Create a BEP20 Token

This blog gives you a comprehensive guide to BEP-20 token development. A blockchain development company uses the BEP-20 token standard to create and use digital assets on BNB Smart Chain (BSC) network.

BEP-20 Token Standard

BEP-20 is a token standard on the BNB Smart Chain (BSC), which is a blockchain platform that operates parallel to the Binance Chain. BEP-20 tokens are similar in functionality and purpose to the well-known ERC-20 tokens on the Ethereum blockchain.

The BEP-20 standard defines a set of rules and guidelines that a token contract must follow to ensure interoperability and compatibility with the BSC ecosystem. These rules include functions for token transfers, balance inquiries, and approval mechanisms.

Check It Out | Exploring BEP-20 Token Standard on Binance Smart Chain

Key Features and Characteristics of BEP-20 Tokens

Key features and characteristics of BEP-20 tokens include:

Token Transfer: BEP-20 tokens allow users to transfer tokens from their own addresses to other addresses.

Token Balance: Users can check the balance of BEP-20 tokens held in their addresses. This functionality is crucial for displaying token balances in wallets and exchanges.

Approval Mechanism: BEP-20 tokens implement an approval mechanism that allows token holders to grant permission to other addresses to spend tokens on their behalf. It is commonly used for decentralized exchanges and token lockup mechanisms.

Total Supply: BEP-20 tokens specify the total supply of tokens available. This value represents the maximum number of tokens that can ever exist within the token contract.

Symbol and Decimals: BEP-20 tokens have a symbol (e.g., "ABC") that represents the abbreviated name of the token. They also define the number of decimal places for token Values, which determines the token's divisibility.

Events: BEP-20 tokens emit events when transfers and approvals occur. These events provide a way for external systems to track token movements and update user interfaces accordingly.

Tokenization and Utility: BEP-20 tokens are widely used in various decentralized applications (dApps) and DeFi protocols on the BSC. They enable the creation and management of custom tokens, facilitating tokenization and providing utility within the BSC ecosystem.

It's important to note that while BEP-20 tokens follow a standard set of rules, each token contract can have unique features and additional functionality implemented by the token creator.

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BEP-20 Token Contract Code

Here's an explanation of the code for a BEP-20 token contract we discussed earlier:

// SPDX-License-Identifier: MIT
pragma solidity ^0.8.0;

contract MyToken {
string public name;
string public symbol;
uint8 public decimals;
uint256 public totalSupply;
mapping(address => uint256) balances;
mapping(address => mapping(address => uint256)) allowances;

constructor(string memory _name, string memory _symbol, uint8 _decimals, uint256 _totalSupply) {
name = _name;
symbol = _symbol;
decimals = _decimals;
totalSupply = _totalSupply;
balances[msg.sender] = _totalSupply;
}

// Returns the balance of the specified account
function balanceOf(address _account) external view returns (uint256) {
return balances[_account];
}

// Transfers tokens from the sender's account to the recipient
function transfer(address _recipient, uint256 _amount) external returns (bool) {
_transfer(msg.sender, _recipient, _amount);
return true;
}

// Returns the amount of tokens that the spender is allowed to spend on behalf of the owner
function allowance(address _owner, address _spender) external view returns (uint256) {
return allowances[_owner][_spender];
}

// Allows the spender to spend the specified amount of tokens on behalf of the sender
function approve(address _spender, uint256 _amount) external returns (bool) {
_approve(msg.sender, _spender, _amount);
return true;
}

// Transfers tokens from the sender's account to the recipient using the allowance mechanism
function transferFrom(address _sender, address _recipient, uint256 _amount) external returns (bool) {
_transfer(_sender, _recipient, _amount);
_approve(_sender, msg.sender, allowances[_sender][msg.sender] - _amount);
return true;
}

// Increases the allowance of the spender by the added value
function increaseAllowance(address _spender, uint256 _addedValue) external returns (bool) {
_approve(msg.sender, _spender, allowances[msg.sender][_spender] + _addedValue);
return true;
}

// Decreases the allowance of the spender by the subtracted value
function decreaseAllowance(address _spender, uint256 _subtractedValue) external returns (bool) {
_approve(msg.sender, _spender, allowances[msg.sender][_spender] - _subtractedValue);
return true;
}

// Internal function to transfer tokens from one account to another
function _transfer(address _sender, address _recipient, uint256 _amount) internal {
require(_sender != address(0), "Invalid sender address");
require(_recipient != address(0), "Invalid recipient address");
require(balances[_sender] >= _amount, "Insufficient balance");

balances[_sender] -= _amount;
balances[_recipient] += _amount;

emit Transfer(_sender, _recipient, _amount);
}

// Internal function to approve the spender to spend the specified amount of tokens on behalf of the owner
function _approve(address _owner, address _spender, uint256 _amount) internal {
require(_owner != address(0), "Invalid owner address");
require(_spender != address(0), "Invalid spender address");

allowances[_owner][_spender] = _amount;
emit Approval(_owner, _spender, _amount);
}

event Transfer(address indexed from, address indexed to, uint256 value);
event Approval(address indexed owner, address indexed spender, uint256 value);
}

transfer: Allows users to transfer tokens from their own address to another address.
approve: Approves a specific address to spend tokens on behalf of the sender.
transferFrom: Allows an approved address to transfer tokens from the sender's address to another address.
balanceOf: Retrieves the token balance of a specified address.
allowance: Retrieves the remaining token balance that an approved address can spend on behalf of another address.
increaseAllowance: Increases the approved amount that an address can spend on behalf of the sender.
decreaseAllowance: Decreases the approved amount that an address can spend on behalf of the sender.

Suggested Read | Unexplored ERC Token Standards On Ethereum

Deployment

Here's a step-by-step guide on how to deploy the contract using Remix:

Set up Metamask: Ensure that you have Metamask installed in your browser and connected to the BSC network. You will need BNB in your Metamask wallet to cover the deployment and transaction fees.
Access Remix: Go to the Remix IDE (https://remix.ethereum.org/) in your web browser.
Select Compiler Version: In the Remix IDE, select a compiler version that is compatible with the Solidity version used in the contract. You can choose the appropriate version from the dropdown menu in the "Compile" tab.
Create a New File: In the Remix IDE, click the "+" button to create a new file and copy the BEP-20 token contract code into the new file.
Compile the Contract: Go to the "Compile" tab in the Remix IDE and click the "Compile" button. Ensure that the compilation process completes without errors.
Select Deploy and Run Transactions Environment: In the Remix IDE, go to the "Deploy & Run Transactions" tab. From the "Environment" dropdown menu, select "Injected Web3" to connect. Remix to your Metamask wallet.
Deploy the Contract: In the "Deploy & Run Transactions" tab, select the BEP-20 token as a contract from the "Contract" dropdown menu. Enter the desired parameters for the token, such as name, symbol, decimals, and initial supply. Click the "Deploy" button.
Confirm Transaction: Metamask will open and prompt you to confirm the deployment transaction. Review the details and confirm the transaction, paying the required gas fees in BNB.