Blockchain technologies are now at their most popular point and have achieved a new level of growth. Almost anyone can learn coding to create their own cryptocurrencies. The Binance Smart Chain platform is relatively new and allows users to deploy BEP20 tokens, something we will discuss next.
When you are making a new digital currency, consider what it will be. You can decide between a coin or a token. Coins are standalone on their own blockchain, while tokens are based on an existing one. Blockchain secures and decentralizes cryptocurrencies.
In the event of developing a token, you need less experience and knowledge than you would need to make a coin. To develop a coin, you must get together a team of developers and specialists. Tokens also demand a good understanding of tech, yet they can be set up quickly on the Ethereum network, Binance Smart Chain, Solana, and Polygon blockchains.
Intro to launching BSC Token un Binance Smart Chain
If you’re interested in launching a BSC token, it’s important to keep in mind that creating a token on Binance Smart Chart (BSC) is quite similar to creating one on Ethereum. The language used to make a BSC token is Solidity, and the only tools required are Remix (a platform for writing and deploying smart contracts) and MetaMask (a Web3 browser crypto wallet that allows you to upload, store, and manage your tokens by interacting with the smart contract). It’s thrilling to see how easy it is to get started with BSC tokens!
In this article, we’ll be showing you how to create a BSC token on the Binance Smart Chain Testnet. It’s important to note that the process for launching a BSC token on the Mainnet is identical. So, get ready to learn and create your very own BSC token!
Before we begin
If you’re eager to launch your own BSC token, there are certain steps that you need to take beforehand. Firstly, you must download the MetaMask wallet from https://metamask.io. Additionally, it’s crucial to connect to a Binance Smart Chain node and ensure that you have a sufficient amount of BNB Coin in your MetaMask wallet. Let’s get started on this exciting journey!
Creating a BSC Token
Getting your own BSC token up and running on Binance Smart Chain (BSC) is strikingly similar to launching an ERC-20 token on Ethereum. In essence, these digital assets are merely coded instructions. Furthermore, thanks to preset token standards (such as BEP-20, BEP-2, ERC-20, or ERC-721 for non-fungible tokens), most of the coding work is already done. You just need to make a few tweaks to a handful of parameters. It’s time to get pumped and see how simple it is to create your own BSC token!
OpenZeppelin
Are you excited to explore the world of decentralized finance? Well, you should be! The power of decentralization and open-source software allows you to copy and paste code, and then customize it according to your needs. And with the help of OpenZeppelin, a leading open-source organization that compiles various token standards for developers, you can easily access the pre-set code token standard required to launch a Binance Smart Chain (BSC) token. BEP-20, which is almost identical to Ethereum’s ERC-20 token standard with a few parameters adjusted, allows you to use ERC-20 token standard code to launch a BSC token on Binance Smart Chain and make necessary adjustments. This means that you can now create your own unique tokens on Binance Smart Chain without having to go through complicated processes. So, get ready to dive into the exciting world of decentralized finance with BEP-20 tokens!
How to Create a BSC Contract
- Remix is a widely used platform for implementing smart contracts and it is where you will be developing your BSC token. To start programming, visit remix.ethereum.org and navigate to ‘Contracts’ in the menu on the left side. Next, you should create a new file by clicking on the symbol of a document at the top left corner. It is recommended that you choose a name that reflects your token or project. Finally, you can get started by pasting the code. How thrilling!
- Are you ready to program your own BSC token using OpenZeppelin? Great! But before you begin, there are some important parameters and elements to keep in mind. Firstly, ensure that the first line of code specifies the version of Solidity being used.
It usually looks like this:// SPDX-License-Identifier: GPL-3.0 pragma solidity >=0.8.0;Then, import the token template from the GitHub link provided. From here, you can customize your token by copying across the token smart contract and adjusting the necessary parameters. Don’t forget to specify your token’s name and ticker symbol in the constructor. You can also determine the amount of tokens to be minted and confirm their receipt into the wallet of the smart contract’s deployer. With these steps in mind, you’ll be well on your way to creating your very own BSC token!
