Back
BEP-20
What is BEP-20?
BEP-20 is a token standard on the Binance Smart Chain (BSC) that extends the functionality of ERC-20, the most common token standard on the Ethereum blockchain. It defines a set of rules and functions that tokens on the BSC must follow, allowing for seamless integration with wallets, exchanges, and other DApps on the network.
Key Features of BEP-20
Compatibility: Designed to be compatible with Ethereum's ERC-20 standard.
Functionality: Includes standard functions like transfer, approve, and transferFrom.
Flexibility: Allows for the creation of both fungible and non-fungible tokens.
Gas Efficiency: Generally offers lower transaction fees compared to Ethereum due to BSC's architecture.
Interoperability: Facilitates easy token swaps and cross-chain transfers with Ethereum.
How BEP-20 Works
The BEP-20 standard operates through:
Smart Contracts: Tokens are created and managed through smart contracts on the BSC.
Standard Interface: Implements a standard set of functions that all BEP-20 tokens must include.
Metadata: Includes token metadata like name, symbol, and decimals.
Balance Tracking: Maintains a record of token balances for each address.
Approval Mechanism: Allows users to approve other addresses to spend tokens on their behalf.
BEP-20 vs. Other Token Standards
Comparing BEP-20 to other standards:
ERC-20: BEP-20 is largely compatible with ERC-20 but operates on a different blockchain.
BEP-2: An earlier Binance Chain standard, less versatile than BEP-20.
ERC-721: Unlike BEP-20, ERC-721 is specifically for non-fungible tokens (NFTs).
TRC-20: Similar in concept but operates on the TRON blockchain.
Similar Terms
ERC-20: The Ethereum token standard that BEP-20 is based on and compatible with.
Smart Contract: Self-executing contracts with the terms directly written into code, used to create BEP-20 tokens.