Definition of BEP20 and examples of tokens

BEP20 is the standard for tokenizing on BSC or using Binance Smart Chain development. The first thing you need to know before creating a BEP20 address is to refer to its standard definition.

It is the token standard for Binance Smart Chain and works like the ERC20 standard in many ways. The token standard defines clear rules for all BSC-based tokens. 

If you take a closer look, the BEP20 standard for Binance Smart Chain applies to all tokens created or issued on BSC. Some examples include security tokens, token utilities, and stablecoins.

In addition, BEP20 also provides support for creating “coins”, can be calculated with unusual proofs that you can power various assets.

Definition of BEP20

BEP20 is the standard for tokens on BSC or using the development of Binance Smart Chain. These tokens are a valuable part of any blockchain-based system, dApp, platform or economy.

They facilitate the movement of value and help track every activity on the blockchain. In other words, they are the key to doing any type of business.

The acronym “BEP” stands for “Binance Smart Chain Evolution Proposal”. It is a token developed by Binance for Binance Smart Chains, a smart contract system that runs alongside the original Binance Chain. 

Example of BEP20 tokens 

If you are still confused about distinguishing the tokens in this network, here are some examples of BEP20 tokens that you need to know.

Pancakeswap (CAKE)

Pancakeswap token is called CAKE, it is built under this token released on Binance Smart Chain, CAKE main function is to facilitate transfer of funds and pancake is a platform, users can easily add their token app to earn wages.

It allows users to invest and increase returns, CAKE can be used to add lottery pools to Pancakeswap, these betting pools can help earn NFTs (non-fungible tokens) which can help trade against CAKE.

CAKE can be stored securely in any wallet connected to the Binance Smart Chain, including MetaMask, Trustwallet, TokenPocket. PancakeSwap (CAKE) can be bought and sold on the following exchanges like Binance, VCC Exchange, BKEX, Kucoin.

Also read: Advantages of Using Pancakeswap In Crypto

BakeryToken (BAKE)

BakerySwap is an automated trading system based on Binance Smart Chain, BakeryToken (BAKE) is the official token on this platform.

Users have access to more BAKE tokens by donating money to Bakeryswap, BAKE token holders can use their tokens to vote in government and receive transaction fees.

BAKE must be able to award more than 10 times more than any other pool. Bakeyswap has two types of pools called BAKE rewards and BAKE without gifts.

The BAKE token pays 0.30 percent for exchange and all transactions. LP BAKE tokens can be used by liquidators to pay out BAKE tokens. The BAKE token has security checks on the network chain.

Also read: Crypto Playing Guide for Beginners

We also need to remind you, currently VCGamers already has its own token that runs on the BSC network with the name VCG Tokens. You can buy it on a DEX platform like Indodax.

Get it updating VCG Tokens the latest only on VCNews!