BEP20 is a token standard on the Binance Smart Chain (BSC), similar to ERC20 on the Ethereum network. It defines how tokens can be created and interacted with on the BSC platform. This standard ensures that tokens adhere to certain rules, allowing for seamless integration with wallets, exchanges, and other decentralized applications.

Tokens created under the BEP20 standard can represent a variety of assets, such as cryptocurrencies, loyalty points, or even real-world items. They are compatible with Binance’s ecosystem and can be easily traded on decentralized exchanges.

One of the key advantages of BEP20 tokens is the lower transaction fees compared to Ethereum’s network, making it more accessible for users. Additionally, the ability to easily bridge tokens between Binance Smart Chain and other networks enhances their utility and liquidity. Overall, BEP20 tokens facilitate a diverse range of applications and foster innovation within the Binance Smart Chain.