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 ).
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
Step 5: Under ‘Write Contract’ > Scroll down to the section that reads ‘BURN’ > Type in the amount of tokens you want to Burn
(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.
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?
How do I add a certain percent transaction fee for each sale of my token?
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