FAQ about BEP 20 tokens created on the Binance Smart Chain ( BSC )

Off-late there has been a a great Exodus from the ETHEREUM Chain -to- the latest high performance blockchain from Binance. Its called the Binance Smart Chain ( BSC ). The main reason being the tremendous GAS fee charged by Ethereum for  ERC20 token creation on its blockchain and smart contract compilation. In this article lets look at some of the frequently asked questions on the BEP 20 tokens created on the Binance Smart Chain ( BSC ).

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How do I Burn BEP20 tokens?

Yes, you can BURN any number of tokens you own. To achieve this, you will need to enable a special function in your smart contract when creating your tokens ( Questions? Ask ). Its called the Burn function. Once this function is enabled, you will be able to Burn your tokens straight from the BSCSCAN explorer itself. Here are the steps:

Step 1: Open BSCSCAN explorer on your browser > Key in your BEP20 tokens contract address on the top search bar > hit enter.

Step 2: On the next screen, Tap on your token name link ( will be present on the top-right side ‘More info’ box )

Step 3: On the next screen, scroll down a little bit > Select the tab that reads ‘Write Contract’

Step 4: Click on the ‘Connect to Web3’ link > You will get a pop-up asking you to connect a wallet > Choose MetaMask > Click OK and grant permission to connect. Once done, you will see the ‘Connect to Web3’ link change -to- Connect Web3

How to burn BEP20 tokens on BSCscan

Step 5: Under ‘Write Contract’ > Scroll down to the section that reads ‘BURN’ > Type in the amount of tokens you want to Burn

How to burn Bep20 tokens on BSCSCAN

Note:

(1) You can only BURN the tokens present in your wallet. Even if you are the owner of the token, you cant burn the tokens present in others wallets ( You will need to figure out a mechanism to buy back the tokens from others and then burn it )

(2) Based on the number of Decimals your token has ( can be found in the ‘Profile summary’ box on top-right on the same page ) > You will need to add respective number of 0s at the end of the number. For example, if you want to burn 100 tokens and your token decimals is 8 > You will need to mention the number as 10000000000 ( we have added 8 zeros behind 100 )

Step 6: Tap on the ‘Write’ button > You will be asked permission to execute the burn function > and the tokens will be burnt from the total available supply.

Would I be able to change or Edit my BEP20 token symbol created in the Binance Smart Chain?

No. Not just the BEP20 tokens created on the Binance Smart Chain. But for any tokens created on any protocol, you cannot change the token name or symbol once its created. Think of a newly created token as a newly booked domain name. You cannot change it once created. You are always allowed to create a new one instead. This rule is enforced by all the blockchains to avoid scams and bad practices.

Can I have the BEP20 symbol icon / logo updated?

The logo of any token in the market is never stored in the Blockchain ( Even for Bitcoin, Ether etc. ). Its stored off-chain by the respective apps and others pull from that location on-demand.

For adding the logo of your token, you just need to fill in this form from Binance: https://bscscan.freshdesk.com/support/solutions/articles/67000666500-token-info-submission-guidelines ( and they will tag your logo to your token in their repo and all wallets will pull from there. But there is a bit of a queue there, and they keep processing on the go )

What is maximum number of BEP20 tokens that can be created?

The maximum number of tokens you can create in one shot is 99 Billion.

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How do my token holders stake my BEP20 tokens for profit?

There are 2 ways to achieve this:

(1) You can build your own Staking platform for your BEP20 tokens. Have the Binance Smart Chain node run in your hosting. Allow holders of your token to stake based on the logic you build inside.

(2) Recommended: Use existing staking platforms like PanCakeSwap etc. List your token in such DEX exchanges that support the Binance Smart Chain. Then submit your token to PanCakeSwap to create a separate Staking Farm for your token. Once your request is approved, they will create a dedicated farm for your token. And then anyone can stake your Bep20 tokens to earn rewards as CAKE tokens.

Can the same token be created in parallel on the ETHEREUM blockchain?

Yes. You can create the same token in as many blockchain’s or protocols as you want. With the same name, symbol and characteristics. Many famous tokens in the market have replicas in all the blockchains. For Example: USDC, USDT is present in nearly all the blockchains. The main reason for people to avoid ETHEREUM is the huge gas fee it takes to mint tokens. While it costs like $9 to create on the BSC chain, it costs $850 to create on the ETHEREUM chain.

How do I send – Transfer my Bep20 tokens to another wallet address?

Ok. In general, Any transaction on the blockchain that involves any type of Tokens ( Ex: Bitcoin, Ether etc. ) will involve a small transaction fee. This will be paid to miners to lend their computing resources to facilitate/ confirm the transaction( its called crypto mining ). Some call this the GAS fee. And it is paid using the native crypto of the respective blockchain ( paid in ETH on Ethereum, XLM in Stellar, BTC in Bitcoin blockchain, BNB in Binance chain etc.)
If you are willing to send your tokens to someone else, follow these steps:
– First ask the other person to ADD your TOKEN in their wallet. There are many wallets that already support Binance chain by default( eg: TRUST wallet ). To keep things simple, please ask them to add in METAMASK. They should add it in the same manner like how you did it ie. first configure and add BINANCE SMART CHAIN in MetaMask. Then they should have your token added in the same manner as you did.
Note: For your information, If they are using a wallet that has BINANCE SMART CHAIN( BSC ) present by default, they just need to add your token directly( like how you add ERC20 tokens like USDC, Dai, Tether etc. in your wallet ).
Then ask them to COPY their BSC wallet address and send to you.
– Before you send them your tokens, first fund your wallet with some BNB tokens. maybe like for $10 worth BNB. The gas fee for sending out your tokens will be taken from this BNB balance in your wallet.
– Then you can send your tokens and you wont see that error message. After you send, they will receive your tokens in their wallet.

Binance Smart Chain BEP20 BSC

How do I add a certain percent transaction fee for each sale of my token?

Yes. You can add a certain percentage on top of each transaction on your token ( Either Sell -or- Buy ). But to achieve this, you need to have your own DEX exchange running. And in that exchange, you can edit the smart contract to add the function that adds the extra percent on each transaction.

My BEP20 tokens show in my Browser MetaMask wallet. But it does not show up on my Mobile MetaMask app wallet. Why?

How do I configure Binance Smart Chain ( BSC ) main net on my MetaMask wallet?

How do I add my newly minted BEP20 tokens in my MetaMask Wallet?

How do I mint more BEP20 tokens?

Check out the answer HERE

 

Summary
Review Date
Reviewed Item
BEP20 Tokens created on the Binance Smart Chain ( BSC )
Author Rating
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Software Name
Binance Smart Chain ( BSC )
Software Name
Solidity
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Blockchain
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