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BEP stands for Binance Smart Chain Evolution Proposal, which includes various token standards such as BEP2, BEP20, BEP721, BEP1155, and others. Out of these, BEP20 is one of the most notable token standards.
BEP20 tokens are a type of crypto asset that does not have a blockchain. Instead, BEP-20 tokens are built on the Binance Smart Chain (BSC) blockchain. BEP-20 is a technical standard used for all smart contracts on the Binance Smart Chain for token implementations. This standard ensures that all BEP-20 tokens are compatible with each other and can be easily traded on decentralized exchanges (DEXs) and other platforms that support the Binance Smart Chain.
The BEP20 token on the Binance Smart Chain works similarly to the ERC20, the most popular Ethereum token standard used in most blockchain applications.
Examples of BEP20 Tokens include ALPACA, ONUS, BSCPad, BURGERSWAP, JADE, VRT, and BridgeOracle.
Let us check out the primary parameters of BEP20.
It is vital to understand the BEP20 token standard parameters, which are as follows:
1. Can Mint - The Can Mint parameter controls whether more tokens may be created to gradually raise the supply of BEP20, This Parameter is inflationary.
2. Can Burn - A deflationary parameter, determines whether tokens may be burnt, which over time reduces the supply of BEP20.
3. Can Pause - The Can Pause parameter is helpful when the platform is vulnerable to assaults or other situations. This describes the possibility of pausing all token-related actions in the case of a malicious attack or platform breach. As the creator or another user address with equivalent permission can halt activities, this parameter is centralized.
4. Blacklist - Prohibition or blacklist harmful addresses using the "Blacklist" Parameter.
1. BUSD
2. CAKE
3. TWT
4. BAKE
5. HOOK
6. MBOX
7. WRX
8. BSW
9. SFUND
10. TOKO
11. DAR
12. HELLO
13. ALU
14. ALPACA
15. HERO
BUSD has grown to be popular in recent years with it being trusted as reliable, and the safety of user assets to guarantee protection.
What makes BUSD unique is that the token has zero transaction fees and can be used anywhere that accepts ERC-20 tokens for payments, loans, and other transactions aiding in ease of transactions.
BUSD, with no maximum supply limit, now has 17,547,224,379 supply coins as circulation supply.
BUSD token users are interested in defi aggregators, yield farming, and lending platforms. You can find BUSD tokens on centralized platforms like Binance, Blockfi, Celsius, etc.
Users may earn a yield on their BUSD using popular DeFi protocols such as Venus, Aave, yearn finance, and others
PancakeSwap is a decentralized exchange dedicated to swapping BEP20 tokens on the BSC exchange platform. CAKE is the native utility and governance token, and its main goal is to encourage the liquidity supply on the PancakeSwap platform.
Pancake has raised the cap on the maximum total supply of CAKE to 750 million, emphasized weighted voting, boosted farm yields, and boosted IFO allocations and future use cases. users who secure their tokens through fixed-term staking will be given access to CAKE for enhanced governance voting.
These new features from PancakeSwap encouraged staking cake for longer lengths of time. This increases the incentives for a lower amount of supply to be in circulation.
The Trust Wallet Token is a BEP-20 utility token that offers users of the Trust Wallet several advantages and incentives. Users have access to discounts on in-app cryptocurrency purchases and the use of DEX services.
A special feature provided by the Trust wallet token in terms of NFT support is that users can store NFTs of token standards like ERC-721, ERC-1155, and their BEP equivalents.
Trust wallet tokens aid in ease of accessibility by allowing them to be transferable to any wallets that support BSC assets, which can further be used to exchange against other assets.
BakeryToken (BAKE), which was introduced in September 2020, is a constituent of the BakerySwap ecosystem. There are 277 million BAKE tokens in total, of which about 190 million are in circulation right now.
The Unique features of BAKE tokens include holders participating in voting as part of BakerySwap's governance process and receiving a portion of BakerySwap's trading fees, which are given as compensation to liquidity providers.
The liquidity pools offered by BakerySwap come in two varieties: with and without BAKE incentives. All transactions and exchanges with BAKE tokens are subject to a 0.30% fee.
Users can farm BAKE by staking in several BEP-20 liquidity pools in addition to receiving crypto rewards for providing liquidity,
HOOK was introduced on December 1, 2022, for $2.13, and has since maintained its upward trend. The native cryptocurrency of Hooked, $HOOK, is employed to manage the Hooked Protocol.
There are 500,000,000 coins altogether in the HOOK token's coin supply, which are distributed for different purposes with a maximum of 30% allotted to the treasury and ecosystem development and a specific 5% going to the Binance Launchpad sale.
Over 110,000 investors had committed to purchase HOOK during the subscription period before its release is a notable fact.
The token structure of the Hooked Protocol consists of two tokens: HGT, an exclusive in-house utility token, and HOOK, a deflationary token with a fixed supply of 500 million.
The platform's gas prices, voting, governance, and access to premium content like NFTs are all covered by the HOOK token.
