-Instant Access for BEP-20, BEP-721, BEP-1155 & BEP-777 Token Standards-
THRESH0LD is blockchain agnostic. We support 44 Blockchains and frequently add new ones. For several months, our clients have had access to different token standards on the BNB Chain (Formerly known as the Binance Smart chain).
Today, we are publishing this as a reminder of how easy it is for you to instantly add support for tokens on the BNB Chain with just a few clicks within your THRESH0LD back office.
We support the following token standards on the BNB Chain:
- BEP-20,
- BEP-721
- BEP-1155 &
- BEP-777
BEP stands for “Binance Smart Chain Evolution Proposal.” Here is a little detail on the different BNB Chain token standards supported.
The Token Standards
The BNB Beacon chain facilitates transactions based on the BEP-2 token standard while BEP-20 on the BNB chain extends ERC-20 token standard on Ethereum which is also the most prominent standard in the blockchain space. In addition to this similarity, the BNB chain shares the same address format as the addresses on Ethereum and is EVM (Ethereum Virtual Machine) compatible.
BEP-721 token standard on the BNB chain is an extension of the ERC-721 token standard on Ethereum. It is on this standard that Non-Fungible Tokens (NFTs) are created and it is also EVM compatible.
The BEP-721 token standard allows the ownership of data to be easily tokenised and linked to a unique identifier. This is why NFTs have different and unique token IDs. With BEP-20 & BEP-2 however, multiple undifferentiated tokens can be created with one smart contract.
The BEP-1155 standard allows for the combination of both features of BEP-20 and BEP-721. We see the prominent use of the BEP-1155 standard in DeFi protocols, NFTs & blockchain games.
Adding New Tokens
From within your THRESH0LD environment, navigate to wallet <> Assets, then click on the ‘add’ or “+” icon, scroll down to BSC, input the token contract address then hit the ‘Next Botton’. The token will be instantly added and available for deposits & transfers.
Unlike other platforms where you have to contact support to request the addition of new tokens and, wait several weeks before the request is processed. THRESH0LD saves you a great amount of time and stress by making it so easy for you to add support for new tokens with just a few clicks.
We allow your team to dedicate more time to improving overall user experience hence boosting your business competitiveness.
We are happy to jump on a call to discuss more.
About THRESH0LD
THRESH0LD offers a single, simple-to-integrate API that helps digital asset businesses such as crypto exchanges, payment processors and OTC solutions cut tx fees, save time and enhance security.
THRESH0LD supports 44 blockchain protocols and with our DeFiBridge, you can enable swaps across many thousands of assets.
Found this piece interesting? Check out our other blog posts.
