Cost to Create BEP20 Tokens — Introduction Guide
How much does it cost to create a BEP20 token on the Binance smart chain? This is a very common question every startup has when it comes to Binance Token creation for their business. The truth is, that it entirely depends on your budget and business needs.
In this blog, we will discuss in detail how much it costs to create BEP20 tokens on the Binance Smart Chain (BSC). Before that, you need to have a thorough understanding of this token standard. Also, it is crucial to know why, specifically, it is better for your business than other token standards.
Here we go,
What is the BEP20 Token?
BEP20 token is a standard that acts as a blueprint for creating tokens which defines how they can be spent, who can spend them, and other rules for their usage. The acronym BEP stands for Binance Smart Chain Evolution Proposal whereas the number 20 denotes the guideline protocol for token creation BSC.
Generally, BEP20 is a technical token standard used to create a bulk of fungible tokens with advanced functions and modules in the Binance smart chain. It provides a flexible framework for all blockchain developers to create and deploy a wide range of crypto tokens on the BSC blockchain.
Also, this standard allows the creation of token contracts so any BEP20 tokens from crypto wallets to decentralized exchange (DEX) platforms can be used by another application in a consistent way.
Due to these benefits, these tokens have high circulation in the market and become the best choice to integrate into the business. Apart from all these, there are some other reasons to choose the BEP20 token over others. Let’s see it now
Why Choose the BEP20 Token Over Other Options Available?
It’s worth noting that BEP20 tokens are currently in high demand, with SONM, BUSD, CAKE, SAFEMOON, and BAKE being some of the most sought-after token types in the crypto market. These tokens have a strong market cap, leading to a lot of buzz in the marketplace. As a result, many startups are considering developing their own tokens on the Binance smart chain.
Before you ought to create tokens it is crucial to know why many startups choose this standard. Here are the beneficial reasons to choose the BEP20 token are listed below.
Higher Reach
As the BNB chain is one of the topmost brands, its exchange will have higher trading volume and market capitalization. So, the BEP20 token you create will reside on the popular Binance Smart Chain. This will make the user trust your newly created token and easily get more attention from the beginning.
Highly Efficient
These tokens had high feasibility and scalability. It is a highly performative token standard that produces the best business outcomes. Since it is created with the base of a smart contract, the transactions are decentralized, fast, and extremely transparent.
Compatible
BEP20 token is basically compatible with the Ethereum ERC20 token. So it is supported in almost all Ethereum tools and DApps. Since Binance Chain and Binance Smart Chain are cross-chain infrastructures, it is compatible with BEP2. Token owners can easily migrate to different blockchains according to their business needs.
POS Mechanism
BNB chain uses a proof of stake mechanism which can handle large transactions while others use a consensus mechanism that takes more time and cost. The Proof of Stake algorithm uses 21 validators that can generate a new block every 3 seconds.
Cost-effective
The gas fee for transactions is 20 times lower than the other top brands. It is considered one of the major reasons for choosing these token types for business.
These are some of the reasons to consider choosing the BEP20 token over other token standards. Therefore, using the BEP20 token will give you better access to your business startup and bring profitable business results.
Now if you want to create a BEP20 token for your project, how do you do that? Let’s see it now…
BEP20 Token Development for Your Business!
Anyone with strong knowledge of solidity programming language can create the BEP20 token on the blockchain for their business. But before generating a token on a BNB chain, you need to consider some crucial factors for a reliable token creation such as token name, white paper, symbol, decimal, and supply. Also, you need to create a token that has access to change these factors.
If creating a BEP20 token on your own seems challenging, you may consider outsourcing the task to a proficient token development company or hiring a developer. It’s crucial to choose the right company that can assist you in creating a well-crafted and appropriate BEP20 token that aligns with your business goals and growth.
Well, let me now answer the title before concluding this blog.
How Much Does it Cost to Create a BEP20 Token?
After knowing all the information above, who wouldn’t want to create their own token for their business growth? Curious to know how much it costs to create a BEP20 token? In fact, it is not practical to quote the actual cost as it will be affected by various factors such as:
- Business type and use case
- Token design & its count
- The complexity of the project
- Location of the token development company
- Features integrated with token
- Token creation and distribution
- Ongoing support and maintenance
These are the factors that determine the exact cost of BEP20 token development. The exact cost of generating these tokens on its blockchain cannot be estimated. It totally depends on the factors we have seen above.
However, it is a frequently asked question by startups, I can give you a rough idea regarding the price. The cost to create a BEP20 token on the Binance Smart Chain starts from $500 and varies from company to company depending on your business needs.
Wrapping up
Hope the concept we have been discussing has been conveyed to you effectively. By now, you should have a good understanding of BEP20 and the rationale behind its selection. Also, we have delved into its development process to provide you with a little understanding, right?
In a way, if you are stuck on the question of ‘Which is the best BEP20 token development company?’ As an author of this BEP20 blog, I can suggest Zodeak for your crypto-based business. They have received high praise from many startups on various review sites, making them a top choice for any project. Whether your project requires a fungible token or a non-fungible token, they can help you achieve your business goals.