MOBOX is a dedicated gaming platform and metaverse generator launched on April 6, 2021, The platform’s native utility token is MBOX
With a total quantity of 1 billion tokens, the MOBOX gaming company had a fair start (no pre-seed, pre-sale, or pre-TVL).
A total of 400 million MBOX tokens have been produced over five years. The native utility token, or MBOX, is used for the following:
Player versus Player (PvP) battle awards are one example of in-game purchases made using the MBOX token, which also serves as a lottery token and an incentive for in-game engagement.
Owners of MBOX tokens will be able to vote on and make suggestions to guide the platform's growth and development.
With over 400,000 users and an average app rating of 4.6, WazirX, Inda’s rapidly growing cryptocurrency exchange was launched in 2018. WRX is a token on the cutting-edge WazirX platform supported by Binance.
WazirX will burn its tokens every quarter by trade volume to prevent price erosion until they have burned 10% of the total (100M) tokens. The WazirX token should become a valuable asset as a result.
Any balance that is smaller than the minimum trading or withdrawal amount (10 USDT) or even the trading charge amount is referred to as dust.
Users may exchange this dust for WRX tokens. the ability to convert remaining balances into more valued and practical items makes this conversion tool immensely helpful.
Biswap, launched in 2021, is the first DEX platform featuring a Multi-type Referral Program and the least expensive platform trading cost.
The exchange's governance token, BSW, has a 700 million token supply overall. The BSW Token’s 600 Million tokens are distributed among launch pools / Farms, Referral initiatives, SAFU, and investment funds.
NFT (Earn), GameFi (Play to Earn), Strategic Partnerships, and Transaction Fee Mining each receive the remaining 100 million BSW.
BSW being a robust token, users can trade it profitably on Biswap with a low commission fee, Additionally due to its notable positions, BSW is listed on CEXes. It states unequivocally that BSW is a highly sought-after token.
The Seedify platform offers and manages Initial Game Offerings (IGOs), promotes ground-breaking blockchain games, aids in the development of a gaming community, and develops marketing strategies.
The native BEP-20 token of Seedify.fund (SFUND), which utilizes Binance Smart Chain (BSC), has a maximum total quantity of 100,000,000 coins.
The SFUND token that drives the whole Seedify ecosystem has a maximum supply of 100,000,000 coins.
Its primary uses are participation in IGOs and INOs hosted by Seedify, passive revenue generation through staking or farming, receiving free incubation tokens through the seed staking tool, and usage at travala.com for travel expenditures and reservations.
SFUND holders can immediately enjoy the benefits by stake/farming SFUNDs in one of the various pools and finishing the KYC procedure (to participate in the IGOs). Users can participate in the next IGO held on the platform and enjoy additional perks like the Seed Staking and Staking/Farming awards once they've completed those procedures.
Tokocrypto was established in September 2018, Since its formal introduction in April 2021, Toko Token has drawn interest from both individual users and business users.
The most recent venture of Tokocrypto, TKO, is the first cryptocurrency in Indonesia to provide a distinctive hybrid token mechanism making it unique.
There are 489.26 million TOKO in circulation and a maximum supply of 1.99 billion TOKO.
TKO aims to provide reductions in trading costs, airdrop entitlement, goods retrieval, and other incentives.
On the Tokocrypto blockchain, the token may be used for a variety of things, including crypto exchanges, cross-platform DeFi apps, deposit and savings programs, and NFT markets.
Mines of Dalarnia's native cryptocurrency, the DAR token, is essential to controlling the in-game economy for long-term expansion. DAR provides several functions that improve the gaming experience and encourage players to actively engage in the game as the main utility token within the game.
Binance Launchpool introduced the Dar Tokens on October 29, 2021, and there are 160,000,000 DAR tokens in total supply, The DAR token's main uses and operations include being an in-game currency, governance and ownership, game’s land plot rental and NFT ownership.
The DAR token can be earned, spent, and traded among players in the Mines of Darnia world, These tokens can be made for in-game purchases, upgrade character equipment, and unlock access to new levels. The play-to-earn mechanism of the game permits players to earn DAR tokens when they engage in missions and other game activities. The token holders are given the governance opportunity to the game and development aspects of the game. Players can buy, own, and rent in the diverse gameplay, increasing earning opportunities.
The Hello Labs is the Web3 ecosystem that collaborates ”crypto and entertainment” and also serves as a space to develop the production, and distribution of content like TV shows, games, dApps NFT, and live events.
The $HELLO token is the heart of this ecosystem, token holders get to access exclusive content, play games in the HELLO Arcade, and purchase NFTs, more utilities for the HELLO token will be revealed as the ecosystem expands.
The Hello token was founded in November 2022, With a circulating supply of 531.31M HELLO coins and a maximum supply of 1.00B HELLO tokens, The token can be purchased on PancakeSwap and stored in Trust Wallet.
ALU token is the native token of the Altura Platform, NFTs can be purchased and sold using the token. Additionally, the commission from such sales is received by the game developers in the form of ALU. The token is therefore a governance token as well as a transaction token.
