How to Create an ERC20 Token: 7 Steps to Make Your Own ERC20 Token

Are you interested in developing Ethereum Tokens and wondering how to create ERC20 Tokens? The goal of this article is the same. Here, we will be discussing in detail how to create your own Ethereum Token on the ERC20 standard and reap its benefits.

Ethereum is one of the largest blockchain networks powering the second biggest cryptocurrency ETH, and thousands of decentralized applications. Many Ethereum standards focus on developing tokens for various verticals. Among them, the ERC20 Token specification has become the significant and standard interface for developing fungible tokens. In particular most of the Ethereum smart contracts available today are ERC-20 compliant. A lot of enterprises and start-ups are starting to utilize the benefits of ethereum tokens to enrich their Crypto business.

If you’re not sure about what is ERC-20 standard and getting started with developing ERC-20 Tokens then here is a line-by-line explainer of How to Create ERC20 Tokens. Let's get started with the basics.

What is an ERC20 Token?

ERC Stands for "Ethereum Request for Comment" which was enacted in 2015 and officially recognized in September 2017. Some of the familiar digital currencies that use the ERc20 Token standard include, Maker(MKR), Augur (REP), OmiseGo (OMG), Basic Attention Token (BAT), and so on.,

Why is the ERC20 Token so Popular?

In the current Crypto era, The ERC20 token specification has become an effective token standard for developing Ethereum tokens. Most of the Ethereum Contracts out there are based on the ERC20 Standard. ERC20 Standard token is familiar and it contains smart contract functionality. ERC20 is the first popular specification to provide Ethereum Token development standards and easy-to-deploy access. An Ethereum token is highly preferred because of its characteristics and affordable fare rate compared to the others. These advanced traits and inexpensive features of the ERC20 token are an added beauty to it. Maker, Basic Attention Token, REP, and OMG Network are using the ERC 20 Standard.

Let's take a closer look at the step-by-step process of creating the ERC20 token.

How to Create an ERC20 Token?

Before we head towards the steps to create an ERC20 Token, Here is a simple overview of the process for a better understanding<.

• Fix the Supply of your token
• Design your Token symbol
• Set the Token Name
• Creating Token Smart Contracts
• Token Testing & Deployment
• List your Crypto Token
• Predict Token Value

Supply of your token

First, We fix the Supply of the token which is available and circulating in the market. It defines the total supply of your own Cryptocurrency token that Your Ethereum Smart Contract will refuse when the limit is reached.

Setting up the Token Name

On the other hand, we should set up the name of your token which is identified by the applications.

Design the Token symbol

Design a token symbol you want to launch. It is used to define a symbol of your Ethereum Token. For example, the Safemoon token symbol is $SAFEMOON which appears in the chart identified in the tokens listing.

Creating Token Smart Contracts

With Solidity, the Functions of Token are implemented on ERC20 Compatible smart contracts. Once the smart contracts are created, now it are ready for deployment on the testnet to undergo testing.

Token Testing & Deployment

Now the Contract is deployed to the testnet for testing. Once it is verified then the Ethereum developers deploy into the Mainnet using deployment tools such as Truffle. Now your Token is ready on the Blockchain to be transferred and purchased.

List your Crypto Token

After the completion of the half-development process of the erc20 token, you can list the token on the Token Sale platform or Coin List.

Predict the Token Value

Finally, we have to predict the value of your crypto token for your business process.

If you are an aspiring Business Magnate / Investor to create ERC20 Token? Then, You are at the right place to create it.

Maticz is a leading Token Development Company that creates Crypto Tokens on several blockchain networks like Ethereum, BSC, Solana, Polygon, etc. We offer top-notch exclusive Ethereum token development services for crypto aspirants looking to create Ethereum Tokens (ERC20).

How Does ERC20 Token Work?

ERC20 Tokens are developed using Ethereum Smart Contracts. Ethereum Contracts Applications allow smart contract developers to write code that runs on the blockchain network. Read and write the codes in the blockchain network and run the code to create ERC20 Tokens. Solidity is the programming language used to create Ethereum smart contracts.

Solidity: Solidity is an Ethereum Smart Contracts Code that is very important to create an ERC20 Token. Ethereum Smart Contracts Code is written in solidity language. It looks like a Javascript language to write and deploy an Ethereum ERC20 Token.

Make ERC20 Tokens with these core functionalities

Total Supply: Total Number of ERC20 Tokens that you want to Create.

Balance Of Owner: BalanceOf Rule is being used, it reverts the no of tokens in the specific address.

Transfer: This allows a particular number of tokens to be transferred from the total no. of the token (Supply).

Transfer From: Send the number of tokens from your address to another address.

Approve: This function returns the approved number of tokens by the owner of the token address.

Allowance: The ERC-20 standard allows an address to give an allowance to another address to be able to retrieve tokens from it.

Must-Have Features of ERC20 Tokens

Atomic Swap

Solidity Nature

Compatibility

Scalability

High Liquidity

Endurance 

High Efficiency

Minting

Benefits of Creating ERC20 Token

Deployed with Ethereum Wallet

Simple to write a Solidity [code] Language

Enhances Token Liquidity

Reduced Risk of Contract-Breaking

The complexity of token interaction has reduced

Auto-transaction occurs by having the ethereum standard tokens. 

Trouble-Free Transactions

How Much Does it Cost to Create an ERC20 Token?

Every business person is thinking about the estimated cost when Creating Crypto Tokens for their Crypto Business. Following are Some of the factors to determine the estimated cost of creating the Ethereum ERC20 tokens. Moreover, it completely depends upon the requirements and demands of the clients.

• Token Features
• Number of tokens you want to create
• The complexity of the Token
• Deadline for your token development
• Support & Maintenance

The Cost to develop an ERC20 token along with the wallet will range from $4000 to $7000. However, this is just an approximate cost to create an ERC20 Token. The actual cost of Ethereum Token Development completely depends on the requirements of clients. 

The Top-Tier Ethereum Token Development

Maticz is the Top-Tier Ethereum Token Development Company that helps you to Create Your Own Ethereum ERC20 Token with a Smart Contract and Auditing one Ethereum Standardisation. With a handful of experience in the tokenomics industry, We create and deploy various types of tokens on the Ethereum Network. 

Our Ground-breaking Token Development Services:

• Token Design and Development
• Token Migration
• Token Wallet Development
• ICO Development
• Cloud Storage

Conclusion

Developing ERC20 Tokens can bring you huge profits. We Maticz with a team of Certified Ethereum Developers provide support for all your Ethereum Token Development projects. We ensure that your Tokens are created safely and within the given time frame. Our complete development solutions go far beyond your expectations and help achieve your business goals. Create your token instantly by describing your project to our experts at Maticz.