A popular research analyst named James Trautman illustrates that the future of the financial market will be decentralized, algorithmic, and distributed. As said, the BNB chain got its initiation in 2017 and its popularity skyrocketed to its extent because of the hefty revenue generated within a short period. As of 2017, the BNB chain raised revenue of $304 million and the value has been substantially multiplied and reached $20 billion by 2021.
The quarterly revenue reaped by the BNB chain in 2022 is $17 billion by the first quarter, $12 billion in Q2, $66 billion in Q3, and $69 billion by the fourth quarter. Hence, the YOY change from 2021 to 2022 drastically increased from 53% to 85%. This growth is continuing and is expected to reach its peak by the end of 2023. This much growth in the crypto market for the BNB chain is because of the various benefits it offers like greater transaction speed, low creation cost, multiple transaction handling capacity, etc.
Overview of BNB chain
The BNB chain has token standards like BEP20 and BEP721 to create a crypto token. But, BEP20 is the more well-known one. BEP20 is the extended form of the ERC20 token standard. Hence, it is compatible with both BNB and Ethereum blockchains. It is a fungible token standard so they can be interchanged with any other fungible tokens. Cost-effectiveness, greater transparency, high volatility, and compatibility with the most popular crypto wallets are the core advantages of BEP20 token creation.
With these advantages in mind, you might be curious to create your own BEP20 tokens. For that, you should approach a reputed crypto token development company for the best result. Before that, your major interest will be roaming around knowing the cost to create BEP20 tokens. In this blog, we shall discuss some valid information regarding the BEP20 token development cost, factors influencing the cost to create BEP20 tokens, etc.
First, we shall discuss the…
Mind-blowing Features Included with BEP20 Token Development
Features play a vital role in choosing any of the services before proceeding with the development phase. Here are the exemplary features that have attracted many.
Decentralization
These tokens are created over a decentralized popular network BNB chain, so they are stored in a highly secured manner with greater immutability. As all the details of the tokens are visible to everyone, BEP20 is also transparent.
Fungibility
These tokens are fungible as all these tokens possess identical characteristics and values. Thus, they can be exchanged with other crypto tokens of the same type and also be used for various purposes like trading, crowdfunding, etc.
Interoperability
BEP20 tokens are interoperable with any decentralized application running on the BNB chain. These tokens can also be accessed seamlessly in any of the DeFi, Metaverse platforms, etc.
Lower Transaction Fee
The token transaction fee is very low when compared to other tokens. Even the gas fee for handling BEP20 transactions is also low. This feature of possessing minimal cost has inspired many startups to go with BEP20 token creation.
Greater Accessibility
These tokens allow the token creators and holders to participate in any sort of crypto-related activities like voting, participating in DeFi-based crowdfunding like IFO (initial farm offering), etc.
Verified Source Code
BEP20 token standard has a standard and secured code for executing a token creation. This code will be incorporated and executed using a valid smart contract. Thus, BEP20 ensures greater scalability than other crypto tokens.
High-speed Transactions
As BEP20 is the token standard of the BNB chain, multiple transactions of more than 200 can be seamlessly handled within a second. In that sense, efficient transactions can be carried out with these tokens.
These are only some but various outstanding features that also come with BEP20 token creation. You can develop your tokens with ample features with an ideal Crypto token development company like Icoclone. Speaking of the cost, features play a part in fixing the price. Not only these features, but various factors play a major role in deciding the cost to create a BEP20 token.
Factors that Impact the Cost to Create BEP20 Tokens
As mentioned above, numerous factors will influence the cost to create BEP20 token. Those crucial factors include.
Design of your Token
Your tokens will be created with a unique design, symbol, and with a new name. The design and UI/ UX interface of your token might be more distinct and outstanding from others. Hence, based on your token’s interface, the cost to create BEP20 tokens might vary.
Complexity of your Token
As an entrepreneur, you’ll be in an idea to create a feature-rich token more than others. Based on that, you will be coming up with many requirements to be included in your token. Hence, the complexity of the project might increase due to your needs. To be precise, your token creation cost might also be influenced based on your token’s complexity level.
Size of the Development Team
A certain set of developers is mandatory to create your own BEP20 token. If your token’s count is minimal, then you can proceed with some developers. In case of a huge quantity, you’ll need a bulk of developers to deploy your tokens at a specified time. In that sense, the development team also plays a crucial role in deciding the cost to create BEP20 tokens.
Nature of the Tech Stack Chosen
Every entrepreneur willing to initiate a business will go with a high-end technology stack for executing their development process. Choosing the best technology only will help your business in the long run without any hassles. If you’re developing your token with the best tech stack, then it will cost a lot. So, choose your technology stack based on your desired budget and the cost to create a BEP20 token will come accordingly.
Features and Functionalities
This is the core factor that influences the cost to create BEP20 tokens. The functions you wish to include in your tokens will significantly vary from other tokens and the cost will also be altered based on it. As mentioned earlier, the premium features that you include will also influence the token creation cost.
Token creation and Testing
Once all the requirements are instructing to the BEP20 token development company, then they’ll start to create your BEP20 token. They’ll charge some fee for working on your token development process. Hence, the working process will also alter the cost of the token creation.
Based on all these factors, your cost to create a BEP20 token will be decided. But as a budding entrepreneur, you’ll fix the budget before planning to create BEP20 tokens. So, you might be curious about knowing the approximate range of the cost. Here comes the following.
Estimated Cost to Create BEP20 Token
A crypto token can be developed for many futuristic purposes. Some might create only the tokens for trading, some for crowdfunding, some for their payment gateway, etc. Already we know that without a crypto token, any crypto-based activities cannot be even thought of. In a similar case, the cost will also be estimated based on your business purposes that include.
- Identical BEP20 token development cost
- Cost of an ICO script
- Token along with a wallet creation cost
In the case of just developing a token using the BEP20 standard, the average cost might range from $4k. Here, you can only create a feature-rich token. However, a crypto wallet is highly mandatory for storing your newly created tokens. As a newbie, you might not possess a crypto wallet. Hence, it is optimal to create your crypto token along with a crypto wallet. In such cases, it might range from $5.5K. Here comes a golden package for tasting the fruit of success at a faster pace.
There are ample crypto token development companies prevailing in the crypto space. But, you should perform ground analysis and pick the best among the rest for your enhanced success rate.
Why Icoclone for BEP20 Token Development?
As mentioned above, Icoclone is a reputed BEP20 token development company in the crypto sector with multiple years of experience in it. We create and deploy the BEP20 based on the exact tastes and requirements of our clients. Icoclone has a trademark in offering premium ICO and STO scripts for uplifting startups. Many of our clients have developed their crypto tokens with us and collected huge revenue for their businesses.
We at Icoclone offer multiple services like crypto token development, crypto wallet development, ICO development, STO development, smart contract development, Ethereum token development, etc. We have a team of well-experienced developers who can develop and deliver your desired product on time. Then why delay? Approach Icoclone and kickstart your BEP20 token development right now!!