As technology continues to develop, Binance Smart Chain has spawned the BEP-20, which is also often used as the standard token. This BEP-20 network is also used by many tokens, examples of which are:
- SHIB, Shiba Inu aims to be an Ethereum based partner for Srypt Dogecoin based mining algorithm. The Shiba Inu and SHIB tokens are part of a collection of dog-themed crypto assets, including Baby Dogecoin (BabyDoge), Dogecoin (DOGE), JINDO INU (JIND), Alaska Inu (LAS) and Alaskan Malamute Token (LASM).
- CAKE, PancakeSwap is an automated market maker (AMM) — a decentralized finance (DeFi) application that allows users to exchange tokens, provide liquidity through farming and earn fees in return.
- BAKE, BakeryToken is part of the BakerySwap ecosystem. Liquidity providers are rewarded with BAKE tokens which can be used to earn a share of BakerySwap trading fees and to participate in voting as part of the BakerySwap governance process.
Of course, both the ERC-20 and BEP-20 standardization networks have their advantages and disadvantages.
In the ERC-20 network, although it has a number of advantages such as easy to use, flexible, widely accepted, and can remove fake tokens, the ERC-20 network also has several disadvantages, including: unstable, expensive transaction fees, and more transactions. slow.
In comparison, Binance Smart Chain uses the Proof-of-Staked-Authority method which offers BEP-20 transaction execution speeds, which are faster than ERC-20, and have lower transaction fees. The average transaction nominal on the BEP-20 is no more than a few cents. Meanwhile, the average ERC-20 transaction fee can reach around US$12.
However, although the BEP-20 token offers significantly lower nominal transaction fees and faster processing times, Binance Smart Chain’s PoSA validation model has in fact been criticized by some, due to potential security flaws.
