RE: LeoThread 2023-05-31 09:46

[cyclopshive]

What is BEP-20?

• BEP-20 is a token standard on the Binance Smart Chain (BSC) that defines how tokens can be transferred and used on the Binance network.

Some amazing information about BEP-20 has been given below

Comments

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1. BEP-20 is a technical standard for creating tokens on the Binance Smart Chain (BSC).

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1. It is based on the Ethereum ERC-20 standard, but optimized for the Binance network.

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1. BEP-20 tokens can be used in decentralized applications (dApps) and exchanged on decentralized exchanges (DEXs).

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1. BEP-20 is compatible with all existing wallets that support Ethereum.

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1. Tokens created on the BSC using BEP-20 have faster transaction times and lower fees compared to those created on the Ethereum network.

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1. The number of BEP-20 tokens is limited to 2^256 - 1.

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1. BEP-20 tokens can be used for payments, rewards, governance, and other purposes.

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1. Binance Coin (BNB) is also a BEP-20 token.

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1. BEP-20 tokens can be staked for various benefits such as rewards and voting rights.

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1. The value of BEP-20 tokens is determined by market supply and demand.

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1. BEP-20 tokens can be traded on centralized exchanges (CEXs) and decentralized exchanges (DEXs).

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1. Binance Launchpad, a token launch platform of Binance, uses BEP-20 tokens.

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1. Like ERC-20 tokens, BEP-20 tokens can have decimals such as 18, allowing for fractional amounts.

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1. BEP-20 tokens can be transferred easily and quickly across borders.

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1. BEP-20 tokens can be transferred easily and quickly across borders.

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1. BEP-20 tokens can be used in smart contracts to automate various processes.

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1. Token holders can vote on proposals related to the token's ecosystem or participate in governance.

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1. BEP-20 tokens can be locked or burned to reduce or increase their circulation.

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1. BEP-20 tokens can be created and managed by anyone who follows the BEP-20 standard.

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1. BEP-20 tokens can be used for crowdfunding and fundraising purposes.

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1. Some popular BEP-20 tokens include PancakeSwap (CAKE), Venus (XVS), and BakeryToken (BAKE).

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1. BEP-20 tokens can be used to incentivize users to participate in a specific ecosystem or platform.

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1. Token creators can set various parameters such as the token's name, ticker symbol, and maximum supply.

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1. BEP-20 tokens can be swapped for other cryptocurrencies or fiat currencies on exchanges.

[ayomike]

That's great, learning new things everyday on this platform

[mango-juice]

I used a few BEP 20 coins when investing in some BSC projects. their small fee attracted me :)

[cyclopshive]

they're also trusted

[mango-juice]

yes bsc projects are being trusted by a large no of users, however, i stopped going out of hive for a long time now.

[cyclopshive]

i see