BEP-20 is the token standard on the BNB Smart Chain (BSC). Like ERC-20 on Ethereum, this standard is used for creating tokens and facilitating smart contract development on the BNB Smart Chain.
BEP-20 is a token standard for creating digital assets -security tokens, utility tokens, and stablecoins- on the BNB Smart Chain.
BEP-20 tokens are designed to be compatible with Ethereum's ERC-20 standard, allowing them to be easily integrated with dApps built on Ethereum. They usually offer faster and cheaper transactions than Ethereum, making them a popular choice for DeFi applications and other blockchain-based projects. The biggest similarity with the Ethereum network is the use of its native coin, BNB, as gas fees on the blockchain.
The BEP-20 token standard was created to
enable EVM compatibility;
facilitate smart contracts development;
improve the protocol and optimize its speed as well as transaction cost;
boost the strengths of the Binance ecosystem in the web3 landscape.
Like any standard token, BEP-20 also has its specific parameters:
“Can Mint” specifies whether new tokens can be minted to increase the BEP-20 supply over time.
“Can Burn” is the opposite of Can Mint and indicates whether tokens can be burned.
“Blacklist” enables holders to ban or blacklist malicious addresses.
“Can Pause” specifies whether one can pause all token-associated operations in the event of a malicious attack or compromise of the platform (also known as freeze operation).
The most popular BEP-20 tokens are CAKE of PancakeSwap and BUSD of Binance.