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Your Guide to Creating BEP-20 Tokens on BNB Smart Chain

2024.3.13  •  7 min read
Blog post image.

Are you considering venturing into the world of cryptocurrency by creating your own token on the BNB Smart Chain (BSC)?  Whether you're an experienced developer or a beginner, choosing the right development approach is crucial.

In this tutorial, we'll explore different methods for token creation, BEP20 requirements, security considerations, and popular no-code platforms. 

Why Launch Your Token on BSC?

Launching tokens on BSC offers numerous advantages for developers:

  • Rapid block times: BSC features block times of just 3 seconds, enhancing efficiency.
  • Low gas fees: With gas fees under $0.03, BSC is the most cost-effective L1 blockchain.
  • High throughput: BSC is capable of processing 2,000 transactions per second (TPS).
  • Transaction capacity: BSC has 4.6 times the transaction carrying capacity of Ethereum.
  • EVM compatibility: Ensures easy portability of apps, thanks to Ethereum Virtual Machine compatibility.
  • CEX support: Major centralized exchanges support BSC, increasing liquidity and accessibility.
  • Extensive developer resources: A wealth of materials is available for both new and experienced developers.
  • Thriving community: Over 1.3 million daily active users contribute to a supportive environment with high growth potential.
  • Incentive programs: BNB Chain regularly launches incentive programs to help promising projects and accelerate growth.
  • Robust security: Sophisticated measures (AvengerDAO and DappBay's Red Alarm) protect against exploits and scams.
  • Innovative features: BSC is currently deploying several innovative scaling methods such as path-based storage system (PBSS) and parallel transaction execution for enhanced operations.

Now that you know why you should launch your token on BSC, let’s learn more about its token standard.

The First Step - Following The BEP20 Standard

BEP20 is the token standard for issuing fungible tokens in the BSC ecosystem. Think of it like a blueprint that your token must follow. The rules defined in BEP20 dictate how the tokens can be transferred, burned, and minted. 

All BEP20 tokens must have the following methods:

Method

Explanation

totalSupply()

Returns the total supply of the token

balanceOf()

Returns the balance of tokens held by a specific address.

transfer()

Transfers a specific number of tokens to another address.

allowance()

Indicates the highest number of tokens an address is authorized to transfer on behalf of another address.

approve()

Fixes the max number of tokens that an address can transfer on behalf of another address.

transferFrom()

Moves a designated quantity of tokens from one address to another, acting under the authorization of the initial address.

For the creation, compilation, and deployment of BEP20 tokens on the BNB Smart Chain, users can utilize various integrated development environments (IDEs), including Remix IDE, Truffle, and Hardhat. BEP20-compatible wallets such as Binance Web3 Wallet, Trust Wallet, and Metamask can be employed to sign transactions and cover any associated gas fees.

How does BEP20 differ from ERC20?

BEP20 and ERC20 are both token standards, operating on different blockchains. The former is associated with BSC, whereas the latter is linked to Ethereum.

Here's a comparison of the two token standards:


BEP20

ERC20

Blockchain

BSC

Ethereum

Transaction fees

Low

High

Transaction speed

High

Low

EVM compatibility

Yes

Yes

Since both BSC and Ethereum are EVM-compatible, BEP20 and ERC20 ends up being practically identical in both specification and implementation. 

Choosing a Development Approach

Now that we know what BEP20 is, let's get down to actual implementation.

#1 From scratch

This approach is ideal for proficient Solidity developers, this method offers maximum flexibility but requires a deep understanding of blockchain principles and security. If you possess a fundamental understanding of Solidity, BNB Chain offers a comprehensive suite of developer resources, equipping you with all the necessary tools to execute your contracts.

  • We have detailed documentation that will help you get started and show you a step-by-step guide for issuing your own BEP20 token.
  • Use our GitHub to explore, collaborate and contribute to our technology repositories alongside other developers on the BNB Chain.
  • Our highly active developer community readily discusses various topics in the forum. Leverage their expertise as you code your contracts.

Setting up your environment

Here are the steps you need to follow to start:

  • Get a BEP20 wallet and acquire some BNB tokens to pay transaction fees on the BSC network.
  • Head over to Remix IDE – a browser-based EVM contract development interface. It allows you to create, test, and deploy smart contracts easily.
  • Once in Remix, you will need to create a new Workspace and Choose a new Template. Follow the steps here.
  • Code your token contract.
  • Compile the contract and deploy the token. It is advisable that you deploy the token in a testnet to stress test your code. The testnet operates with "test BNB," which is freely available and holds no actual value, enabling you to conduct trial transactions and interactions to verify the functionality of your setups without endangering real assets. Get your free test BNB from the faucet.
  • You can deploy your token on the mainnet through Remix: 
    • Click the deploy button 
    • Select Injected Web3 
    • Select BEP20Token
    • When your wallet pops up, click the “Confirm” button to sign and broadcast the transaction.
  • After deployment, you can access the specifics of your deployed smart contract through the BscScan blockchain explorer.

