What is the Cost to Create an ERC20 Token?The growth of blockchain technology has been witnessed everywhere across the globe. A wide range of industries is trying to incorporate blockchain technology in their business verticals. One of the most popular applications of blockchain technology is the crypto industry.
Numerous blockchains are prevailing out there like Ethereum, Tron, BNB chain, etc. Among these blockchains, Ethereum is more popular. Ethereum is used for various applications like Dapp development, crypto token creation, crypto wallet creation, etc. Crypto token creation is one of the high-revenue generating streams followed by many startups and entrepreneurs.
Ethereum has numerous token standards for crypto token creation. For instance, ERC20, ERC721, ERC1400, ERC1155, etc. Here, ERC20 has been used for fungible token creation and it is the popular one. In this article, we shall discuss ERC20 tokens, how to create them, the cost to create ERC20 tokens, etc.
Come, let us start with…
What is Meant by ERC20 Tokens?
ERC20 tokens are the most popular crypto tokens developed on the Ethereum blockchain. Here, ERC stands for Ethereum request for comments and 20 is its proposal identifier. ERC20 is chosen by various startups because of its exceptional smart contract functioning.
The details of your ERC20 token have to be integrated in a smart contract and then deployment can be done. There are numerous reasons behind choosing the ERC20 standard among the others. They are,
ERC20 tokens are very easy to develop and deploy.
Errors and spams can be easily avoided in ERC20 tokens.
They are very popular in the crypto ecosystem.
ERC20 tokens are available and accepted globally.
No high level of programming is required.
ERC20 tokens are supported in all crypto wallets.
They are widely accepted in all types of exchanges.
Not only these reasons, but ERC20 token development offers numerous advantages.
Benefits of ERC20 Tokens
- Offers first-class user support.
- Low risk of contract interruption.
- Token transactions are verified effectively.
- ERC20 token development follows a standard protocol.
- Implementation and execution of ERC20 tokens is easy.
- ERC20 tokens offer higher liquidity.
- Faster and more effective transactions.
- High range of revenue can be generated.
- ERC20 tokens can be used for crypto crowdfunding.
- Free from vulnerability, risks, scams, etc
With this, we shall discuss the cost to develop an ERC20 token.
What is the Cost to Create an ERC20 Token?
Before deciding to buy anything, the cost of that product will be analyzed first. In that regard, Before creating ERC20 tokens, you will be interested to know the cost to create ERC20 tokens.
The cost of developing ERC20 tokens is decided and influenced based on some factors. Those are mentioned below,
- Characteristics of a token
- Quantity to be developed
- Complexity of a token
- Design of the token
- Size of the development team
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Not only these factors but the cost to develop an ERC20 token is based on the customizations you make in it. So, there is no exact cost. But, the cost might approximately start from $5k. As said earlier, it may change based on your requirements.
This is all about ERC20 tokens. If you wish to create your own ERC20 tokens effectively, you can approach a reputed ERC20 token development service provider in the crypto space.