So you want your own BEP-20 (BSC) token but don't want to code it yourself? Too proud to fork something line-for-line? Too "busy" to learn Solidity? There are four templates you can choose from on TokenGen.net if you want to be the owner of your own smart contract(s) but don't want to code. The more functionality you want from your token, the more expensive it will be. Here are the options and what you get with each:
- Free (0 BNB)
As one might expect, the free option is the most basic. You’ll get a bare-bones contract for a coin that you can give your own custom name and symbol. The symbol refers to the ticker symbol of your coin, like BTC, ETH, or BNB. In addition to these qualities, you can also set the number of trading decimals for your coin. For reference, there are 8 relevant decimals for bitcoin, and 18 for ethereum. If you set the decimals value to zero, the coin would only be swappable in whole number units. The maximum supply of the free coin contract cannot be changed, and is fixed at 21 million, akin to bitcoin. This is what is seen on BSCscan when viewing the contract:
Notice the checkmark and “Contract Source Code Verified”. Because the contract source code is immediately verified by a similar match, you do not need spend the time and effort to have it manually verified by BSCscan. The paid contracts are also verified this way, but only the FreeToken contract contains the copyright message shown in the source code.
- Simple (0.3 BNB)
The simple option comes with the same functionality of the free contract, but with the ability to set the maximum supply of your coin. This, along with the initial liquidity provided to the DEX (probably PancakeSwap), will allow you to set the trading price. As noted above, there is no copyright message in any of the paid contracts.
- Basic (1 BNB)
The basic contract adds the ability for the contract owner to mint and burn tokens, giving them control of the coin supply. When generating a coin on tokengen, you specify the initial supply and maximum supply. As long as the current supply is not larger than the maximum supply, the contract owner is able to use the mint function to create new coins. The contract owner can decide to permanently end the ability to mint coins at any time by calling the finishMinting function, which may be useful before transferring ownership of a contract. The basic contract contains an explicit burn function that decreases the total coin supply, allowing for manual deflation at the owner’s discretion.
- Deflationary (2 BNB)
The deflationary contract gives you the most options and allows you to create a token that “reflects” a percentage of every transaction back to token holders. When creating your token, you can set, in addition to the basic options:
- a limit on the number of tokens that can be sent in one transaction
- a percentage of every transaction that is distributed to all token holders
- a percentage of every transaction that is “burned”
The available parameters allow for whale-resistant coins that reward holders every time a transaction is taxed. By default, all transactions are taxed, but this, as well as the taxes themselves and the transaction limit, can be altered at the call of a function. In order to prevent malicious or accidental alteration of the token contract, the contract contains a lock function that, when called, removes the token's owner for a specified length of time. A ‘timelock’ is often used in DeFi as one means to protect investors’ funds.
Before deploying any contracts on the BSC mainnet, an owner would be wise to try them out first on the testnet. One can connect to the BSC testnet with a Metamask wallet by changing the network from Ethereum Mainnet to a custom RPC (Remote Procedure Call), and filling in the fields as follows:
For those that prefer to copy and paste, the New RPC URL is: https://data-seed-prebsc-1-s1.binance.org:8545/.
If you don't know how to connect to the BSC mainnet (where cryptos exist for real) or you'd just like more detailed instructions, please refer to the Binance Academy.
You are allowed 1 testnet BNB from the Binance faucet per day, which will cover the contract-creation fee and also the TokenGen fee for a simple token contract. You’ll have to wait another day or find a different way to get BNB to test the more expensive contracts.
Note that PancakeSwap does not currently support the BSC testnet. Your testnet BNB will disappear if you try to add it as liquidity.
Playing around with this for a little while and reading some contracts learned me a thing or two... It was worth more than the mini bounty :]
Happy tokengenning!
✌💚🎵