#2 Using open-source templates

Leveraging open-source BEP-20 contract templates from platforms like OpenZeppelin can significantly streamline the development process for those with a solid grasp of Solidity. These templates offer a foundational structure for your token contract, eliminating the need to start coding from the ground up and thus saving valuable time. They are designed to be flexible, allowing developers to adjust specific parameters within the template to tailor the contract to their specific requirements. 

Let’s test out one of the templates.

The screenshot above shows an ERC20 (applies for BEP20 as well) token that has the following specifications:

  • Contract name: MyToken
  • Token symbol: MTK
  • Premint: 100 million tokens preminted
  • The token contract is mintable, meaning privileged accounts will be able to mint more tokens.
  • The token is burnable, so users will be able to burn their tokens.
  • “Permit” is enabled as well so token holders will have the ability to authorize third parties to transfer tokens from their accounts without incurring gas fees.

You can experiment with the values and functionalities to code a contract that best suits your requirements. Once done, you can deploy the contract using the process shown in the previous section.

This approach not only accelerates the development cycle but also ensures that the contract is built on a reliable and well-tested foundation, enhancing the security and functionality of your token.

#3 No-code platforms

These platforms use visual interfaces and drag-and-drop tools. They are tailored for individuals or businesses lacking coding expertise. However, customization might be limited compared to other approaches.

Among the various no-code solutions available, a few stand out as particularly user-friendly for those transitioning from traditional web development to the blockchain space.

For BEP20 tokens, you can use Create My Token.

The platform allows you to create a bunch of different tokens. Let’s create a simple token.

You can set the token name, token symbol, add various features like minting, burning, and pausing. You can also set a max supply or unlimited supply, based on your preference.

You may also explore other no-code platforms like CoinTool and MoonDeploy.

Which Approach Should I Use?

Your chosen method will hinge on your technical expertise. For those with coding experience, we recommend developing your token from the ground up or leveraging open-source templates. This route offers greater flexibility and allows for more customization. It's important to note that while no-code platforms simplify the process, they often come with a service fee, even for creating basic tokens.

Key Considerations

There are some key considerations you must make before launching your token and even after.

Do your homework

This process demands a solid grasp of blockchain technology and token economics. Furthermore, it's prudent to seek legal advice to guarantee your token adheres to regulatory standards.

Security auditing

Before deployment, prioritize a professional code audit to identify and mitigate vulnerabilities. This step ensures the safety of your token and its users' assets. To delve deeper into available support for such matters, consider exploring the BNB Chain's Kickstart program. This program provides a comprehensive array of essential tools and services tailored to the needs of developers within the BNB Chain ecosystem.

Upgradability and proxy considerations

Consider the upgradability of your BEP-20 tokens and explore options like upgradable BEP20 for enhanced flexibility.

Deployment and verification

Test your token thoroughly on BSC's dedicated testnets before deploying it on the mainnet. Tools like Remix IDE and BSCScan aid in writing, compiling, deploying, and verifying smart contracts, enhancing transparency and trust with users. Moreover, BSC provides a well-established infrastructure. Dive deeper into the advantages of developing DeFi Dapps on BSC here.

Marketing and community building

Clearly articulate the benefits and unique aspects of your token. Identifying your target market is equally important to tailor your outreach efforts effectively. Engaging with your community is vital, and platforms like Twitter, Reddit, and Discord offer fertile grounds for this interaction. Additionally, crafting engaging content that educates and informs potential users and investors about your token can significantly amplify interest and support for your project.

Decision-making

Create clear and transparent processes for making decisions about the token's future, such as possible upgrades or alterations to its economic model. This might include methods like community voting or the establishment of a governance council, among other structured approaches.

In Closing

By following these steps and utilizing the resources provided, you can confidently create and deploy your own BEP-20 tokens on the BSC. Whether you're a seasoned developer or a newcomer to blockchain development, the tools and techniques outlined in this guide will help you easily navigate the process. 

You should also check out the BNB Chain developer path. It offers a visually guided, step-by-step journey to mastering BNB Chain development, empowering you with the knowledge and skills needed to excel in this field.

If you are ready to build, then why build a memecoin? We are currently offering a 1 BNB reward to anyone who launches a memecoin on the network!

Keep Building!

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