ALU has a circulating supply of 719.76M coins and a max supply of 990.00M ALU. In-game ownership issues that have previously surfaced are addressed by the native ALU token and "smart NFTs" on the Altura smart contract platform. In contrast to conventional centralized games, blockchain gaming on Altura is decentralized, giving players more control over their accounts and related assets.
The key utilities of the ALU token include governance and staking, thereby holders of ALU tokens can take part in governance and decision-making procedures, giving them a voice in the growth and development of the Altura ecosystem. Users can engage in yield farming to gain more tokens as incentives or stake ALU tokens to get staking rewards.
Alpaca Finance based on the Binance smart chain is a non-custodial liquidity provisioning platform released in February 2021. It offers farming and lending services with leveraged yields to DeFi members. Alpaca Finance is one of the best BSC platforms that helps consumers maximize their returns in the quickly changing DeFi industry.
The original governance and utility token for the Alpaca Finance platform is the ALPACA currency. Voting on protocol changes, new features, and other governance decisions is made available to token holders. The maximum supply is 188,000,000 ALPACA and has a circulating supply of 150,698,036.
The token can also be employed for yield farming, staking, and providing liquidity. Users are encouraged to contribute liquidity and use the platform's services by being rewarded with ALPACA tokens for using yield farming and lending strategies.
The Metahero decentralized platform, allows users to create ultra-realistic 3D avatars and virtual objects for incorporation across games, social media, VR, and digital fashion by making use of Metascanning (3D scanning Technology). The Metahero platform is widely loved among users as it permits anybody to create and own their digital asset without any prior experience, the HERO token is the native currency of the Metahero platform.
The HERO token is vital for participating in the Metahero ecosystem as it is considered, The hero token functions are automatic liquidity, burn and buy back, and smart stake.
Automatic Liquidity: 0 to 6 percent of each deal on PancakeSwap adds right away to liquidity.
Burn and Buy Back: After burning a few HERO tokens, more HERO tokens are then bought back and burned using the Binance coin (BNB).
Smart Stake: HERO can be purchased, transferred, and sold without any costs; as a passive incentive, 0 to 2 percent of each trade is split equally among all holders.
BEP20 tokens on the Binance smart chain are popular among investors due to their trending nature and potential for investment.
The Binance smart chain community is active and open to developers, investors, and users. With the launch of BEP20 tokens, users can gain access to these communities, inviting potential partnerships and community support for their projects.
BEP20 token standards permit and provide ease of creation when creating bulk crypto tokens. Users may deliver a high level of practicality by adopting this token standard.
Various crypto wallets support BEP20 tokens, including Metamask, Trust Wallet, and BSC Wallet.
These tokens are easily converted to Ethereum’s ERC20 standard when required. Unlike BEP2 tokens are compatible with Ethereum and support smart contracts.
No hassle integrating BEP20 Tokens with other apps and DEXs in the Binance Smart Chain ecosystem ensures optimal performance and liquidity.
BEP20 tokens can be listed on decentralized exchanges like Pancakeswap, providing liquidity and trading opportunities for token holders.
Defining tokenomics, supply, and distribution are flexible and customizable by BEP20 Tokens.
Binance smart chain charges reasonable transaction fees compared to other blockchain networks.
The BEP-20 tokens utilize a high-performing BSC blockchain to ensure quick confirmation times and high transaction throughput, prioritizing a smooth experience and scalability.
Blockchain Network - The BEP20 token is primarily working and built on the BNB Blockchain while ERC20 works on the Ethereum blockchain.
Block Verification Speed - For both ERC20 and BEP20 tokens, the pace of block verification or transaction processing differs significantly. Transactions made using BEP20 execute more quickly than those made using ERC20 thanks to the PoSA block validation process. The average block verification time is nearly 15 seconds for Ethereum and roughly 3 seconds for BSC.
Gas Fees - BEP20 defeats ERC20 when it comes to gas fees The transaction fee for the BEP20 token is significantly less than that of the ERC20 due to BSC's PoSA (Proof of Stake Authority) block validation process. While BEP20 tokens only cost a few cents when transacting, ERC20 charges an average transaction fee of almost $12.
Consensus Mechanism - The proof of staked authority (PoSA) consensus technique is used by the BEP20 network while the ERC20 has migrated from PoW (Proof-of-work) to PoS (Proof-of-Stake)
Security - Because ERC20 transactions need more time to verify than BEP20 transactions, ERC20 tokens are seen as being more secure. As a result, using ERC20 tokens greatly reduces the likelihood of successful fraudulent transactions. Despite the security standards of ERC20 Token, Users prefer BEP20 over it.
Maticz is a leading Blockchain development company that specializes in offering the best token development services to launch Binance smart chain tokens based on your token standard.
Our skilled token developers who are knowledgeable about blockchain technology will create your own BEP20 tokens on the Binance Smart Chain blockchain platform and ensure that they have fundamental functionality, including token, transfer, and return of balance.
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