A BEP-20 token is a good choice if you are thinking of creating your own cryptocurrency token. To start, a cryptocurrency token must be deployed on a blockchain. Blockchain is used to maintain a verified record of all transactions as a distributed ledger for your token. Without this transaction database, nobody can actually trade or use your token. Ethereum is the most frequently used blockchain, but as a result of increasing transaction volumes, it is subject to congestion, poor transaction rates, and costly transaction costs. It can cost between 5 and 10 dollars to exchange tokens on the Ethereum network. Binance Smart Chain is Ethereum-like, but due to several tweaks, transaction fees have been considerably lowered. Binance Smart Chain (BSC). A greater number of transactions can also be handled more quickly.
BSC is currently the fastest growing blockchain attracting investors with its minimum transaction costs and excellent speed. If you want BSC to deploy your token, a BEP-20 token must be created first. The BEP-20 tokens could be used as a digital currency for a number of purposes, from the payment of products to community awards, if issued.
All right, so you all look forward to making the token of your BEP-20, but how are you doing that? Let's look at some of the issues about which you could think:
1. What does the creation or mint of a BEP-20 token mean?
To create a BEP-20 token you need to enter all the token features according to the BEP-20 requirements. This specification is written in the language of Solidity and the complete requirement is known as a smart contract. In your contract code, for instance, enter the code string public name = "DogeCoin" to give your token's name. Some of these criteria are simple, such as name, while others are far more complex, such as those discussed in the next section.
2. What are the latest BEP-20 Token Creation best practices?
The state-of-the-art BEP-20 tokens include:
Anti-whale mechanics: You don't want anybody to just hoard all your tokens, so you can limit the number of tokens a wallet can hold. Nor do you want a large selling transaction that will bring down the prices of your token. The maximum transaction limit of a token must be set. This restriction will avoid manipulating your token by huge holders, often known as whales.
Rewards: You want to attract increasing numbers of investors, and the reward is a great incentive. You can deduct a small charge, say 2 percent, from all transactions and give it to your existing holders to encourage them to keep holding tokens. This is like the way stocks payout just it happens significantly faster and more quickly.
Automatic Liquidity Generation: Automatic liquidity generation is made popular by SafeMoon token and is designed to provide long-term stability. For each transaction, a small fee is paid that is used to add LP funds in exchanges such as PancakeSwap. This increases the size of the liquidity pool, enhances price stability, and supports higher trade volumes.
Buyback: This is the most recent trend that started with a couple of tokens like EverRise. On the stock market, Buyback refers to the stock of a company being bought back on the open market, which increases the value of the stock. In the same way, when people are selling your tokens, transaction fees are used to purchase back and burn tokens. The liquidity package not only receives more value (BNBs) but token supply is also reduced by burning, quickly boosting prices, and preventing big dips.
Honeypot-Free Spec: Many tokens are scam tokens that enable investors to purchase, but not sell. The entire money invested in these tokens is lost. Many tools have been developed for such honeypot token detection and you may end up flagging your token if the token contract is not diligently defined by your BEP-20 token definition. A clean BEP-20 requirement is therefore crucial.
3. How can I create my own BEP-20 token?
The most common technique of creating a BEP-20 token is to write smart contract codes that cover everything required by the BEP-20 specification. You need to master solidity programming in order to implement the clever contract on the BSC blockchain. This may take a long time to commit, which means that the launch of your token may take several months. Mudra Token Creator is a platform for generating BEP20 tokens instantly. No coding is required, just select the token features using a simple interface. The token has the option to select the best-in-class features: whale-free mechanics, transaction costs, free honeypot code, automated liquidity, and buyback hyper deflationary mechanics.