A BEP-20 token is a fantastic option if you want to create your own cryptocurrency token. A cryptocurrency token must be deployed on a blockchain before it can be launched. The blockchain serves as a distributed ledger for your token, recording all transactions in a verifiable manner.
Without this transaction database, no one can trade or use your token properly. Because of rising transaction volumes, Ethereum, the most widely used blockchain, is experiencing congestion, poor transaction rates, and high transaction costs. A simple token exchange on the Ethereum network can cost as much as $10. Binance Smart Chain (BSC) is a blockchain platform that uses similar technology to Ethereum but, thanks to a few tweaks, has significantly reduced transaction fees. It can also process a greater number of transactions in a shorter amount of time.
BSC is currently the fastest growing blockchain, attracting investors thanks to its low transaction costs and excellent speed. Before using BSC to deploy your own token, you must first create a BEP-20 token. The BEP-20 tokens, after mint, could be used as a digital currency for a variety of projects, including payment of goods and community awards.
So, you're all excited to make your BEP-20 token, but where do you start? Let's answer some of the important questions first:
What does it mean to create a BEP-20 token?
Simply put, creating a BEP-20 token entails filling out all of the token's characteristics according to the BEP-20 specifications. The full specification is referred to as a smart contract and is written in the Solidity programming language. To give the name of your token, for example, include a line of code string public name = "MyToken" in your contract code. Some are simple, such as name, while others, such as those discussed in the following section, are far more complicated.
What are some of the recent BEP-20 token creation best practices?
Anti-Whale Mechanics: You don't want someone to just hoard all of your tokens, so limiting how much a wallet can hold is essential. You also don't want a large sell transaction to trigger a huge dip in the price of your tokens. Setting the maximum transaction limit for a wallet is required. Large holders, also known as whales, are prevented from manipulating your token because of these restrictions.
Holding Rewards or Yield to Holders: Reward is a great incentive for attracting more investors to your token. You can deduct a small fee from all transactions, say 2%, and give it to your current token holders to encourage them to keep holding the token. This works in a similar way to how stocks pay dividends, except it happens much faster and in a higher percentage. Automatic Liquidity Generation: SafeMoon popularised automatic liquidity generation is intended to provide long-term stability. A small fee is charged for each transaction, which is used to increase the token liquidity on exchanges like PancakeSwap. This expands the liquidity pool, improving price stability and allowing the token to support higher trading volumes.
Buyback: A few tokens, such as EverRise, have started a buyback trend which is also known as hyper-deflationary mechanics. Buyback is a term used in the stock market to describe when a company buys back its own stock on the open market, increasing the stock's value. When the market is selling the tokens, the token contract buybacks and burn tokens using accumulated transaction fees. These buying transactions not only add more value (BNBs) to the liquidity pool but also reduce the overall circulating supply of tokens, causing the price to rise quickly and preventing large dumps.
No Mint and Honeypot-free Code:
Many scam tokens are honeypots, which allow investors to buy but not sell tokens. All of the money put into such tokens is lost. Other scam tokens mint more supply and then dump them in the market to drain all the pegged liquidity funds. Many tools have been developed to detect honeypot and mintable tokens. If you aren't careful when defining your BEP-20 token, these tools may flag your token, even if you did not intend to create a honeypot or mintable token. As a result, a clean BEP-20 specification is necessary. These advanced tokenomics are fairly complicated to specify in the smart contract.
What are the different ways to create my own BEP-20 token?
The most obvious method for making a BEP-20 token is to write a smart contract code that covers everything that the BEP-20 specification requires. Solidity programming will be required to implement the smart contract on the BSC blockchain. This may necessitate a significant time commitment, delaying the launch of your token by several months. There are few no-code platforms for creating BEP-20 tokens instantly using simple UI configuration steps.
What is a BEP-20 token generator or minter, and how does it work?
The simplest way to create BEP-20 tokens on Binance Smart Chain is to use BEP-20 token generators. You don't need to know how to code to create your token. Simply choose the appropriate features for your token, enter parameters such as a name or a transaction fee percentage, and the token will be instantly minted.
Different tokenomics features are supported by these products. Some of these platforms will even have additional services, such as a liquidity locker or a launchpad, that you can use to further set up your token.
Let's take a look at some of the most popular BEP-20 token generators for the year 2021:
DxMint DxMint is an older and widely-used platform for minting BEP-20 tokens. It provides users with features such as automatic liquidity addition and fee rewards, in addition to basic token parameter specifications. There is, however, no provision for setting whale-proof limits, having hyper-deflationary buyback, or getting a safe contract code. Although the pricing is reasonable, the platform has been criticized for its clumsy user interface.
Unicrypt Token Minter Unicrypt Network, which debuted in June 2020, is a multi-chain decentralized platform that provides a variety of services. One of the services offered is the token minter, which allows you to create a BEP-20 compliant token. Basic parameter specifications such as name and a mint-proof safe contract code are among the prominent features. There are no advanced deflationary, reward, or whale-protection features in it. Unicrypt is a weak contender for the best BEP-20 token generator title due to its high fee.
Mudra Token Creator Mudra Token Creator is a new Binance Smart Chain platform for creating BEP-20 tokens. Best-in-class features like anti-whale mechanics, transaction fees, honeypot-free code, and hyper-deflationary mechanics with automatic liquidity and buyback distinguish it. All for a very low price. It verifies the contract code automatically on BscScan. Mudra Token Creator also provides free extra services like setting up a liquidity pool.
Summary
BSC has become a popular blockchain platform among cryptocurrency developers and investors. BSC tokens, which must adhere to the BEP-20 specification, can be created by writing smart contracts or using a no-code BEP-20 token generator. DxMint, UniCrypt, and Mudra are three good generator platforms with different feature sets and pricing. The entire token creation and deployment process for BSC has been democratized thanks to these generators, which can instantly mint a new token.