\n| Token standard for Binance Chain \u2013 Binance crypto exchange\u2019s first blockchain \u2013 and BNB, Binance\u2019s native cryptocurrency.<\/span><\/td>\n | Multipurpose token standard for Binance\u2019s side chain \u2013 BSC \u2013 and BNB coin, the native crypto for BSC.<\/span><\/td>\n | Token standard for the Ethereum network and Ethereum Virtual Machines (EVMs).<\/span><\/td>\n<\/tr>\n\n| Doesn\u2019t support smart contracts and hence, can\u2019t be used in the DeFi realm.<\/span><\/td>\n | Compatible with BEP-2, ERC-20, EVM, and Ethereum-based intelligent contracts.<\/span><\/td>\n | Helps create tokens powered by smart contracts.\u00a0<\/span><\/td>\n<\/tr>\n\n| Used for paying transaction costs on CEXs and DEXs. Best for decentralized exchange-based crypto trading.<\/span><\/td>\n | Designed to facilitate interoperability and decentralized application development.<\/span><\/td>\n | Implemented to standardize fungible Ethereum-based tokens and promote dApp building and deployment.\u00a0<\/span><\/td>\n<\/tr>\n\n| Fantom(FTM), Bitcoin BEP2(BTCB), Cardano(ADA), and Polkadot (DOT) are examples of BEP2-compatible cryptocurrencies.<\/span><\/td>\n | Pancakeswap (CAKE), Cream (CREAM), Safemoon (SFM), Burgercities (BURGER), and Sxp(SXP) are examples of popular BEP-20 tokens.<\/span><\/td>\n | USDT, USDC, Uniswap(UNI), and Dai(DAI) are some well-known assets that comply with ERC-20 standards.<\/span><\/td>\n<\/tr>\n\n| Validates blocks every 2 seconds.\u00a0<\/span><\/td>\n | Authenticates blocks every 2 seconds.<\/span><\/td>\n | Verifies blocks every 13 seconds. Relatively slower <\/span>transaction processing speed.<\/td>\n<\/tr>\n\n| Low transaction fees.<\/span><\/td>\n | Nominal transaction charges.<\/span><\/td>\n | Relatively high transaction costs, as gas prices fluctuate based on network load and demand.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\nHow to Create an ERC-20 Token?<\/span><\/strong><\/h2>\nUnderstand ERC20 tokens<\/span><\/strong><\/h3>\nERC-20 is a standard for generating tokens on Ethereum. These are fungible, meaning every token will carry the same value and type. It is also a pivotal component of the Ethereum ecosystem, as it enables the creation of a diverse range of virtual assets and DeFi protocols like loan collateral, governance tokens, and interest-bearing products.\u00a0<\/span><\/p>\nComplete the pre-requisites<\/span><\/strong><\/h3>\nBefore you start minting ERC-20 tokens, you must be well-versed in the fundamentals of smart contracts and the Ethereum blockchain. As these contracts are coded in Solidity on Ethereum, you should be familiar with the programming language. Additionally, you must create and link a wallet like Metamask to engage with the network. You should also top up the wallet with sufficient ETH to deploy your contract in the Ethereum testnet.<\/span><\/p>\nWrite the smart contract code<\/span><\/strong><\/h3>\nYou must write the code in Solidity and ensure that it is ERC20 compliant. You should ensure that all the mandatory functions \u2013 totalSupply, BalanceOf, Transfer, TransferFrom, Allowance, and Approve \u2013 are included in the underlying program.\u00a0<\/span>Although name, symbol, and decimal places are optional functions, you should include them to make your token more flexible, customizable, usable, and functional.<\/span><\/p>\nFormulate a token contract<\/span><\/strong><\/h3>\nSet your token\u2019s total supply and initialize it in the contract. Utilize mappings to monitor token balances and allowances. Select a contract name and token symbol. You can also specify token divisibility, which is denoted by decimals, and the standard is typically 18 decimals.<\/span><\/p>\nDeploy the token<\/span><\/strong><\/h3>\nYou must deploy the token contract to the Ethereum testnet using test ETH. You can also use an Integrated Development Environment (IDE) like Remix, VSCode, or EthFiddle, or a library like Solmate, OpenZeppelin, or Solady to write, compile, test, and debug your contract code. These libraries provide you with a standard-compliant contract base, eliminating the need to write a program from scratch.<\/span><\/p>\nAssess and verify<\/span><\/strong><\/h3>\nOnce you deploy the token on the testnet, evaluate and validate its functionalities. Check if it complies with the ERC-20 standards so that it is compatible with wallets and exchanges.<\/span><\/p>\nPublish and maintain<\/span><\/strong><\/h3>\nAfter thoroughly assessing your token for various parameters, publish it on the mainnet. You should also evaluate and update the contract code regularly.<\/span><\/p>\nPerform security checks and audits<\/span><\/strong><\/h3>\nComprehending the security implications of every function is essential. For contracts handling real value, get professional audits done periodically. If you are new to token contract development, seek guidance from the developer community or experts.<\/span><\/p>\nBenefits of ERC-20 Tokens<\/span><\/strong><\/h2>\n1. Interoperability<\/span><\/strong><\/h3>\nThe principal benefit of ERC20 tokens is multi-chain interoperability. This cross-chain functionality facilitates a superfluid movement of virtual assets across blockchains, especially the EVM-compatible networks like Polygon, BSC, and Avalanche.\u00a0<\/span><\/p>\nSince every ERC-20 token follows the same standard and carries the same value, they can be easily exchanged with one another. Their versatility fuels the development of numerous decentralized applications and financial services on blockchains.<\/span><\/p>\n2. Standardized framework<\/span><\/strong><\/h3>\nA standardized interface simplifies the development, deployment, auditing, and integration of Ethereum-based tokens. It also minimizes barriers to entry for developers and promotes innovation and experimentation.<\/span><\/p>\n | | | | | |
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