A BEP-20 token is an excellent choice for creating your own cryptocurrency token. Binance Smart Chain is the fastest-growing blockchain, attracting investors due to its low transaction costs and high speed. You must first create a BEP-20 token before using BSC to launch your own token. BEP-20 tokens can be used as a digital currency for a variety of purposes, such as paying for goods and services in a marketplace or enabling gaming platforms.
So, you’re eager to get started on your BEP-20 token, but where do you begin? Let’s take a closer look:
The process of creating a BEP-20 token
To mint or create a BEP-20 token, all of the token’s attributes must be entered in accordance with the BEP-20 specifications. The whole thing is known as a smart contract, and it’s written in Solidity. Add a line of code to your contract code like this to give your token a name: string public name = “BestCoin”. Some of these requirements are simple, such as name, while others, such as those listed in the following section, are much more challenging.
Recommended features in BEP-20 tokens:
Aside from basic requirements like the token’s name and symbol, the cutting-edge BEP-20 tokens include the following features:
Anti-Whale Limits: Because you don’t want someone to just hoard all of your tokens, a wallet’s maximum holding must be limited. You also don’t want your tokens’ value to plummet as a result of a large sell transaction. Setting a token’s maximum transaction limit is required for this. Whales (or large holders) won’t be able to manipulate your token because of these restrictions.
Static Rewards: You want to attract as many investors as possible to your token, and holding rewards is a great way to do so. You could deduct a small fee from all transactions, say 2-5 percent, and distribute it to current holders to encourage them to keep their tokens instead of selling them. This works similarly to how stocks pay out dividends, except it happens much faster and at a much higher rate.
Automatic Liquidity Generation: Safemoon popularised automated liquidity generation as a means of ensuring long-term stability. Each transaction is charged a small fee in order to boost liquidity on exchanges like PancakeSwap. This increases the liquidity pool, resulting in improved price stability and increased token trading volumes.
Hyper-deflationary buyback: In the stock market, the term “buyback” refers to when a company buys back its own stock on the open market, thereby increasing the stock’s value. The transaction fees are used to buy back and burn tokens when the market is experiencing selling. These purchases not only add more value (BNBs) to the liquidity pool, but they also reduce the overall circulating supply of tokens, causing the price to rapidly rise and avoiding large dumps.
Specification for Honeypot-Free Tokens: Honeypots are scam tokens that allow investors to buy but not sell tokens. The money invested in these tokens has been swindled by the rogue owners. Many tools have been developed to detect honeypot tokens, and these tools may flag your token if your BEP-20 token definition isn’t perfect. As a result, a well-defined BEP-20 standard is essential.
Create your own BEP-20 token:
One method of developing a BEP-20 token is to write smart contract code that meets all of the BEP-20 specification’s requirements. Solidity programming is required to implement the smart contract on the BSC blockchain. This may necessitate a significant time commitment, resulting in a several-month wait for your token to be released. Mudra Token Creator is a no-code platform that allows you to quickly create a BEP-20 token.
Mudra Token Creator is the simplest way to create BEP-20 tokens on the Binance Smart Chain. To make your token, you don’t need to know how to code. Among the best-in-class mechanisms included in the token created are anti-whale mechanisms, rewards, honeypot-free code, and hyper-deflationary mechanics with automatic liquidity and buyback. All of this is available at the most affordable price. It verifies the contract code automatically on BscScan. Not only that, but Mudra Token Creator also offers free extra services like establishing a liquidity pool.