Create a Bep20 Token – As Easy As Pie

The Binance Smart Chain (BSC) provides a powerful platform for creating decentralized applications and facilitating tokenized transactions. With its lightning-fast transaction speeds, low fees, and compatibility with the Ethereum Virtual Machine (EVM), it offers an appealing alternative to the Ethereum blockchain. The BEP-20 token standard, like Ethereum’s ERC-20 token standard, adds the same functionality to the Binance Smart Chain. Despite differences in underlying networks, the implementation of BEP-20 tokens is similar to that of ERC-20 tokens, thanks to BSC’s integration of the Ethereum Virtual Machine. This guide is a useful resource for developers interested in BEP-20 tokens, whether they are launching a startup or a DeFi project. It covers the fundamentals of creating BEP-20 tokens, deploying smart contracts, minting tokens, and integrating Binance Smart Chain. By the end of the guide, developers will have the knowledge and tools they need to create their own BEP-20 token and contribute to the decentralized finance ecosystem.

Overview of BSC 

The BNB Chain is part of the Binance Smart Chain (BSC). This blockchain platform combines Ethereum’s versatility with innovative features such as Proof of Staked Authority (PoSA). PoSA is a consensus algorithm that enables fast and low-cost transactions, making it a desirable platform for developers. While BNB Chain may not be the primary focus of BEP-20 token development, its integration into the broader BSC ecosystem demonstrates the technical foundation upon which BEP-20 tokens function. Understanding the mechanics of the BNB Chain, such as its Proof of Staked Authority (PoSA) consensus mechanism and EVM compatibility, can offer insights into the security, scalability, and interoperability of BEP-20 tokens. Furthermore, BSC is a programmable blockchain that allows for smart contracts and EVM compatibility. This enables developers to work with existing Ethereum tools to create decentralized applications and deploy BEP-20 tokens. BSC’s one-second block time and instant transaction facility add to its appeal.       Now, let’s talk about the BEP-20 token.

What is BEP 20 Token?

BEP-20 token is a native token of the BNB Chain. BEP-20 is a standard for tokens that builds upon the framework set by the ERC-20 standard. The BEP-20 and ERC-20 token standards are both responsible for creating fungible tokens, which are interchangeable. Developers can deploy smart contracts(Link) and interact with familiar tools like Remix, Brave Wallet, and OpenZeppelin. It facilitates the asset tokenization and creation of decentralized applications.  The Binance Bridge simplifies the process of transferring assets from the Ethereum main chain to BSC, broadening the accessibility and utility of BEP-20 tokens while enhancing liquidity across the broader blockchain ecosystem.  BEP-20 tokens are a sought-after choice for startups, entrepreneurs, and businesses looking to leverage blockchain technology. Trust Wallet supports BEP-20 tokens and their faster transaction speeds, leading to a growing demand for BEP-20 token development services. BEP20 provides the basic framework necessary for BEP20 token development.

Step-by-Step Guide to Create and Deploy a BEP20 Token

Before you start, you’ll need a web3 wallet like MetaMask, enough BNB tokens to cover the fees, and some token information ready. Creating a BEP20 token on the BSC is fairly simple and here are the steps involved;

1. Adding BSC Network to your MetaMask Wallet

Before generating a BEP20 token, you need to integrate the BNB Chain into your MetaMask wallet. This enables you to interact with the network and deploy your token onto the blockchain. Here’s how to do it:

• • Launch MetaMask and navigate to the networks tab.
  • Select “Custom RPC” to configure a custom network.

By following these steps, you’ll successfully add the network to your MetaMask wallet, allowing you to proceed with the process of generating your BEP20 token. To connect your wallet to the BSC Testnet, fill out the given forums.

2. Connect Wallet to TokenTool

Connect Your Wallet to Token Tool (It is like plugging your wallet into a tool that helps you make tokens). 

→ Token Tool is a website or platform that makes it easy to create and manage BEP20 tokens (which are like digital assets on the BSC network). 

Steps to Connect Wallet to Token Tool

• • Use the “Connect Wallet” button at the top right.
  • Ensure the same network is on the Token Tool and wallet.
  • Ensure sufficient BNB funds for fees.

3. Choose the Token Standard

• • Choose “Create Token”
  • Select “DeFi Token” tab
  • Configure token parameters as desired.

4. Indicate the BEP20 Token Properties and Features

• • Determine the token’s name, symbol, total supply, and decimals.
  • Implement new features such as burning, minting, transaction taxes, and a unique wallet address.

5. Review & Deploy Token

• • Review and verify the required information.
  • Click “Create Token” for token deployment to the BNB chain.
  • Confirm transaction in the wallet for fee payment.

You have successfully deployed your token on the BNB network. You will receive a pop-up modal containing a link to the transaction on the block explorer as well as your token’s contract address.

Useful Perk:

The “Token Tool” simplifies the creation and management of BEP-20 tokens on the Binance Smart Chain. Users can code smart contracts using tools like Remix or text editors for a user-friendly interface. The tool also offers a “Create Token Sale” feature, allowing users to create token presales as easily as they create tokens. This article provides a step-by-step guide on creating a token offering, ensuring a smooth and efficient fundraising process.

Cost to Create BEP20 Token

Business Type: The cost of creating a BEP20 token is important for businesses on the BNB chain.
Features of BEP20 token: The design of the token, the number of tokens to be created, the complexity of the project, the size of the token development team, the location of the service provider, BEP20 token creation and testing, token distribution, and ongoing support and maintenance are key factors.
→ The estimated cost for developing BEP20 tokens under the Binance blockchain is estimated to $8000, including a BEP20 token wallet mobile app for Android and iOS.

Conclusion 

Finally, creating a BEP20 token on the BNB Chain requires writing a smart contract and it may appear complex and expensive. But with our guide, we mentioned using tools such as Token Tool can simplify and reduce costs. However, to avoid errors or failures, the token creation process must be carried out flawlessly. A professional blockchain development company can be extremely helpful in this situation. Whether it’s creating the token, getting blockchain development services, writing and coding smart contracts for token distribution, or providing ICO advice, we have the expertise to help you every step of the way.  

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