BEP2 tokens are ERC20-compliant tokens that are stored on the Binance Chain, while BEP20 tokens are native to the Binance Chain. In this blog post, we will explore the differences between these two types of tokens and their advantages and disadvantages.
What is BEP2?
BEP2 is a second-generation blockchain protocol that enables the transfer of value between blockchains. Unlike its predecessor, BEP1, BEP2 uses a proof-of-stake (PoS) system to secure its network. This makes it more scalable and energy efficient than BEP1. Additionally, BEP2 supports the use of smart contracts, which allows for more complex applications to be built on top of it.
What is BEP20?
BEP20 is a new standard for tokens on the Binance Smart Chain. It is based on the ERC20 standard used on Ethereum but adds some important new features. One of the most important features of BEP20 is its support for multiple signatures. This means that a group of people can all sign a transaction, making it much more secure.
Another important feature is its support for atomic swaps. This means you can trade one token for another without going through an exchange. Finally, BEP20 also supports meta-transactions. This means you can send a transaction without paying gas fees.
BEP2 vs. BEP20 Fees
When it comes to fees, there are a few key differences between BEP2 and BEP20 tokens. For one, BEP2 tokens incur lower fees than BEP20 tokens. This is because BEP2 uses a different fee structure than BEP20, which charges a flat fee for all transactions. Additionally, BEP2 tokens also have the option to be “burned” instead of being sent back to an exchange or used to pay fees. This means that they can effectively be removed from circulation, which can help to reduce overall supply and increase scarcity (and potentially price). Finally, while both types of tokens can be traded on exchanges, only BEP2 tokens can be traded on decentralized exchanges (DEXes). This is because DEXes do not support the ERC20 standard that BEP20 uses.
BEP2 Token List
The BEP2 token standard is a new ERC20-compatible token standard that is designed to be used on the Binance Chain. The BEP2 token standard is based on the erc20 vs bsc token standard and is intended to be used for tokens that are issued on the Binance Chain. The BEP2 token standard introduces a new token type, called a BEP2 token, that is similar to an ERC20 token but with some additional features. Some of the most common BEP2 token are-
- Binance Coin (BNB) is a cryptocurrency created and issued by the Binance exchange.
- PancakeSwap (CAKE) is a decentralized exchange built on the Binance Smart Chain.
- Binance USD (BUSD) is a stablecoin pegged to the US Dollar.
- SafeMoon is a DeFi token built on the Binance Smart Chain.
- C.R.E.A.M. is a DeFi token built on the Ethereum network.
- BURGER is a ERC20 token that can be used to purchase burgers at participating restaurants.
BEP20 Token List
BEP20 tokens are ERC20-compliant tokens that run on the Binance Smart Chain. There are a variety of BEP20 tokens, each with its own unique purpose and use case. Here is a list of some of the most popular BEP20 tokens:
- BNB: The native token of the Binance Exchange, used to pay fees and gas on the Binance platform.
- BTC: The world’s first and most popular cryptocurrency, used as a store of value and medium of exchange.
- ETH: The native token of the Ethereum blockchain, used to pay for transaction fees and gas.
- LTC: One of the oldest and most established cryptocurrencies, often seen as digital silver to Bitcoin’s digital gold.
- USDT: A stablecoin pegged to the US dollar, used to store value or hedge against other volatile assets.
What is the BEP2 address?
A BEP2 address is a 20-byte string used to identify a user on the Binance Chain. A BEP2 address consists of the prefix “bnb” followed by a checksummed base64 encoded 20-byte public key.
What is a BEP20 address?
A BEP20 address is an identifier used to send and receive BEP2 tokens on the Binance Chain. BEP2 addresses are similar to Bitcoin addresses in that they are derived from a user’s public key and can be shared publicly. However, unlike Bitcoin addresses, BEP2 addresses have a checksum that helps to prevent errors when sending or receiving BEP2 tokens.
When sending or receiving BEP2 tokens, it is important to make sure that the recipient’s address is entered correctly. If you enter an incorrect address, your tokens may be lost forever. Therefore, it is always recommended to double-check the accuracy of an address before sending any tokens.
