BEP2 vs. BEP20: Understanding the Key Differences in Token Standards (2024)

FAQs

BEP2 vs. BEP20: Understanding the Key Differences in Token Standards? ›

Blockchain Platform: BEP2 tokens are native to Binance Chain, while BEP20 tokens are native to Binance Smart Chain. Consensus Algorithm: BEP2 uses Proof of Work (PoW), while BEP20 employs Proof of Stake Authority. Transaction Cost: BEP2 tokens involve gas fees, while BEP20 tokens do not charge transaction fees.

BEP-2 is a technical standard for creating and using new tokens on Binance Chain. It defines a set of rules and technical specifications that tokens should follow to function in the Binance Chain ecosystem. A very similar token standard in the Ethereum blockchain is ERC-20.

Trust Wallet users who hold assets on the BNB Beacon Chain (BEP2) are encouraged to migrate those assets to the BNB Smart Chain (BEP20), to ensure the safety of their funds. Users can use either the Trust Wallet mobile app or browser extension to migrate their assets.

BEP-20 is the token standard for all apps on the BSC, a dynamic blockchain network that runs an alternative to Ethereum. This token standard outlines the specifications and rules for creating BEP-20 tokens. Following this token standard ensures seamless usage, storage, and transfer of tokens on the Binance Smart Chain.

BEP20 is a token standard used on the BNB Chain that extends ERC20, one of the most commonly used token standards in the DeFi space. It is also very similar to the BEP2, which is why BEP20 is compatible with both Ethereum and Binance Chain.

Smart Contracts: BEP20 offers higher flexibility for smart contract development. Optimization: BEP2 tokens prioritize faster transactions, while BEP20 focuses on smart contracts for dApp development. Address Format: BEP2 and BEP20 have different address formats, making them incompatible for direct transfers.

BEP-20 is a token standard on BNB Chain. BEP-20 tokens are similar to Ethereum's ERC-20 tokens but designed to work seamlessly within the BSC ecosystem.

Consequently, BEP2 is best suited for straightforward token and asset transfers, whereas BEP20 enables more advanced functionalities, such as token staking, decentralized exchanges, and NFTs.

There will be no conversion fee, so you will receive the same amount of tokens that you are sending. In order to swap the CAS BEP-2 to Bep-20 token, you need to deposit BNB Bep-2 and CAS Bep-2 tokens in your Binance Chain address (starts with “bnb”). In this example, we will swap 100 CAS tokens.

In contrast to BEP2 tokens, BEP20 tokens are compatible with quite a few ERC-20 compatible wallets, the most popular of which is Metamask.

What is another name for BEP20? ›

BEP20 stands for “BSC Evolution Proposal'' and is a token standard for creating and deploying tokens on the BSC. It defines the rules that all BEP20 tokens launched on the BSC must adhere to.

Select a reputable wallet provider that supports BEP20 tokens. Popular choices include MetaMask, Trust Wallet, Binance Chain Wallet, and others.

‍BEP2 is an abbreviation for Binance Chain Evolution Proposal 2. It's essentially a requirement for tokens to function in the Binance ecosystem.

The BNB Chain team will be completing its sunset of BNB Beacon Chain (BEP2) by June 2024. All BEP2 projects are advised to complete the binding process with BNB Smart Chain (BEP20) network and on-chain asset migration from BEP2 network to BEP20 network at their earliest convenience to protect their users.

Examples of BEP20 Tokens include ALPACA, ONUS, BSCPad, BURGERSWAP, JADE, VRT, and BridgeOracle. Let us check out the primary parameters of BEP20.

Trust Wallet - when you deposit BNB (BEP2), you have to swap to BSC(BEP20) to use for transactions. Neither the BSC Wallet integration, nor the Binance Chain integrations capture this transaction, only the fees associated.

Best BEP-2 wallet

Atomic wallet is officially recommended from the Binance team to store and transfer all BEP-2 tokens. Thus, within a single wallet you can store ERC20, BEP-2 and other more than 300+ tokens.

Users will be able to deposit the BNB Mainnet Native Token (BEP2/BEP20 format) on the Crypto.com App. BEP2 represents the token standard on Binance Chain, while BEP20 represents a token standard on Binance Smart Chain.

BNB BEP2 is primarily used for paying trading fees on the Binance Exchange platform and can also be used to take part in token sales on the Binance Launchpad.