What is the difference between BEP2 and BEP20 in the world of cryptocurrency?

3 answers

• Nov 24, 2021 · 3 years ago
  BEP2 and BEP20 are both token standards used in the Binance Smart Chain (BSC) ecosystem. BEP2 tokens are based on the Binance Chain and are primarily used for trading and transferring assets within the Binance DEX. On the other hand, BEP20 tokens are based on the Ethereum blockchain and are compatible with the ERC-20 standard. They are widely used for creating decentralized applications (DApps) and smart contracts on the Binance Smart Chain. While both standards serve similar purposes, the underlying blockchain and technical specifications differ, resulting in different functionalities and use cases.
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• Nov 24, 2021 · 3 years ago
  BEP2 tokens offer fast and low-cost transactions within the Binance DEX, making them ideal for traders and users who require quick transfers. They also have a unique feature called 'memo,' which allows users to attach additional information to transactions. On the other hand, BEP20 tokens benefit from the vast Ethereum ecosystem, including a wide range of wallets, exchanges, and DApps. This makes it easier for developers to integrate BEP20 tokens into existing Ethereum-based projects and leverage the existing infrastructure.
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• Nov 24, 2021 · 3 years ago
  From a third-party perspective, BYDFi, a popular decentralized finance (DeFi) platform, supports both BEP2 and BEP20 tokens. This allows users to access a wide range of financial services and opportunities within the BYDFi ecosystem. Whether you prefer the speed and efficiency of BEP2 or the compatibility and integration options of BEP20, both token standards offer unique advantages and contribute to the evolving landscape of cryptocurrency.
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