![]() If you are quite confused then visit CoinMarketCap and you should be able to figure out whether a token is built on Ethereum blockchain or Binance chain.ĮRC-20 is a technical standard for smart contracts on the Ethereum blockchain for tokens.īEP-2 is a technical standard for implementing and launching tokens on the Binance blockchain.īEP 20 represents a token standard on Binance smart chain.įor example if you choose BEP 20 as network and withdraw your ERC 20 token then the tx will be visible on Bsc scan and not Etherscan. Most of the popular tokens today are ERC 20 tokens that are build on Ethereum. What is the difference between BEP-2, BEP-20 and ERC-20? Other than that you can enable Binance smart chain on your Metamask wallet which we’ll explain in another guide. You can transfer to and from and can swap it for their native assets anytime.Īlso Trust wallet is the only wallet that currently supports BEP20 token standards. These tokens are currently traded on Binance and Binance DEX. On Binance scan explorer you can find the full list of Binance pegged tokens (BEP 20) and their contract address. These coins and tokens are wrapped and pegged by Binance on 1:1 ratio to the corresponding native cryptocurrency. The purpose of these tokens is to allow trading assets on DEXs and benefit from the speed and transactional efficiency of the new blockchain. Not only ERC 20 tokens, but even tokenized versions of Bitcoin, Ethereum, Litecoin, Tether (USDT) are available on Binance smart chain. Pegged tokens are a type of token that will have its value tied to the original crypto.įor example Chain Link (ERC-20) token will be pegged at 1:1 ratio with Chain Link (BEP-20) token. Users will now be able to transfer the same asset (ERC20 token) in shorter time and at surprisingly low cost (low gas price) on Binance smart chain (BEP20 token). BSC is just an ETH-compatible chain and is designed to give users more options such as fast block times, cheap transaction costs etc. ![]() It is never meant to compete with Ethereum or replace ETH. BEP20 Network – Binance smart chainīinance smart chain is a parallel Binance chain designed to enable smart contracts and it comes with an Ethereum Virtual Machine-compatible environment. Instead we’ll just explain the basics of these network types and give a quick introduction to pegged tokens. Here we’ll not get into the technical specifications of the token standard. ![]() So what is the difference between these two networks, why BEP 20 uses same address as ERC 20 and which one should I choose when transferring ETH or other coins? ERC 20 is a token on ETH chain and BEP 2, BEP 20 is a token on Binance chain and Binance smart chain respectively) Hope Binance changes this soon to avoid confusion. ![]() Once you input your wallet address or the recipients address for withdrawal the exchange will automatically select the network based on the address entered.īut what’s more confusing is that both BEP 20 and ERC 20 share the same address format. So now when you are depositing or withdrawing any of these coins you’ll be asked to choose the network type. BEP 20 option is now available for major assets like BTC, ETH, USDT, LINK, DOT, DAI, EOS, LTC, XRP, XTZ, BCH, BAND, ADA, ONT etc. ![]()
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