Binance Smart Chain (BSC) is the most popular blockchain network for NFT Marketplace Development, DeFi-based DEX Development, and other uses. BSC’s appeal stems from its native token, BEP 20, and lightning-fast transaction speeds.
Although the Binance Chain (BC) and Binance Smart Chain are designed to work together, they are two separate blockchains. The Binance Smart Chain is not a layer two or off-chain scaling solution but rather a standalone blockchain that will continue to function even if the Binance Chain goes down. Binance, on the other hand, has created a secure cross-chain compatibility solution for the two chains. The BC and BSC can transfer assets immediately, integrating the Binance chain’s fast trading capabilities with the Binance smart chain’s smart contract features. Here we will discuss Binance Smart Chain token development and what all factors influence the cost of token development on BSC.
Let’s explore various token standards on Binance Smart Chain
Every crypto fan is aware that Ethereum offers several token standards for creating crypto tokens, developing smart contracts, etc. Similarly, the Binance Smart Chain supports two widely used token standards: BEP20 and BEP721. Let’s take a closer look at these two token standards:
1.BEP20 Token Standard
BEP20 is a Binance Smart Chain blockchain platform technical token standard that extends ERC20, the industry’s most popular and extensively used Ethereum token standard. This standard serves as a model for crypto tokens, including how they can be used and other restrictions. BEP20 tokens are tokens that have been produced following the BEP20 standard. Because of its commonalities, the BEP20 token standard is compatible with both Binance Chain’s BEP2 and Ethereum’s ERC20.
On the Binance smart chain network, the BEP20 standard allows blockchain developers to create BSC token and deploy it with ease. To make crypto tokens operate on Binance Smart Chain, blockchain developers can either create a native asset utilizing the BEP20 token standard or peg tokens from other blockchains. This is known as the “Peggy” coin, a BEP20 copy of another cryptocurrency. On the Binance Chain platform, BEP20 standard token transfers are the same as BEP2 token transfers. They are, however, propelled by BNB (the native token of Binance).
The Binance Smart Chain was designed to work with the Binance Chain. The BSC network allows Dapps to run without clogging up the main chain. Because of its architecture and cross-chain compatibility, it is designed for quick trading. Finally, BEP2 coins can be exchanged for BEP20 tokens. BEP20 tokens can be stored, received, and transferred via the Binance Chain Wallet extension. BEP20 standard tokens are faster than other token standards and can manage many token transactions at once. As a result, many firms and entrepreneurs are interested in developing BEP20 tokens.
2. BEP721 Token Standard The Binance DEX platform has now introduced BEP721 as a non-fungible token (NFT) standard. Binance’s Smart Chain platform encompasses this as well. Developers can use the BEP721 token standard to create a secure non-fungible token. NFT is currently fashionable, and many traders are interested in purchasing the most recent NFTs on the market. The NFTs can either be digital or physical in nature. As a result, the NFT market is ready for digital art, tweets, sculptures, gaming assets, GIFs, and so on. Now is the moment to build an NFT by approaching the blockchain industry’s top non-fungible token development company.
Various advantages of building a token on Binance Smart Chain
The following are the advantages of Binance Smart Chain token development:
1. Cost-efficient transactions
Low transaction and on-chain costs may be the deciding factor in convincing developers and users to switch from Ethereum and other smart blockchains to the Binance Smart Chain. During peak times, BSC transaction fees and times may be much better than Ethereum. Furthermore, the petrol fees on BSC are nearly always consistent. Since its inception, the average transaction cost has been roughly $0.15. During busy times in Ethereum, gas fees could be extraordinarily high, even for simple transactions. One of the most significant advantages of BSC is the low transaction costs.
2. A higher rate of adoption
While BSC strives for decentralization, Binance’s concentrated nature does have some advantages. Because Binance already has a large user base, the Binance Smart Chain will receive more attention. This would allow for far faster adoption than would otherwise be possible for a blockchain initiative not backed by a significant player like Binance. The number of unique addresses and total transactions has increased tremendously in a short period.
3. Token movement is made simple via bridging
Many cross-chain bridges have been constructed so that Binance Smart Chain users can quickly move tokens from one blockchain network to another. The Binance Bridge now supports over 40 tokens and allows users to move assets like USDT, ETH, and various other tokens to and from the Binance Smart Chain.
Binance’s brand name has several benefits. Binance’s sponsorship provides a massive amount of technical, talent, and financial resources in addition to enhanced exposure. Binance pledged $100 million from its coffers to the BSC Accelerator Fund in October 2020. These monies will be used to fund protocol development, wallets, explorers, and other tools, as well as infrastructural needs for their nascent blockchain ventures.
How Much Does it Cost to Create a BSC token?
The first thing that comes to mind while creating a token on Binance Smart Chain is the cost of development. When it comes to launching a token, the cost of creating and deploying a token is critical. A few key factors determine the cost to create BSC token, including the following:
We’ve gone over the Binance Smart Chain token development process in detail, including how it works, its features, benefits and factors influencing the project’s cost. Binance is all set to become the first love of cryptopreneures, and that’s obviously due to the power-packed features of tokens developed on BSC. If you have decided to work on your project, which requires token development on BSC, hire an expert blockchain development company that can realize the true potential of your venture.
If you are planning to create BSC token, Antier Solutions can accelerate your journey. We offer end-to-end services to help you launch your token – from token development to deployment and marketing. Whether you need a fungible token or a non-fungible token, we help you accomplish your business goals.
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