If you're considering developing your own cryptocurrency token, a BEP-20 token is an excellent choice.
To launch a cryptocurrency token, it must be deployed on a blockchain. Blockchain acts as a distributed ledger for your token, maintaining a verified record of all transactions. Without this transaction database, no one can really trade or use your token. Ethereum is the most widely used blockchain, but as transaction volumes increase, it is experiencing congestion, slow transaction rates, and high transaction costs. A basic token exchange on the Ethereum network can cost as much as $10. Binance Smart Chain (BSC) is a blockchain platform that is similar to Ethereum in terms of technology but has significantly lower transaction fees as a result of a few tweaks. Additionally, it is capable of processing a greater volume of transactions at a faster rate.
BSC is currently the fastest growing blockchain, attracting investors due to its low transaction costs and high speed. When deploying your own token via BSC, you must first create a BEP-20 token. These BEP-20 tokens may be used as a digital currency for a variety of purposes, ranging from charity to industry use cases.
Okay, so you're all excited to create your BEP-20 token, but how do you proceed? Consider the following questions:
- What does "creating" or "minting" a BEP-20 token really mean?
Simply put, minting a BEP-20 token entails entering all of the token's characteristics according to the BEP-20 specifications. This specification is written in the Solidity programming language and is referred to as a smart contract. In your contract code, for example, include a line of code string public name = "MyToken" to specify the name of your token. While some of these criteria, such as name, are straightforward, others, such as those discussed in the following section, are significantly more complex.
- What are the most important features to include in a BEP-20 token?
Apart from the fundamental requirements such as the token's name and symbol, the cutting-edge BEP-20 tokens include the following:
Anti-Whale Mechanics: You do not want someone to simply hoard all of your tokens, which is why setting a limit on the size of a wallet is critical. Additionally, you do not want someone to execute a large sell transaction that causes the price of your tokens to plummet. This necessitates configuring the maximum transaction limit. These constraints prevent large holders, colloquially referred to as whales, from manipulating your token.
Static rewards: You want to attract a large number of investors to your token, and holding rewards is an excellent way to do so. You can deduct a small fee from all transactions, say 2%, and distribute it to your existing holders to encourage them to continue holding the tokens. This is similar to how stocks pay dividends, except it occurs much more frequently and at a higher rate.
Automatic Liquidity Generation: Pioneered by SafeMoon token, automatic liquidity generation aims to provide long-term stability. Each transaction is subject to a small fee, which is used to increase liquidity on exchanges such as PancakeSwap. This increases the size of the liquidity pool, which improves price stability and enables the token to trade at a higher volume.
Buyback: This is the newest and hottest hyper-deflation feature, which has been made popular by tokens such as EverRise. Buyback, in the stock market, refers to a company purchasing its own stock on the open market, thereby increasing the stock's value. Similarly, when the market is experiencing a lot of sell transactions, the token contract uses the transaction fees it receives to buy back and burn tokens. Not only do these buying transactions add more value (BNBs) to the liquidity pool, but the burn also reduces the total circulating supply of tokens, rapidly increasing the price and preventing large slumps.
Specification without Honeypots: Many scam tokens act as honeypots, allowing investors to purchase but not sell tokens. All funds invested in such tokens become worthless. Numerous tools have been developed to detect honeypot tokens, and if your BEP-20 token definition is not correct, such tools may flag your token. As a result, it is critical to have a clean BEP-20 specification.
It is far more complicated to specify these controls in the smart contract than it is to name your token.
- How do I create my own BEP-20 token?
The most common technique for creating a BEP-20 token is to write a smart contract code that meets all of the requirements of the BEP-20 specification. You will need to be proficient in Solidity programming in order to implement and deploy it. This may require a significant time commitment, resulting in a delay of several months in the launch of your token. Mudra Token Creator is a no-code platform for creating BEP-20 tokens instantly.
- What are the advantages of creating Mudra Tokens with Mudra Token Creator?
Mudra Token Creator is the most advanced platform for creating BEP20 tokens on Binance Smart Chain. To create your token, no coding is required. Anti-whale mechanics, low transaction fees, honeypot-free code, and hyper-deflationary mechanics with automatic liquidity and buyback – the token generated incorporates the best-in-class features. All of this at an extremely reasonable price. Additionally, Mudra Token Creator provides free complimentary additional services such as adding funds to the PancakeSwap liquidity pool.