BEP-20 is a token standard followed by tokens issued on the BNB Chain (BSC). It extends the ERC-20 token standard from the Ethereum blockchain into the BSC ecosystem.
In addition to being compatible with Ethereum's ERC-20 token standard, BEP-20 is also compatible with BEP-2 tokens issued on the Binance Chain. Users can peg ERC-20 and BEP-2 tokens and issue them as BEP-20 tokens to function on the BNB Chain.
The BEP-20 token standard allows developers to issue a wide range of digital assets on the BSC blockchain, making the network extremely versatile. Transferring BEP-20 tokens within the BNB Chain environment requires transaction fees to be paid in BNB - the native token and currency used within BSC.
The tokens created using the BEP-20 standard can be transferred, held, and used for several purposes.