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BEP-20
BEP-20 is the token standard used on the Binance Smart Chain (BSC), and it functions similarly to Ethereum's ERC-20 token standard, which allows for the creation of fungible tokens. BEP-20 tokens can represent anything from a digital currency to assets within decentralized applications (dApps) or even governance tokens. BEP-20 offers an efficient way for developers to create tokens on BSC while maintaining interoperability with BEP-2 and ERC-20 tokens. One of the primary advantages of BEP-20 is its lower transaction costs and faster processing speeds compared to Ethereum's network. For example, popular decentralized finance (DeFi) projects like PancakeSwap operate with BEP-20 tokens, and traders use BNB to pay for the gas fees required for transactions. BEP-20 has become widely adopted within the Binance ecosystem, allowing users to trade, swap, and stake tokens across multiple platforms.
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