What is BEP20? #4 The simplest way to receive BEP-20 Tokens

Like other standard code types, BEP20 acts as a “navigator” on the BSC platform so that developers can create new code that complies with the platform’s standards. So what characteristics does BEP20 have and what outstanding projects has it contributed to?

What is BEP20?

BEP20 is an extended Binance Smart Chain token standard, similar to the Ethereum platform’s ERC20 standard. Tokens created on BSC must follow a framework and set of rules defined as BEP20. The BEP20 network is fully compatible with the ERC20 and Binance Chain BEP20 token standards.

BEP20 standards apply to all types of tokens launched on the BSC platform, including security tokens and stablecoins. BEP20 when pegged to other crypto assets such as BTC and LINK is called Peggy coin. These assets also comply with the BEP20 token standard.

What problems does BEP20 solve?

Token standards like BEP20 serve as an outline, a standard framework for user-generated tokens on the Blockchain. This standard sets out general principles that help guide developers in creating tokens with similar functionality.

The tokens created are transferable assets and operate on decentralized applications running on the underlying blockchain. They are used as a repository for payments or even representing off-chain securities.

Standard parameters of BEP20 token

To understand how BEP20 works, you need to understand the parameters associated with this standard, which help define the individual functions of the BEP20 token. Notable BEP20 standard specifications include:

Can be molded

The “mouldable” parameter serves as the inflation parameter of the BEP20 standard. This parameter provides specifications regarding the likelihood that new BEP-20 tokens may be minted to increase supply over time.

Can burn

The “Burnable” parameter is the opposite of “Moldable” and plays the role of deflation. The “Burnable” parameter potentially specifies the possibility of burning code to reduce supply.

Can be paused

This parameter is a parameter that plays a huge role as a measure against malicious attacks. In case of any malicious attack or platform outage then users can pause all BEP20 token operations. However, only the token or address creator with the necessary permissions can pause all operations.

Black list

The “Blacklist” parameter helps blacklist or ban suspicious BEP20 addresses or other malicious addresses.

Examples of projects using BEP20

Binance Smart Chain is expanding in terms of number of transactions, value, and number of users. BSC is also the platform chosen by many dApp developers and connects to the BEP20 wallet during the transaction process. So currently, which projects are using BEP20 standards? Here are some of the most popular names:

Autofarm

An extremely popular project on Binance Smart Chain is Autofarm, a profit aggregator that is also a DEX project.

You can use assets as collateral and liquidity on the platform. The DeFi platform offers support for BEP20, Metamask, and Binance Smart Chain wallets.

PancakeSwap

One of the biggest BEP20 projects on Binance Smart Chain cannot ignore PancakeSwap, the popular AMM – Automated Market Maker. This is currently one of the leading decentralized exchanges, developed on the platform of Binance Smart Chain.

PancakeSwap’s diverse functions help exchange tokens on BSC. Most importantly, PancakeSwap has also launched its own NFT marketplace. Therefore, this project is one of the top choices for any developer looking for the opportunity to create a decentralized exchange on BSC.

BEP20 money market protocols

If you want to know the true potential of the BEP20 token standard, you’d be remiss if you haven’t seen examples of money market protocols based on the standard.

Currently, Venus is providing a trusted protocol for decentralized lending and lending on BSC’s platform. As an algorithm-based money market system, Venus uses two separate BEP20 tokens, with one serving as a stablecoin and the other as a governance token.

#4 How to get BEP-20 Tokens

How to receive BEP20 is relatively simple. You can quickly own this token through the following 4 ways:

• Binance: This is the largest cryptocurrency exchange today. You can easily create an account at Binance, then select the desired BEP20 token and buy back that token.
• Binance DEX: This is a decentralized version of Binance. Binance DEX allows users to buy BEP20 tokens specifically and tokens in general in a non-custodial environment.
• Trust Wallet: Trust Wallet is also a famous type of storage wallet today. With just a few simple steps, you can buy BEP20 tokens at Trust Wallet’s exchange.
• Pancake Swap: You can use Pancake Swap to accumulate BEP20. Through this decentralized exchange, you can swap crypto assets to accumulate BEP20.

Where to create a BEP20 wallet?

MetaMask

MetaMask is one of the famous wallets in the crypto world when widely used across DApps. This type of wallet has an overwhelming number of users compared to other types of e-wallets on the market.

Metamask not only supports Ethereum but can also connect to EVM blockchain, BitTorrent and BSC wallets. You can proceed to create a BEP20 wallet on Metamask, storing your tokens. When using MetaMask, you can almost eliminate the worry about whether the dApp will integrate the wallet you use because most dApps already have MetaMask in their support list.

Trust Wallet

Trust Wallet is a wallet product owned by Binance with approximately five million users. This type of e-wallet allows users to store many different types of assets. At the same time, connect to dApps right on the product.

Binance Chain Wallet

This is also an extremely popular type of wallet. Binance Chain is an application that can be integrated as an extension on Chrome and Firefox. This type of wallet is very easy to use and easy to interact with dApp on BSC.

The above article by Finhay has provided readers with all the most basic information about BEP20. This is currently a popular token standard and is present in extremely prominent projects. Hopefully investors have information and understand this standard to apply it well for their virtual currency investments.