Example:constructor() { name = "MyFirstToken"; symbol = "MFT"; decimals = 10; uint256 _initialSupply = 100000000; - Once you finish crafting your contract, the next step is to run it through the compiler to check for any bugs or concerns. To accomplish this, simply locate the ‘Solidity compiler’ icon on the left-hand menu under ‘File explorers’. This exciting process helps ensure your contract is error-free and ready to go. To get started, choose the Solidity version from the drop-down menu at the top. This version is already mentioned in your contract. Once selected, hit the ‘Compile’ button with enthusiasm! If you follow the instructions carefully, there should be no problems. You can move on to the next stage with excitement and confidence!
- The last step of the process is the most thrilling one! You must click on the ‘Deploy & run transactions’ symbol beneath the ‘Solidity compiler’ icon on the left. A drop-down menu will appear, which requires you to select the environment. It is crucial to choose the ‘Injected Web3’ option. Ensure that your account address matches the one you have in MetaMask. You will see the ‘Gas Limit’ and ‘Value’ fields below the account field, but you don’t need to make any changes to them. If you’re creating your BSC token, ignoring these fields is best. Lastly, make sure that the contract you choose has the same name as the file you created. Once you’ve done all of this, press the ‘deploy’ button and get ready to see your creation come to life!
What to do after creating a BSC token?
As soon as you hit the deploy button in Remix, MetaMask will automatically show a pop-up that confirms the transaction. You will be given an option to “view on BSCscan.” By clicking on this link, you can access the Binance Smart Chain block explorer. There, you will find a detailed breakdown of the transaction hash, transaction status, block height, time stamp, and the wallet address from which the tokens were created. Furthermore, the ‘To’ contract address that appears on BSCscan is the newly-formed contract address for your BSC token.
If you’re eager to view your fresh BSC tokens in your MetaMask wallet, simply navigate to the bottom of the Remix deployment tab. You’ll locate a list of ‘Deployed Contracts’ containing the addresses of the tokens. The topmost or perhaps only address listed is the one for your recently launched BSC token. Click on the ‘copy to clipboard’ icon next to the token address, which you can also find on BSCscan. You can then open your MetaMask wallet and click on the ‘Add Token’ option. Choose the ‘Custom Token’ tab on the right-hand side and paste the BSC token address into the ‘Token Contract Address’ box. The token symbol and decimal precision should be automatically filled in. Your new BSC token will now appear in your main MetaMask wallet. Easy, isn’t it?
For it to be available for purchase you still need to add liquidity to the token pair. You can do that in Pacakeswap for example where you will be able to set the initial price for the token.
How to verify the BSC token on BSCScan
If you have successfully deployed your token on a public network, it is highly recommended to verify its source code on BscScan. This amazing tool enables you to keep track of transactions happening on the BSC network, whether it is the mainnet or testnet. By verifying the source code on BscScan, you add an extra layer of authenticity to your token, as it allows everyone to have a peek at what’s happening inside the token. The good news is that verifying the source code on BscScan is not a complicated task, provided that you have access to the source code. Excitingly, it is something that you can do without any trouble.
How to renounce ownership of BSC token
To increase the trustworthiness of your token, it’s recommended to renounce the ownership. If your contract is derived from openzeppelin-contracts/Ownable.sol, you can call the function renounceOwnership to renounce the ownership. Go to your contract on BSCScan, connect to Web3 by using your Metamask account, and activate the function. To see if the ownership has been renounced, you can go to BSCScan’s “Read Contract” section and check the address of the owner. It should look like this: 0x000000000000000000000000000000000000
Marketing for a BSC Token
Before creating a token you should already have an idea about the token – brand name, a visual concept (logo), token features, and tokenomics, for example, if it’s rebasing token, are you planning to introduce staking, is it just a meme token or there are some unique and attractive functions. Tax system if you want to generate additional income for the marketing or development team.
The next step after successfully creating a BSC Token would be creating a marketing plan. A marketing plan can consist of:
- Creating a website
- Creating a roadmap and/or whitepaper
- Creating a collaboration with other projects
- Hiring calls or influencers
- Hire or do community management which includes giveaways, contests, raids, FAQ, AMA, and live streams
- Adding your token to listing sites (starting with smaller sites like coinsharks.cc and trying to get your coin listed on CoinGecko or CoinMarketCap)
- Launching paid ads
- Doing brand campaigns
- Doing Search Engine Optimization for your website
- Publishing PR articles