Create BEP-20 with Hyper-Deflationary Tokenomics
BEP-20 is a great starting point if you've ever considered creating your own cryptocurrency. BEP-20 is the token format for one of the world's fastest-growing Blockchains, Binance Smart Chain (BSC). BSC was largely developed following the popular Ethereum blockchain network but comes with faster speed and lower transaction costs. BEP-20 standard outlines how a token will work on the BSC blockchain, who can spend it, what services it offers, etc.
The development of a basic BEP-20 token is quite straightforward, but it takes a long period of time to produce an actual Token, with proper trading controls and financial mechanics. You could perhaps expect to invest several months to see your token available on the market if you are new to blockchain technology and smart contracts.
"Smart contracts" of BEP-20 specification is written in Solidity programming language. Smart contracts outline how the token can and cannot be used, and must conform to the BEP-20 standards. Some of these requirements are simple. For instance, you need only specify it in a single code line to give your token its own symbol. The inclusion of modern tokenomics (short for Token Economics) can, however, be challenging to create a meaningful token.
Your BEP-20 Token Planning
The real challenge is to create a token that has value and usefulness. You must consider the following settings:
Anti-Whale Limit: "Whales" are people who collect large quantities of tokens. Transactions, where a token is sold at once in large volumes, can devalue a coin massively. Through carefully planned trading, whales can therefore manipulate the value of a token. Whale limits prevent this manipulation of the token.
Static rewards: BEP-20 tokens can be coded with rewards that promote certain desirable behavior. You might want people to hold on to their tokens rather than selling them, for instance. You can deduct a small fee from all new transactions and distribute it between token holders. Incentives like these are an excellent way to encourage people to hold their tokens.
Automatic liquidity: Automatic liquidity helps to ensure your token's long-term stability. A small fee is charged for each transaction; this is added to the liquidity pool. It increases liquidity available, stabilizes prices, and increases volumes of trade.
Hyper-deflationary buyback: The term "buyback" in the news may have been heard more than a few times over the past decade. It refers to a strategy where an enterprise buys its own stock from the open market to raise its value. This scheme has been taken by digital assets such as crypto tokens to the next level - buyback and burn, whereby tokens are purchased and 'burned' or destroyed. This reduces the number of tokens in circulation and increases liquidity, thus increasing its value on a longer-term basis, in addition to promoting the price of the token immediately.
Specification of Honeypot-Free Token: An "honeypot" is a scam token that can be bought but not sold by investors. This is a way of swindling people's money from token creators—and it is one of the most common forms of cryptocurrency fraud. It is important to make sure that your token description of BEP-20 is accurate. If you make a mistake, scanning tools and can flag your token, making it undesirable by investors.
BEP-20 token creation
The BEP-20 token can be created in two ways: one difficult and the other massively simpler.
The difficult way is by writing your own smart contract code or hiring someone else. This is a long manual process that is also highly error-prone. It may take months to get your token ready on the market. On the other hand, as long as you meet the BEP-20 standards, you have full control over coding and specification.
A platform like Mudra Token Creator is the simpler way. It is a no-code platform for quick and compliant creation of BEP-20 Token, without any coding knowledge. The advantages are:
- The latest cutting-edge tokenomics, such as whale limits, rewards, burn, deflationary mechanics, automatic liquidity generation, buybacks, and more.
- Automatic verification of source code on BscScan.
- A BEP-20 token fully compliant in considerably less time than manual DIY.
Now create your own BEP-20 token almost instantly!