If you want to create your own cryptocurrency token, the BEP-20 token is a great option. A cryptocurrency token must be deployed on a blockchain before it can be launched. The blockchain acts as a distributed ledger for your token and verifiable records all transactions.
Without this transaction database, no one can trade or use your token properly. Due to increasing transaction volumes, Ethereum, the most widely used blockchain, is experiencing congestion, low transaction rates and high transaction costs. A simple token exchange on the Ethereum network can cost up to $10. Binance Smart Chain (BSC) is a blockchain platform that uses technology similar to Ethereum but has significantly reduced transaction fees thanks to a few tweaks. It can also perform a larger number of transactions in a shorter time.
BSC is currently the fastest growing blockchain and attracts investors thanks to its low transaction costs and excellent speed. Before using BSC to distribute your own token, you must first generate a BEP-20 token. After the mint, BEP-20 tokens can be used as digital currency for various projects, including payment of goods and community rewards.
You are all excited to create your BEP-20 token, so where to start? Let’s answer some important questions first:
What does it mean to generate a BEP-20 token?
Simply put, generating a BEP-20 token requires populating all the attributes of the token according to the BEP-20 specifications. The full specification is called a smart contract and is written in the Solidity programming language. To name your token, for example, add the code string public name = “MyToken” to your contract code. Some are as simple as the name, while others, such as those discussed in the section below, are much more complex.
What are some of the latest BEP-20 token generation best practices?
Anti-Whale Mechanics: You don’t want someone to hoard all your coins, so it’s important to limit how much a wallet can hold. You also don’t want a big sale to cause a big drop in the price of your tokens. It is necessary to set the maximum transaction limit for a wallet. Large holders, also known as whales, are prevented from manipulating your token due to these restrictions.
Retaining Rewards or Returns to Holders: Rewards are a great incentive to attract more investors to your coin. A small fee of 2% can be deducted from all transactions and given to your current token holders to encourage them to continue holding the token. This works similarly to the dividend payment of stocks, but at a much faster rate and at a higher rate.
Automatic Liquidity Generation: The automatic liquidity generation popularized by SafeMoon aims to provide long-term stability. A small fee is charged for each transaction used to increase coin liquidity on exchanges like PancakeSwap. This expands the liquidity pool, improving price stability and enabling the token to support higher trading volumes.
Buyback: A few tokens like EverRise started a buyback trend, also known as the hyper-deflationary mechanic. Buyback is a term used in the stock market to explain that a company has increased the value of its stock by repurchasing its own stock on the open market. When selling market tokens, the token repurchases contract and burns the tokens using accumulated transaction fees. These purchases not only add more value (BNBs) to the liquidity pool but also reduce the total circulating token supply, causing the price to skyrocket, preventing large drops.
No Code without Mint and Honeypot:
Many scam tokens are honeypots that allow investors to buy but not sell tokens. All money invested in such tokens will be forfeited. Other scam tokens provide more supply and then release them to the market to drain all their pegged liquidity funds. Many tools have been developed to detect honeypot and printable tokens. If you’re not careful when identifying your BEP-20 token, these tools can mark your token even if you haven’t thought of creating a honeypot or printable token. As a result, a clean BEP-20 specification is required. These advanced tokens are quite complex to specify in the smart contract.
What are the different ways to create my own BEP-20 token?
The most obvious method of making a BEP-20 token is to write a smart contract code that covers everything required by the BEP-20 specification. To implement the smart contract on the BSC blockchain, robustness programming will be required. This may require a significant time commitment, delaying the launch of your token by several months. There are several no-code platforms to generate BEP-20 tokens on the fly 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 done 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.
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