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This goes even further in that Binance Chain and Binance Smart Chain feature certain ”cross-chain” functionality. So, what does this mean? Well, in short, it effectively means that BEP-2 tokens can be exchanged for BEP-20 token equivalents. BEP-20 Token Development BEP-20 is the token standard for the Binance Smart Chain , BEP-20 represents a token standard, just like Ethereum’s well-known, smart contract-compatible technical standard ERC-20 does. The token standard ensures basic functionality for the token, such as transferring, returning a balance, viewing token ownership, etc. BEP20 is a developer-friendly token standard that allows anyone. With exorbitant Ethereum gas fees, there’s a sudden demand for a smart contract-compatible DeFi platform with lower fees. Binance Smart Chain offers just that, as well as an environment that’s comparatively easy for developers to adapt their Ethereum dApps to. BEP-20 sets a common set of rules for token management. The BEP-20 token is also found to be compatible with the ERC-20 and BEP-2 (Token of the Binance Chain) since they’re similar. As a chain that runs parallel to Binance Chain, Binance Smart Chain is specifically designed to cater to smart contracts. Binance Smart Chain is built for decentralized finance (DeFi) and decentralized applications (dApps). Advantages of BEP20 Token Development • It provides an extensible and flexible platform for developers to use this token as a blueprint and develop other tokens. • These newly developed tokens can represent a range of things from shares, crypto assets, fiat currencies, etc. • Another interesting feature of the BEP-20 token is that other tokens from other blockchains can be pegged on this token. 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Just to make the differences between BEP-2 and BEP-20 as clear as possible, they are all different token standards for different blockchains, according to this order: • Binance Chain - BEP-2 • Binance Smart Chain - BEP-20 Binance Chain and Binance Smart Chain’s relatively unique dual-chain architecture is an interesting solution to retaining speedy transactions while incorporating smart chain functionality. Benefits of using Binance Smart Chain network • The Binance Smart Chain is highly scalable and supported directly by Binance. • You can easily create and deploy tokens and smart contracts without much hassle. • Transactions are much faster and dependable compared to other blockchain networks. Benefits and Features of BEP-2 and BEP-20(Binance Smart Chain) These tokens offers a range of advantages and benefits for the token holders and those who wish to develop tokens like BEP-2 and BEP-20. 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