The Top BNB Smart Chain dApps
As the Binance Smart Chain nears its one-year anniversary, we take a look at the top dApps running on the network. The Binance Smart Chain has quickly become a popular destination for dApp developers and users alike. The network offers a high throughput and low transaction fees, making it an ideal platform for a wide range of decentralized applications. Here are the top BNB Smart Chain dApps, based on data from DappRadar:
1. PancakeSwap
PancakeSwap is a decentralized exchange built on the Binance Smart Chain. The platform allows users to trade a variety of digital assets, including BEP20 tokens. PancakeSwap also offers staking and farming services, allowing users to earn rewards for providing liquidity to the exchange.
2. BakerySwap
BakerySwap is another decentralized exchange built on the Binance Smart Chain. The platform focuses on providing users with a simple and user-friendly interface. BakerySwap also offers staking and farming services, allowing users to earn rewards for providing liquidity to the exchange.
3. Venus Protocol
Venus Protocol is a decentralized finance protocol built on the Binance Smart Chain. The protocol offers a variety of DeFi services, such as lending, borrowing, and asset management. Venus Protocol also allows users to stake their assets and earn rewards in return.
The Top BEP2 Wallets
There are many different types of wallets that support BEP2 tokens. Here are some of the most popular ones:
Ledger Nano S
Ledger Nano S is a hardware wallet that supports BEP2 tokens. It is one of the most popular hardware wallets on the market and is very easy to use.
Trezor Model T
Trezor Model T is another hardware wallet that supports BEP2 tokens. It is very secure, and it also has a great user interface.
The Top BEP20 Wallets
There are several BEP20 wallets available, but not all are created equal. Here is a list of the top BEP20 wallets, based on features and security:
KeepKey
KeepKey is a software wallet that supports the storage and management of BEP20 tokens. It is simple to use and provides a high level of security, making it a great option for those new to cryptocurrency.
MetaMask
MetaMask is a browser extension wallet that allows users to store and manage BEP20 tokens within their web browser. It is easy to use and provides a high level of security, making it a great option for those new to cryptocurrency.
MyEtherWallet
MyEtherWallet is a software wallet that allows users to store and manage ETH and ERC-20 tokens (including BEP20 tokens). It is easy to use and provides a high level of security, making it a great option for those who prefer security over utility.
BEP2 vs. BEP20
| BEP 2 | BEP 20 |
| BEP2 is a token standard that is used to issue and manage tokens on the Binance Chain. | BEP20 is a token standard that is used to issue and manage tokens on the Binance Smart Chain. |
| BEP2 is used on the Binance Chain. | BEP20 is used on the Binance Smart Chain. |
| The Binance Chain is a blockchain that is optimized for high-performance and fast transactions. | The Binance Smart Chain is a blockchain that is optimized for smart contracts. |
| BEP2 uses a different address format than BEP20. This means that you cannot send BEP2 tokens to a BEP20 address and vice versa. | You will need to use a compatible wallet to store and send both types of tokens. |
| BEP2 tokens can be stored on any ERC20-compatible wallet. | only certain wallets support sending and receiving BEP20 tokens. |
| BEP2 tokens can be stored in any wallet that supports the ERC20 standard, such as MetaMask or Trust Wallet. | BEP20 tokens can be stored in any wallet that supports the BSC standard, such as MetaMask or Trust Wallet. |
Why did Binance create two blockchains?
Binance created two blockchains, BEP2 and BEP20, to meet the needs of different projects. BEP2 is designed for projects requiring fast transactions, while BEP20 is designed for projects requiring more flexibility.
BEP2 was created to address the needs of projects that require fast transaction times. Binance Chain’s original design included only one blockchain, but we found that this didn’t meet the needs of all projects. Some projects need faster transaction times than what can be achieved on a single chain.
BEP20 was created to address the needs of projects that need more flexibility. The BEP20 standard allows for more customization than the BEP2 standard, making it better suited for certain projects.
Conclusion
BEP2 and BEP20 are two types of tokens used on the Binance Chain. BEP2 is the native token of the Binance Chain, while BEP20 is a standard token compatible with the ERC20 protocol. Both types of tokens have advantages and disadvantages, so choosing the right one for your needs is important. In general, BEP2 tokens are more widely accepted and offer more features than BEP20 tokens, but they may be less familiar to some users.
