Chain creates a network for traders, validators, token holders, and developers, who can enjoy the utility of both the Binance Network and the BNB token.
Another notable feature of the Binance Smart Chain would be its EVM (Ethereum Virtual Machine) integration that allows users and developers to deploy Ethereum decentralized applications or dApps on the Binance network. Following a Proof of Authority Consensus (PoA) mechanism and a 5 second block time, BSC furnishes its users with high-speed transactions that cost the participants on the network little to no money.
Benefits of BSC Token Development
- Enables creation of Smart Contracts
- Robust staking mechanism for BNB
- Broadens the utility of Binance Chain and BNB
- Cheap transaction fees
- Prolific ecosystem for validators, token holders, developers, and other users
- Provides enhanced performance and copious room for innovations and upgrades
- Increased reliance and acceptance of BSC for Decentralized protocols and applications
The BEP20 Token Development and its Benefits
The BEP20 Token Development is the native, standard token on the Binance Smart Chain Network. It takes after the Ethereum token ERC-20. This token’s main purpose is that it functions as a blueprint or framework that other tokens utilize and defines how tokens can be spent, who can spend them, and other regulations for its utility. This format is quite flexible and stands as an advantageous framework for developers to design and develop their own tokens. Therefore representation of anything in the likes of shares, fiat currencies, etc., is possible.
Listed below are Advantages of BEP20 Token Development ?
- The BEP20 token is analogous to the Binance Chains BEP-2 token and Ethereum ERC-20, making it compatible with both platforms.
- The BEP20 tokens are backed and fuelled by BNB.
- This stands as an incentive for traders and users to continue transacting on the Blockchain because they receive BNB as an additional fee.
- BEP20 allows other tokens within the BSC network to function on other DeFi protocols ranging from wallets, Decentralized exchanges (DEX), dApps, etc.
- BEP-2 tokens can be swapped for their BEP20 counterpart.
- Wallets like the Trust wallet support the BEP20 token so users can, with ease and accessibility, store and draw assets.
- The creation of native tokens on the BEP20 token can be facilitated.
- Other tokens from different blockchains can be pegged on the BEP20 token to be utilized on the Binance Smart Chain. This concept is known as “Peggy Coins,'' which are simply BEP20 versions of other tokens, i.e., the pegged token.
Features of our BEP20 Token Development
The number of tokens that are generated is predefined. So the users who buy tokens will have the assurance that more tokens than the declared amount will not be minted.
You, as the token owner, will be able to mint tokens when and if necessary. You can also stop generating tokens if you wish to inflate the token value.
With our BEP20 Token Development, you have the option to burn them if you want to reduce the circulating supply of them.
As the owner of the tokens, you will have governance over the minting and burning rights to your tokens. It is your call to make.
Addresses to the Admin role and Minter role can be edited whenever you, as the token holder, deem fit.
The tokens that we develop are completely compliant with the standard BEP20 token and adaptable with all BEP20 Wallets. Our tokens will have names that can be customized, symbols, and the designated amount of decimals.
Blockchain App Factory - An Adept BEP20 Token Development Entity
Having developed and launched a multifold number of applications and projects within the cryptocurrency and prolific DeFi ecosystem, we have the experience and proficiency required to take your BEP20 token development project to mammoth heights. We closely follow the cryptocurrency landscape that is exponentially growing, and the latest trends reveal that the global blockchain market size is expected to surge USD 39.7 billion by 2025, at an effective Compound Annual Growth Rate (CAGR) of 67.3% during 2020–2025- In such a lucrative environment, launching BEP20 Token is a prudent investment.
With several years of expertise up our sleeves and solutions that are completely scalable and customizable, our BEP20 token development platform on the Binance Smart Chain is doubtless an astute choice. Give us a call soon or write to us so we can partner with you to take your venture in the right direction.