BEP2, BEP20, ERC20. These are what we call token standards, that is, a set of rules that a token must follow in order to be issued with the corresponding blockchain. For the 3 token standards mentioned:
BEP2 tokens are issued on the Binance Beacon Chain.
BEP20 tokens are issued on the BNB Chain.
ERC20 tokens are issued on the Ethereum Chain.
ShareToken exists across multiple blockchains, namely ShareLedger, Ethereum, and the Binance Beacon Chain. This has over the years given us and our users more flexibility, and to continue this trajectory we have decided to issue BEP20-SHR.
Why BEP20 and BNB Chain?
BNB Chain was designed to be compatible with the Ethereum Virtual Machine (EVM), and as such BEP20 tokens would have increased versatility when interacting with the growing number of DApps across the chain.
Another key benefit of BEP20 is the gas fees, which is significantly cheaper in comparison to Ethereum. An average transaction using BEP20 tokens would likely cost no more than a few cents. In comparison, the average ERC20 token transfer gas fee was slightly over $100USD at the start of 2022.
BEP20 transactions are also much faster when compared to ERC20 transactions. Though individual transaction speeds may vary depending on various factors, the average block verification times on BSC are 3 seconds, and close to 15 seconds for Ethereum (1.0).
What does this mean for ShareToken?
For one, those who hold BEP2 tokens are now able to swap their $SHR holdings into BEP20 via Binance Wallet. Once you obtain your BEP20, you have the option of going onto PancakeSwap to add liquidity into the SHR-BNB pool.
We are planning a cross chain swap direct between BEP20-SHR and SLP3-SHR. In the meantime we are waiting for the cross chain bridge approval for BEP20-SHR into ERC20-SHR. Once this bridge is live, users can then follow the Swapping Manual instructions to swap their ERC20-SHR into SLP3-SHR, and stake inside the ShareRing App.