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The BEP20 token has been in the market since 2020, maintaining its popularity for over half a decade. Yet, the demand for feature-rich BEP20 tokens is on a higher side. Do you know why? The low transaction fees, fast transactions, and adaptability to different use cases have made it a good investment. So anyone interested in BEP20 token creation has a typical question, ‘What is the cost of creating a BEP20 token’?
If you are one among them looking to create a BEP20 token, then you are at the right place. This blog explores the factors that influence the cost of creating a BEP20 token. Whether you are an enterprise or individual investor, you will gain complete knowledge about the cost of BEP20 token creation. Additionally, this blog outlines some guidelines to help you optimize the cost of feature-rich and efficient BEP20 tokens.
Before revealing the cost of the BEP20 token, let us first understand…
What Makes BEP20 Token Good Investments?
BEP20 tokens are the fungible token standard used for creating utility and governance tokens. This token leverages the edges of the Binance blockchain and offers better value for investment. Here are the justifying reasons.
Minimal Gas Fees
Binance’s agile blockchain infrastructure can execute multiple transactions instantly. This enables the BEP20 token to offer low gas fees on transactions. According to BNB smart chain explorer data, the average transaction fee of Binance smart chain is around $0.10. This is very minimal compared to other prominent blockchains. Hence BEP20 tokens are best for frequent trading, micropayments, and similar use cases.
High Transaction Speed
The block time to execute the transaction is lower (3 seconds) in the Binance blockchain. Hence BEP20 tokens can offer a higher transaction speed than its competitors. This makes them ideal for use cases that need quicker transaction verification and better user experience.
Lower Network Congestion
The dual chain architecture of the Binance blockchain offers higher scalability than its competitors. This results in lower network congestion enabling BEP20 tokens ideal for decentralized applications and platform usage. So every investment in the cost of creating a BEP20 token will return higher profits.
Better Liquidity
According to the Defillama Report, the TVL of the BSC chain is around $5.67 billion. Being part of the Binance ecosystem, BEP20 tokens have more trading pairs representing better liquidity. So industries require higher liquidity like DeFi opting for BEP20 tokens.
DeFi Growth and Interoperability
Binance’s BSC chain power-ups numerous decentralized applications including DEX, lending/borrowing platforms, and more. As a working component, BEP20 tokens can offer potential benefits in the future.
With all said factors, BEP20 tokens are ideal assets for business and personal investment. Based on the usage, the features, functionalities, and development procedure will vary. This also has a huge impact on the cost to create a BEP20 token. So we shall explore the diverse factors in a detailed manner.
Factors Influencing the Cost of Creating a BEP20 Token
Here are important factors that influence the cost of BEP20 token creation.
- Smart Contract Complexity
- Hiring A Development Team
- Feature Selection
- UI/UX Design
- Security And Legal Obligations
- Token Quantity
- Testing And Deployment
- Maintenance And Upgrades
Getting clear insights into these factors can widen your understanding of the cost of BEP20 token creation.
1. Smart Contract Complexity
The complexity of the smart contract can increase the cost of creating a BEP20 token. Coding a smart contract with default token functionalities like transfer and approval has a lower cost. However, personalized token features like staking, lending, borrowing, etc require in-depth programming, more time, and effort. This may lead to a higher cost to create a BEP20 token.
2. Hiring a Development Team
When it comes to cost-effective creation, hiring freelancers must be your first option. But remember there is no price guarantee or assurance of the project’s completion. You may end up with a low success rate which will break your business dream. So hiring professional experts is the right choice. However, the location and skill set of experts can increase the cost of creating a BEP20 token.
3.Features Selection
Creating a BEP20 token with basic features like minting, burning, balance checks, and token transfer is minimal. This must be the best cost-effective approach for individual usage. But for business, the BEP20 token should have innovative features. So inclusion of additional features like anti-malware security, taxation setup, etc increases the cost of creating a BEP20 token.
4. UI/UX Design
UI/UX design includes setting up the token’s design elements like interface, theme, and provision for features. Fundamental design must be cost-effective but strange to attract a reputation. Meanwhile, implementing high-grade animation and complicated UI/UX infrastructure requires a lot of work. Hiring high-salaried designers and making frequent design revisions will increase the cost of creating a BEP20 token.
