If you’ve ever considered creating your own cryptocurrency, BEP20 is a great place to start. Binance Smart Chain (BSC), one of the world’s fastest-growing Blockchains, uses the BEP20 token format. BSC was modeled after the successful Ethereum blockchain network, but it provides faster transaction speeds and lower transaction costs. The BEP20 standard defines how a token will behave on the BSC blockchain, such as who can spend it and what services it provides.
Building a basic BEP20 token is simple, but developing a genuine token with proper trading regulations and financial mechanisms takes time. If you’re unfamiliar with blockchain technology and smart contracts, you may have to wait several months before your token is available on the market.
The “smart contracts” in the BEP20 specification are written in the Solidity programming language. Smart contracts define how and when the token can be used, and they must adhere to the BEP20 guidelines. Some of the prerequisites are simple. You can give your token its own symbol, for example, by specifying it in a single code line. However, using modern tokenomics (short for Token Economics) can make developing a meaningful token difficult.
Your BEP20 Token Strategy
The real challenge is to create a token that is both valuable and useful. You should consider the following options:
Limit Against “Whales”: “Whales” are those who amass massive amounts of tokens. Transactions in which a token is sold in large quantities all at once can cause a coin to depreciate significantly. Whales have the ability to influence the value of a cryptocurrency by carefully planning their trades. Whale restrictions prevent the token from being manipulated.
Rewards: BEP20 tokens can be programmed with rewards to encourage specific actions. For example, you may prefer that people keep their tokens rather than sell them. All new transactions may be subject to a small fee that is distributed among token holders. Incentives of this nature are an excellent way to persuade users to keep their tokens. Popular tokens such as BUSD and Doge are in high demand as rewards.
Automatic liquidity: Automatic liquidity contributes to your token’s long-term stability. Each transaction carries a small fee that is added to the liquidity pool. It increases available liquidity, stabilizes prices, and boosts trade volumes.
Buyback: You’ve probably heard the term “buyback” in the news at least a few times in the last decade. It is a method in which a company buys its own stock on the open market in order to increase its value. Crypto tokens, for example, have taken this concept to the next level: buyback and burn, in which tokens are purchased and then ‘burned’ or destroyed. This reduces the number of tokens in circulation while increasing liquidity, increasing the token’s value over time as well as its price immediately.
BEP20 token creation
The BEP20 token can be created in two ways: one difficult and one simple.
The difficult path is to write your own smart contract code or hire someone to do it for you. This is a laborious and error-prone manual process. It could take months for your token to be available for purchase. On the other hand, as long as you follow the BEP20 requirements, you have complete control over coding and specification.
The more convenient option is to use a platform such as Unicarve BEP20 Token Generator. It is a no-code platform that allows you to create BEP20 Tokens quickly and easily without knowing how to code. The advantages are as follows:
• Cutting-edge tokenomics, such as whale restrictions, rewards in BUSD or other popular tokens, burn, deflationary dynamics, automatic liquidity generation, and buybacks.
• BscScan automatically verifies source code.
• A fully compliant BEP20 token in a fraction of the time it would take to do it manually.
In a matter of seconds, you can now create your own BEP20 token!