If you want to make your own cryptocurrency token, a BEP-20 token is a great choice. Due to its minimal transaction costs and excellent speed, Binance Smart Chain is now the fastest-growing blockchain, attracting investors. Before using BSC to launch your own token, you must first construct a BEP-20 token. BEP-20 tokens can be used as digital money for a variety of purposes, including payment of goods and community awards.
So, you're ready to start making your BEP-20 token, but where do you begin? Let's have a look at it:
Minting a BEP-20 token requires entering all of the token's attributes in accordance with the BEP-20 specifications. The whole thing is called a smart contract, and it's written in the Solidity programming language. To give your token a name, add a line of code to your contract code like this: string public name = "BestCoin" Some of these requirements are straightforward, such as name, while others, such as those outlined in the following section, are considerably more difficult.
Aside from basic needs such as the token's name and symbol, the cutting-edge BEP-20 tokens also have the following features:
Anti-Whale Limits: You don't want someone to just hoard all of your tokens, hence limiting how much a wallet can carry is necessary. You also don't want someone to make a large sell transaction, causing your tokens' value to plummet. This necessitates setting a token's maximum transaction limit. These restrictions keep whales (or large holders) from tampering with your token.
Rewards: You want to attract as many investors to your token as possible, and holding rewards is a great method to do it. You can take a little fee from all transactions, say 2-5%, and distribute it to current holders to encourage them to not sell the tokens. This works in a similar fashion to how stocks pay out dividends, only it happens much more quickly and at a larger rate.
Automatic Liquidity Generation: Safemoon popularised automated liquidity generation, which is aimed to ensure long-term stability. A small fee is applied to each transaction, with the goal of increasing liquidity on exchanges like PancakeSwap. This expands the liquidity pool, which improves price stability and allows for greater token trading volumes.
Buyback: The phrase "buyback" is used in the stock market to denote when a company buys back its own stock on the open market, hence increasing the stock's value. When the market is experiencing selling, the transaction fees are used to buy back and burn tokens. These purchases not only add more value (BNBs) to the liquidity pool but also limit the overall circulating supply of tokens, causing the price to rise quickly and avoiding large dumps.
Honeypot-Free Tokens Specification: Many scam tokens are honeypots, which allow investors to buy but not sell tokens. The money that was put into these tokens has been left stranded. Many tools have been developed to detect honeypot tokens, and if your BEP-20 token definition isn't perfect, these tools may flag your token. As a result, a BEP-20 standard that is well-defined is critical.
The most common way for producing a BEP-20 token is to write a smart contract code that fulfills all of the requirements of the BEP-20 specification. To implement the smart contract on the BSC blockchain, Solidity programming is necessary. This may necessitate a substantial time commitment, resulting in a several-month delay in the release of your token. Mudra Token Creator is a no-code platform that allows you to create a BEP-20 token in a matter of seconds.
On Binance Smart Chain, Mudra Token Creator is the simplest way to produce BEP-20 tokens. You don't need to know how to code to make your token. Anti-whale mechanisms, rewards, honeypot-free code, and hyper-deflationary mechanics with automatic liquidity and buyback are among the best-in-class mechanism contained in the token created. All of this is available for the lowest price. Not only that, but Mudra Token Creator also provides free additional services such as setting up a liquidity pool.