5. Security and Legal Obligations
Smart contract auditing and implementing other security measures are essential to facilitate a secure token operation. Meanwhile, the token should adhere to regulatory norms by maintaining certain developmental conditions. So security and legal obligations induce an additional load on the cost to create a BEP20 token.
6. Token Quantity
Initially, the number of tokens required will be based on business requirements. Supply, demand, and token reserve will decide the token quantity based on market conditions later. So identifying and developing the required amount of tokens is vital. Excessive generation and reserve will increase the cost of BEP20 token creation.
7. Testing and Deployment
Testing ensures the token is free from functional errors and works as per defined conditions. But the testing and deployment process requires advanced tools, Testnets, and a team of professional testers. Purchasing recent tools and hiring test engineers will also increase the cost of creating a BEP20 token.
8. Maintenance and Upgrades
BEP20 tokens created for business purposes should be updated as per industry requirements. Other than that, periodical maintenance is essential to rectify real-time issues. All the efforts related to the maintenance and upgrades will impact the BEP20 creation cost.
These are the factors that have a strong relation to the cost of BEP20 token creation. Now you may be excited to know the cost of BEP20 token creation. Your wait ends here!
What is the Cost of Creating a BEP20 Token?
The approximate cost to create a BEP20 token with default features would be around $10000 to $15000. This cost estimation is not a fixed term. It varies based on the discussed factors, and additional functionalities. The higher and lower cost range mentioned above is just a theoretical value for understanding purposes alone.
Because practically, we can not fix the cost of creating a BEP20 token without including the required resources. Based on your business type and requirements (for example features), the cost will vary. The above-provided cost range is just an approximate value. The provided cost will vary from firm to firm and may be influenced by the different factors that we discussed above.
At Pixel Web Solutions, we have several concerns when deciding the cost of creating a BEP20 token. If you want to know how much we charge for BEP20 token creation, request a quote from our team via WhatsApp or Telegram at any time.
So, it is not that realistic to precisely predict the cost of creating a BEP20 token. However, one who is ready to launch a BEP20 token can control and optimize the investment cost through proper cost-cutting strategies.
How to Optimize the Cost of Creating a BEP20 Token?
You can limit the cost by implementing a strategic plan that defines the balance between requirements and processing. Here are the components to plan for a strategic approach.
- Efficient Smart Contract Coding: Coding the smart contract more responsively could limit gas fees through instant transaction execution.
- Choose the Right Development Method: Stick with the development approach that aligns with your business goals and budget. Hiring skilled experts and employing result-driven approaches can benefit you financially.
- Selection of Best Tech Stacks and Tools: The process includes the selection of the best technologies and tools. This includes blockchain selection, smart contract coding, wallet services, and other technical necessities related to token creation, testing, and deployment.
- Automated Security Auditing: Programming smart contracts for automated security auditing minimizes the cost of creating a BEP20 token. This may also eradicate the issues related to token functionalities.
- Be smart in feature selection: Prefer to integrate the most relevant token features ideal for your business needs. Checking the existing BEP20 token frameworks and established business methods helps in choosing the right features.
- Conduct thorough market Analysis: Spend enough time on market analysis and identify the industry needs before creating a BEP20 token. Employ the best marketing strategies to attain the required user’s attention for your business.
By considering these possibilities, you can control the development and operational costs of the BEP20 token. However, employing a strategic plan that limits the cost of creating a BEP20 token is the real challenge. It needs a comprehensive solution and resources to tackle the technical and market necessities. A BEP20 Token Development Company with a team of blockchain experts could suggest a cost-effective solution. You can get an estimation of the cost to create a BEP20 token with them.
Your Destination for Affordable BEP20 Token Creation
Pixel Web Solutions is a leading BEP20 Token Development Company in the crypto space. We are a team of blockchain experts who specialize in creating crypto tokens for diverse business use cases. With more than 12+ years of industry presence, we helped many investors launch their crypto businesses. Our mastery in crypto token development helps you minimize the cost of creating a BEP20 token for personal and business purposes. You may explore our portfolio to witness our expertise in crypto token development on prominent blockchains. We provide compressive support right from idea gathering to deployment at an affordable cost to create a BEP20 token.
So why do you wait when you have already arrived at the right destination for the low-cost BEP20 token creation? Let us initiate business communication right now!
