Blog entry by ema hossain
If you've ever contemplated building your own cryptocurrency, BEP20 is an excellent place to start. BEP20 is the token format for Binance Smart Chain (BSC), one of the world's fastest-growing Blockchains. BSC was essentially modeled after the successful Ethereum blockchain network, although it offers faster transaction speeds and reduced transaction costs. The BEP20 standard specifies how a token will function on the BSC blockchain, including who can spend it, what services it provides, and so on.
The building of a basic BEP20 token is quite simple, but creating a genuine token with correct trading regulations and financial mechanisms takes considerable time. If you're new to blockchain technology and smart contracts, you could have to wait several months to see your token on the market.
The BEP20 specification's "smart contracts" are written in the Solidity programming language. Smart contracts define how the token can and cannot be used, and they must follow the BEP20 guidelines. Some of the requirements are straightforward. To give your token its own symbol, for example, you only need to specify it in a single code line. However, using contemporary tokenomics (short for Token Economics) can make it difficult to develop a meaningful token.
Your BEP20 Token Strategy
The actual challenge is coming up with a token that is both valuable and useful. You should think about the following options:
Anti-Whale Limit: "Whales" are those who amass vast amounts of tokens. Transactions in which a token is sold in big quantities all at once can significantly depreciate a coin. Whales can affect the value of a cryptocurrency by carefully planning their trades. The manipulation of the token is prevented by whale restrictions.
Rewards: BEP20 tokens can be programmed with rewards that encourage certain actions. For example, you might prefer individuals to keep their tokens rather than sell them. A tiny fee might be deducted from all new transactions and distributed among token holders. These types of incentives are a great method to persuade users to keep their tokens. Rewards in popular tokens like BUSD or Doge are, particularly in demand.
Automatic liquidity: Automatic liquidity aids in the long-term stability of your token. Each transaction incurs a tiny fee, which is added to the liquidity pool. It enhances available liquidity, stabilises prices, and increases trade volumes.
Buyback: You may have heard the term "buyback" in the news more than a few times over the last decade. It's a method in which a company buys its own shares on the open market to increase its worth. Digital assets, such as crypto tokens, have taken this concept to the next level: buyback and burn, in which tokens are purchased and then 'burned' or destroyed. This decreases the number of tokens in circulation and promotes liquidity, raising the token's value over time as well as boosting its price immediately.
BEP20 token creation
There are two ways to make the BEP20 token: one is hard and the other is quite simple.
The tough route is to write your own smart contract code or get someone else to do it for you. This is a time-consuming and error-prone manual process. It could take months for your token to be ready for sale. On the other hand, you have complete discretion over coding and specification as long as you adhere to the BEP20 requirements.
The easier option is to use a platform like Unicarve BEP20 Token Creator. It's a no-code platform that allows you to quickly and easily create BEP20 Tokens without having to know how to code. The benefits are as follows:
• The most cutting-edge tokenomics, including whale restrictions, rewards in BUSD or other popular tokens, burn, deflationary dynamics, automatic liquidity generation, and buybacks, among others.
• Automatic verification of source code on BscScan.
• A BEP20 token that is entirely compliant in a fraction of the time it would take to do it manually.
Now create your own BEP20 token in a matter of seconds!