What is bep-20 & how does it work?

BEP-20 is a token standard created on BNB Smart Chain (BSC), formally known as Binance Smart Chain. BEP-20 is BSC’s equivalent to ERC-20, the token model used on the Ethereum blockchain. This means that the two token models are compatible with one another. The BEP-20 token model allows users to create a new token on the BNB Smart Chain easily.

What are the best exchanges for bep-20 tokens?

PancakeSwap (CAKE): A decentralized exchange on which you can swap BEP-20 tokens. The platform also enables you to earn its native CAKE tokens through yield farming or staking. Binance Coin (BNB): Initially built on the Ethereum blockchain as an ERC-20 token, BNB is now the native coin of Binance Chain as a BEP-2 token.

What is a “bep-20” or “ERC-20” token?

This “BEP-20” or “ERC-20” is called a token standard; token standards exist to provide a blueprint for creating tokens on individual blockchains via smart contracts (i.e, computer programs). In general, any token that adheres to a particular standard can be used to transact with wallets or exchanges that support it.

What is BSc & bep20?

The BSC works in parallel or in collaboration with the Binance Chain, the first blockchain of the Binance crypto exchange. BEP20 basically refers to a token standard used for creating tokens on BSC, just like ERC20 for creating tokens on Ethereum. It is a critical tool for facilitating smart contract development on the Binance Smart Chain.