The Era of No-Code Platforms: Create BEP20 token on Binance Smart Chain instantly
If you’re thinking about starting your own cryptocurrency, BEP20 is a fantastic option. The Binance Smart Chain (BSC) is one of the most rapidly growing blockchains on the market. BSC was created in a similar way to the popular Ethereum blockchain network, but with faster transaction speeds and lower transaction costs. BEP20 defines how a token can be used, who can spend it, and so on on the BSC blockchain.
While making a simple BEP20 token is fairly straightforward, making a real token with proper trading controls and mechanics takes a long time and frequently necessitates complex coding. If you’re new to blockchain technology or smart contracts, expect it to take a few months from start to finish before your token is available on the market.
What is a BEP20 token?
Solidity is used to create BEP20 “smart contracts.” The permitted and prohibited uses of the BEP20 token are defined by smart contracts, which must adhere to the standard’s specifications. Several of these conditions are simple to meet. You can give your token its own symbol, for example, by defining it in a single line of code. To create a truly viable token, however, modern tokenomics (short for Token Economics) can be difficult and requires considerable thought.
Planning for Your BEP20 Token
It’s easy to make a basic token with its own name and symbol. The true challenge comes when attempting to create a token that is both valuable and useful.
Think about the following scenarios:
Limitations on “Whales”: Individuals, known as “whales”, amass large amounts of tokens. Transactions in which a large number of tokens are sold at the same time can devalue a coin significantly. Through carefully planned trades, whales can manipulate the value of a token in this way. This type of token manipulation is prevented by whale limits.
Rewards: BEP20 tokens can be programmed to include static rewards for specific desirable behaviors. For example, you might want people to keep their tokens for a longer period of time. The solution could be to impose a small transaction fee on all new transactions and distribute it among token holders. Small incentives like this are a great way to get people to use your token.
Automatic Liquidity: Automatic liquidity helps to ensure the long-term stability of your token. A small fee is charged for each transaction, which is pooled into the liquidity funds. As a result, available liquidity rises, resulting in price stability and increased trading volumes.
Hyper-deflationary Buyback: Over the last decade, you’ve probably heard the term “buyback” mentioned in the news several times. A “buyback” occurs when a company buys back its own stock on the open market to boost its value. Buyback-and-burn, in which tokens are purchased and then “burned,” or destroyed, has been elevated to a new level by digital assets such as crypto tokens. Aside from supporting the token’s price right away, this reduces the number of tokens in circulation and increases liquidity, increasing the token’s long-term value.
Free of Honeypots: A “honeypot” is a phoney cryptocurrency that can be bought but not sold. It’s a way for token creators to defraud people, and it’s one of the most common types of cryptocurrency fraud. It’s critical that your BEP20 token description is correct and unmistakably shows that you’re not a honeypot. Anti-honeypot tools and processes will flag your token if you make a mistake here, effectively rendering it worthless to investors.
How Do I Make My Own BEP20 Token?
There are two ways to make a BEP20 token: the difficult method and the simple method.
The more difficult route entails either writing your own smart contract code or hiring someone to do it for you. This is a time-consuming manual process that exposes you to errors that could put your token in jeopardy before it even starts. Your token’s availability on the market could take months. On the plus side, you keep complete control over the coding and specifications as long as they follow BEP20 guidelines.
Using a platform like Mudra Token Creator is the simplest method. This is a no-code platform that allows you to quickly create fully compliant BEP20 tokens without having to know any programming. The following are some of the advantages:
• Cutting-edge tokenomics features like anti-whale limits, deflationary token burns, hyper-deflationary buyback mechanics, automatic liquidity, and code that is free of honeypots.
• Contract source code that gets verified.
• A fully compliant BEP20 token in a fraction of the time it would take to code it manually.
You can now create your own real BEP20 token in just a few minutes!