What is a BEP20 Token, and why would you want to make one in 2022?
If you want to make your own cryptocurrency token, a BEP20 token would be a great choice. If you want to start making money with a cryptocurrency token, you need to put it on the blockchain. The blockchain is like a shared ledger for your token, keeping a record of all the transactions that have been made with it. Without this transaction database, no one can trade or use your token in the real sense of the word. There have been a lot of transactions on the Ethereum blockchain, so it has become the most popular. This has led to a lot of congestion, slow transaction speeds, and high transaction prices. For a simple token exchange on the Ethereum network, it can cost between $5 and $10, but it’s not set in stone how much. Binance Smart Chain (BSC) is a blockchain network that is similar to Ethereum in terms of technology, but it has a few changes that make it much cheaper to make transactions. It can also do a lot more transactions in a short amount of time.
BSC is now the fastest-growing blockchain because of its low transaction fees and high speed. Before you can use BSC to distribute your own token, you must first make a BEP20 token. Using these BEP20 tokens could be used to pay for everything from goods to community awards.
It is important to think about these things when you are making your BEP20 token:
1. How does “minting” of a BEP20 token happen?
BEP20 tokens are made by filling in all of the token’s attributes according to the BEP20 standards. The whole thing is called a “smart contract,” and it’s written in the Solidity computer language. To give your token a name, add a line of code to your contract code that says public name = “MyToken.” For example, you could do this. Some of these requirements are simple, like having a name. Others, like those in the next section, are a lot more complicated.
2. What are the best features used to make BEP20 tokens in 2022?
The BEP20 tokens also have a lot of extra features, beyond a unique name and symbol.
Anti-Whale Mechanics: In this section, we’ll talk about how to keep whales away. There must be a limit on how many tokens a wallet can hold. This is very important if you don’t want someone to just keep all of your tokens and not use them. There are also things you don’t want to do that will make your tokens less valuable. Setting a maximum transaction limit for a token is needed for this to work. These rules keep whales or people who own a lot of your token, from manipulating it.
Rewards: Your goal is to get as many people interested in your token as possible. Rewards are a great way to do this. To encourage people who already own the tokens to keep them, you can deduct a small fee from all transactions, say 2%, and give it to them. This is similar to how dividends are paid out by stocks, but it happens much faster and at a much higher rate, like in a similar way. You can use the fees you charge to reward users with any token you want, like BUSD or DOGE.
Automatic generation of liquidity: Automated liquidity generation, which was popularised by Safemoon, is meant to keep things stable for a long time. A very small fee is charged for each transaction. This fee is used to improve the liquidity of exchanges like PancakeSwap, which helps keep the price stable and allows for bigger trading volumes for the token.
Buyback: There have been a few tokens, like EverRise, that have started this new trend. Corporations that buy back their own stock on the open market are called “buybacks”. When a company buys back its stock, it makes the stock more valuable. Similarly, when the market is going down, the fees from the token contract are used to buy back and burn tokens. This adds value to the liquidity pool and cuts down on the total number of tokens in circulation, which raises the price and avoids big dumps.
It’s more difficult to write these rules into the smart contract than to name your token.
3. How do I make my own token for the BSC?
The most common way to make a BEP20 token is that you write smart contract code that meets all of the requirements of a BEP20 specification. A programming language called Solidity is needed to make the smart contract work on the BSC blockchain. This may take a lot of time, which could delay the debut of your token for a few months. A no-code platform called Unicarve Token Creator lets you make BEP20 tokens in a matter of seconds.
4. How does the Unicarve BEP20 Token Generator better?
Unicarve Token Creator is the best way to make BEP20 tokens on the Binance Smart Chain in 2022. To make your token, you don’t need to know how to write code. All of the best features are in a token are available, including anti-whale mechanisms, rewards, and hyper-deflationary mechanics with automatic liquidity and buybacks. All of this comes at a very low price, and Unicarve has the most simple interface. Anyone can now make an advanced BEP20 token in just a few seconds.