BEP-20

BEP-20 is a standard for tokens on the Binance Smart Chain (BSC). It is similar to the ERC-20, which is the standard for Ethereum. However, compared to the ERC-20, BEP-20 has a higher trading volume and lower fees. BEP-20 standard consists of technical rules for specification and ensures that every new token on the blockchain is compatible with the existing tokens. In the Binance Smart Chain, BEP-20 tokens can be used for different functions such as cryptocurrency transfers, staking, transfers to the Ethereum. BEP-20 tokens are also compatible with Ethereum Virtual Machine (EVM). This feature uses ported Ethereum for running decentralized applications (dApps).

The Difference Between BEP-2 and BEP-20

On the one hand, BEP-2 uses Binance Chain. On the other hand, BEP-20 uses Binance Smart Chain. These two chains make a whole, highly compatible and do not overlap their functions. Binance first launched the Binance chain to prevent bottlenecks in their network. However, it was not flexible enough for decentralized exchange transactions due to its coding, and a new blockchain was needed. Therefore Binance created Binance Smart Chain with new functions and features such as Non-fungible token (NFT) and Decentralized Finance (DeFi). The BEP-20 standard is implemented with this new blockchain. Lastly, it should be noted that BNB is used as fuel for both of these blockchains.

What Coins are BEP-20?

There are many successful BEP-20 tokens such as BUSD, CAKE, and BAKE. Especially PancakeSwap (CAKE) is one of the most popular decentralized application tokens in the cryptocurrency market. The PancakeSwap also has its NFT market. 

Storing BEP-20 Tokens

It is crucial to have a wallet compatible with BEP-20 tokens such as Trust Wallet or Metamask. Keep in mind that BEP-20 wallet addresses are in the same format as the ETH wallet addresses. Therefore, it is easy to confuse which blockchain is used in the transaction.