Today, crypto traders, users, and even newbies are gaining huge profits. Well, who says no to a lucrative income? With more and more individuals willing to gain passive income, startups are now coming up with several business ideas.
One of the top business ideas in the crypto world that has been gaining huge traction is BEP20 token development. These possess the key characteristics of ERC20 tokens and BEP2, the BNB Beacon Chain. That’s why BEP20 tokens are easily compatible with both blockchains.
Due to its top functionalities, the BEP20 has gained immense popularity over the past few years. However, the cost of BEP20 token development is still unknown. If you are also searching for the costs involved, this blog is for you.
But before we move on to the costs, let’s check out what exactly BEP20 tokens are!
Understanding BEP20 Tokens
The BEP20 token acts as a blueprint for developing tokens that define how they can be spent, who can purchase them, and other essential rules for their usage. BEP stands for Binance Evolution Proposal. Whereas the number 20 represents the protocol for creating tokens on the Binance Smart Chain.
Typically, BEP20 is used to create a bulk of fungible tokens with top-notch modules and functions. It even provides a flexible framework for the developers to design, develop, and deploy several cryptocurrency tokens on the Binance blockchain network.
The BEP20 tokens even allow for the creation of token smart contracts. Because of these benefits, BEP20 has garnered a huge reputation in the market and has become the best choice for entrepreneurs to develop BEP20 tokens.
Estimated Cost to Create a BEP20 Token
The estimated cost of BEP20 token development might range from $4K to $10K, depending on several factors (which we’ll discuss in the next sector). This includes costs for smart contract development, testing, and deployment. More complex tokens that require advanced functionalities or extensive security audits may incur higher costs. To get an estimate for the BEP20 token development, reach out to experienced professionals in the field.
Breakdown of Typical Costs of BEP20 Token Development
|
Factors |
Estimated Cost Range |
|
Development Team |
$500 to $1,500 |
|
Features Complexity |
$250 to $750 |
|
UI/UX Design |
$500 to $1,000 |
|
Legal & Jurisdiction Compliance |
$600 to $1,000 |
|
Quantity of Crypto Tokens |
$500 to $750 |
|
Deployment Costs |
$50 to $200 |
Factors Influencing the Cost of BEP20 Token Creation
The cost to create a BEP20 token varies based on certain factors. Getting to understand these factors can help you estimate the overall cost and make well-informed decisions for your business. Let’s have a look at the factors!
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Development Team
You can get into developing your own BEP20 token either by reaching out to a freelancer or a professional crypto token development company. While freelancers may provide you with cheaper services, they might not have the expertise or resources to handle complicated projects. On the other hand, partnering with a professional service provider can let you rest assured that your project is in safe hands.
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Complexity of Features
The cost of BEP20 token development increases with the complexity of the features you wish to integrate. Some of the most common features include burning, minting, liquidity pool setup, token recovery, and more. Adding each of these features to your token can add to the overall cost.
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Legal & Jurisdiction Compliance
Legal and regulatory compliance play an integral role in developing BEP20 tokens. Since each country has different rules for token development and distribution, you must ensure compliance with these regulations. This also adds to the overall costs of BEP20 token development.
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Token Promotion & Marketing
Once your BEP20 token is created, you need to promote it to grab the attention of potential investors. This involves partnering with a team of professionals who can seamlessly handle email marketing, social media promotions, and more. These can add to the overall BEP20 token development cost.
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Token Testing & Debugging
Rigorous testing is important to ensure the quality and security of your BEP20 tokens. This phase involves deploying the token on the testnet to discover and resolve any issues before it is deployed on the mainnet. Performing robust tests can increase the overall cost, but it is equally important to ensure a successful token launch.
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Update & Maintenance
After the successful launch of your BEP20 token, it is important to provide regular updates to address and fix any issues. This even helps improve the token’s functionality and security. This can even add to the overall costs of developing BEP20 tokens.
Tactics to Ensure Cost-Effective Development of BEP20 Tokens
Now, let’s get into some of the strategies that help ensure the cost-effectiveness of BEP20 token development!
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Clear Project Scope & Goals
You need to define the token’s purpose, features, and target audience in the beginning. Having a well-defined project scope beforehand can help you prevent project blunders in the end and ensure that the development of the BEP20 stays focused and within budget.
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Implement Agile Development Practices
It is important to adopt agile methodologies to allow for smooth and hassle-free development and deployment. Following this approach can help you catch issues early and make essential adjustments without incurring significant extra costs.
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Focus on Essential Features
Consider prioritizing the core functionalities of the BEP20 token and avoiding adding non-essential features that can result in increasing the overall complexity and development time. You can start with an MVP and expand based on user feedback.
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Conduct Thorough Testing
You can plan to invest in comprehensive testing, including security audits and functionality tests, to identify and fix issues before the launch of your BEP20 tokens. Following this proactive approach can help you prevent costly post-launch fixes and security breaches.
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Manage Deployment Costs
You need to be strategic about the timing of your BEP20 token deployment to avoid high gas fees during peak times. Also, monitor network congestion and optimize deployment so that it can help you reduce the overall costs associated with deploying tokens on the Binance network.
Conclusion
So, that’s it!
Creating a BEP20 token involves various costs, including those of the development team, testing, auditing, deployment fees, ongoing maintenance, and more. Understanding these factors can help you plan out your budget effectively and ensure you get a token that meets your needs.
If you wish to develop BEP20 tokens and are looking for cost-effective solutions, reach out to the experts at Coin Developer India. As the best crypto token development company, we offer expert solutions tailored to your specific requirements, ensuring top-quality and secure token creation.
Get in touch with us today to bring your BEP20 token project to life!
