Cryptocurrency networks like BEP2, BEP20, ERC20, OMNI, and TRC20 are widely recognized, but do you truly understand their distinctions? This topic sparks curiosity among many investors. Let’s explore these differences in detail below!
Overview of BEP2, ERC20, TRC20, and OMNI
Before Binance Chain launched, developers introduced a feature enabling cross-chain compatibility for deposits and withdrawals. This allowed users to send ERC20 tokens to Binance accounts and withdraw them as BEP2 tokens (and vice versa).
Key Examples:
- BEP2 Tokens (Binance Chain) start with
bnb1.... - ERC20 Tokens (Ethereum Chain) start with
0x.... - OMNI Tokens (Omni Layer) begin with
1.... - TRC20 Tokens (TRON Network) start with
T....
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Important Notes:
- BEP2 addresses require a MEMO, unlike OMNI, TRC20, or ERC20.
- Exchanges display warnings if the address doesn’t match the selected network (e.g., “Switch to another network”).
BEP20 Tokens: Binance Smart Chain (BSC)
BEP20 is now available for major assets like BTC, ETH, USDT, and more. When transferring, users must select the network type.
Key Features:
- Shared Address Format: BEP20 and ERC20 use identical address structures (starting with
0x). - ETH Misconception: ETH is a native coin, not an ERC20/BEP20 token. ERC20/BEP20 are token standards on their respective chains.
Why BEP20?
- Lower fees and faster block times compared to Ethereum.
- Supports pegged tokens (1:1 value with originals, e.g., BEP20-USDT ≈ ERC20-USDT).
Pegged Tokens Explained
Pegged tokens mirror the value of their native counterparts (e.g., BEP20-LINK = ERC20-LINK). They enable efficient trading on Binance Smart Chain’s DEXs.
Where to Trade?
- Primarily on Binance and Binance DEX.
- Use Trust Wallet or MetaMask (with BSC enabled) for storage.
Comparing BEP2, BEP20, and ERC20
| Standard | Chain | Use Case |
|--------------|-------------------------|----------------------------|
| ERC20 | Ethereum | Smart contracts, dApps |
| BEP2 | Binance Chain | Fast transfers |
| BEP20 | Binance Smart Chain | Low-cost DeFi transactions |
Remember:
- Withdrawing ERC20 via BEP20 routes the TX to BSCScan, not Etherscan.
- Always verify the supported network before transactions.
FAQs
1. Can I send BEP20 tokens to an ERC20 address?
Yes, but only if the platform supports both networks. Otherwise, funds may be lost.
2. Which wallet supports BEP20?
Trust Wallet and MetaMask (with BSC configuration).
3. Are pegged tokens safe?
Yes, when issued by reputable platforms like Binance (1:1 backing).
4. Why choose BEP20 over ERC20?
Lower fees and faster transactions, ideal for DeFi activities.
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Final Tips
- Double-check addresses and networks before transferring.
- For ETH, BTC, or USDT purchases, compare rates on trusted exchanges.
Still confused? Reach out for personalized guidance!