The Web3 ecosystem flourished with the emergence of blockchains like Binance Smart Chain (BSC). While Ethereum was the first attempt at creating an internet computer running smart contracts with ERC20 as its native token, BSC with the BEP20 token standard is growing in popularity as developers find an advantage in generating BEP20 tokens on BSC instead of ERC20 tokens on Ethereum.

However, besides BEP20, we also have BEP8 and BEP2. So what is the difference between these 3 types of BEP? Let’s find out!

What is BEP?

Binance has a blockchain platform for decentralized applications (Dapps). That is, it allows users to create or issue tokens (tokens) on its blockchain. These tokens can be used as the currency of the Dapp or for any other purpose the token issuers can think of.

BEP is a standard for tokens that run on the Binance Chain platform.

Binance’s three most popular BEP standards are BEP2, BEP8, and BEP20.


Wherein, BEP2 and BEP8 represent the token standards on the Binance Chain, and BEP20 represents the token standard on the Binance Smart Chain (BSC).

BEP8 is a special type of token, also known as a “mini-token”, which marks an important milestone in enhancing the potential of the Binance Chain. The BEP8 token protocol is suitable for small, promising projects but does not have enough cost to issue BEP2 tokens at present.

Compared with the BEP2 token, the issuance and listing of the BEP8 token is more convenient and reasonable. Users can spend as little as 3 BNB to generate BEP8 tokens.

As mentioned above, BEP20 is representative of tokens on the Binance Smart Chain. It is similar to TRC20 or ERC20.

What is BEP20?

BEP20 is the standard for creating tokens on BSC or using Binance Smart Chain development. Tokens are a valuable component of any blockchain-based system, dApp, platform, or economy. They facilitate the movement of value and help track every activity on the blockchain. In other words, they are the key to making many types of transactions.

The acronym “BEP” stands for “Binance Smart Chain Evolution Proposal”. Binance BeP20 is the token standard created by Binance for Binance Smart Chain, a smart contract platform that runs in tandem with the original Binance Chain. We will also look at the BEP2 token standard later in this article. However, you should first understand the background of the Binance Smart Chain to fully appreciate it.

Binance Chain adopts the BEP2 token standard, while Binance Smart Chain uses the BEP20 standard. As mentioned, BNB acts as the fuel for both the Binance Chain and the Binance Smart Chain. Therefore, you will need to have some BNB if you want to trade on either chain. Just as Ethereum has gas fees, BNB pays for transactions involving BEP20 tokens on the Binance Smart Chain network.

Of course, one can create a native asset like BEP-20 tokens or even peddle tokens from other blockchains to make them usable on the Binance Smart Chain. This is what is done with the “Peggy” coin, which is essentially the BEP-20 version of other crypto assets (such as LINK or XRP).

See ya in the next article !

Don’t forget to follow useful articles about Crypto Market from team Holding B !!!