- BEP-8: Mini-BEP2 Tokens
This BEP describes a proposal for Mini-BEP2 token management on the Binance Chain.
BEP-8 Proposal describes a common set of rules for Mini-BEP2 token management within the Binance Chain ecosystem. It introduces the following details of Mini-BEP2 token on Binance Chain:
- What information makes a Mini-BEP2 token on Binance Chain
- What actions can be performed on a Mini-BEP2 token on Binance Chain
- How Mini-BEP2 token trading is different from BEP2 token trading
This BEP is already implemented, and it has been improved via BEP87.
Similar to SME board in the traditional stock markets, the BEP-8 Proposal is to benefit the below scenarios:
- Small enterprise tokens of utility and/or shares
- Point system
- Intellectual Property (IP) tokens
Different from the normal BEP2, using a mini-token system is good at:
- Very cheap (much less than BEP2) to issue tokens, as it takes less network resource
- Easy and very cheap to list tokens, fully self-managed. It does not need to get validators vote to list against BNB and BUSD.
A new module “miniToken” should be created for Mini-BEP2 token. The Mini-BEP2 token should be stored in an independent blockchain storage from BEP2 token. Most BEP2 transaction types, including transfer/multisend, mint/burn and freeze/unfreeze will be reused by Mini-BEP2 token, except issue and list. The minimum amount of Mini-BEP2 Token in any of such transactions should be above a threshold in order to limit the number of Mini-BEP2 token holders and network resource consumption. Besides, the issue/listing fees are much cheaper than BEP2 token and the Mini-BEP2 token can be listed by the issuer directly without voting.
- Source Address: Source Address is the owner of the issued token.
- Token Name: Token Name represents the long name of the token, limited to 32 unicode, non alphanumeric character like blank is also allowed. - e.g. "ABC coin".
- Symbol: Symbol is the identifier of the newly issued token - e.g. “ABCcoin-6YZM”. Suffix “M” is used to distinguish Mini-BEP2 token and BEP2 token.
- Total Supply: Total supply will be the total number of issued tokens.
- Mintable: Mintable means whether this token can be minted in the future, which would increase the total supply of the token
- Token URI: A distinct Uniform Resource Identifier (URI) for the token.
- Max Total Supply: The max supply which cannot be exceeded by issue or mint.
Issuing token is to create a new Mini-BEP2 token on Binance Chain. The new Mini-BEP2 token name should have a four-letter autogenerated suffix and the 4th letter should be “M”. The issue fee is different from the BEP2 token’s. User can send either issue-mini or issue-tiny transaction to issue Mini-BEP2 token with different total supply range. Please see below TokenType field for details. Data Structure for Issue Operation: A data structure is needed to represent the new Mini-BEP2 token:
| Field | Type | Description |
|---|---|---|
| Name | string | Name of the newly issued asset, limited to 32 unicode characters, including non alphanumeric characters. e.g. "ABC coin" |
| Symbol | string | The length of the string for representing this asset is between 3 and 8 alphanumeric characters and is case insensitive. The symbol will have a suffix autogenerated by the algorithm: the first 3 bytes of the issue transaction hash, plus letter “M”. |
| TokenURI | URI string | Optional field. A distinct Uniform Resource Identifier (URI) for the token. The URI may point to a JSON file that conforms to the "Mini-BEP2 Metadata JSON Schema". The schema is also optional. |
| TokenType | int8 | 1 for tiny token and 2 for Mini-BEP2 token. Total supply range of tiny token is [1-10K] and mini-token is [1, 1M]. Mini-token will charge more than tiny-token for issue. |
| TotalSupply | int64 | The total supply for this token can have a maximum of 8 digits of decimal and is boosted by 1e8 in order to store as int64. The amount before boosting should not exceed upper bound of supply range. |
| Owner | Address | The initial issuer of this token, the BNB balance of issuer should be more than the fee for issuing tokens |
| Mintable | Boolean | Whether this token could be minted(increased) after the initial issuing |
The data in all the above fields are not changeable after the Issue Transaction, except “Total Supply” can be changed via “Mint” or “Burn” operations. And TokenURI can be changed by “SetTokenURI” Transaction.
Mini-BEP2 Metadata JSON Schema:
{
"name": "Mini Token Metadata",
"description": "Metadata description for the Mini Token",
"external_url": "https://example.com/token",
"image": "https://example.com/token/1.png",
"attributes": [
{
"name": "custom field",
"value": "custom value"
},
...
]
}
Issue Process:
- Issuer signed an issue-tiny or issue-mini transaction and broadcast it to one of Binance Chain nodes
- This Binance Chain node will check this transaction. If there is no error, then this transaction will be broadcasted to other Binance Chain nodes
- Issue transaction is committed on the blockchain by block proposer
- Validators will verify the constraints on total supply and symbol and deduct the fee from issuer’s account
- New token’s symbol is generated based on the transaction hash. It is added to the issuer’s address and token info is saved on the Binance Chain
The transaction type, message structure and transaction process are the same as BEP2 5.3.2 Transfer Tokens. The difference from BEP2 transfer is that the Mini-BEP2 transfer amount should be larger than or equal to 1, unless the sender sends the total amount of the free Mini-BEP2 token in his account.
The transaction type, message structure and transaction process are the same as BEP2 5.3.3 Freeze Tokens, except that the amount should be larger than or equal to 1, or equal to the free account balance.
The transaction type, message structure and transaction process are the same as BEP2 5.3.4 Unfreeze Tokens, except that the amount should be larger than or equal to 1, or equal to the frozen account balance.
The transaction type, message structure and transaction process are the same as BEP2 5.3.5 Mint Tokens, except that the amount should be larger than or equal to 1.
The transaction type, message structure and transaction process are the same as BEP2 5.3.6 Burn Tokens. The difference from BEP2 burn is that the Mini-BEP2 burn amount should be larger than or equal to 1, or equal to the free account balance.
The “miniTokens/SetURI” transaction is to change the value of “TokenURI”. Only token issuer can send this transaction. Data structure:
| Field | Type | Description |
|---|---|---|
| Symbol | string | the Mini BEP2 token |
| TokenURI | URI string | A distinct Uniform Resource Identifier (URI) for the token. The URI may point to a JSON file that conforms to the "Mini-BEP2 Metadata JSON Schema". |
The list process is different from BEP2 token list. Mini-BEP2 token issuer can list the Mini-BEP2 token without voting. The Mini-BEP2 token can only be listed against BNB or BUSD. The Mini-BEP2 token cannot be listed as a quote symbol.
The following parameters are required for the transaction:
| Field | Type | Description |
|---|---|---|
| base-asset-symbol | string | the Mini BEP2 token to list |
| quote-asset-symbol | string | only support BNB and BUSD as quote asset |
| init-price | int64 | the initial price for your asset, it is boosted by 1e8 |
| from | Bech32_address | this address should be the issuer of base asset |
The minimum amount of the Mini-BEP2 token should be larger than or equal to 1, which is presented as 1e8 with the 8 digit decimal rule internally. The only exceptional case is that the user sells the total amount of the free Mini-BEP2 token in his account, if it is smaller than 1, due to some partial fill during trade match.
The number of Mini-BEP2 pairs could be much bigger than BEP2 pairs due to the cheap issue/listing fee. As they are designed to use limited network resource, Binance DEX match engine will only allocate a fixed resource on matching the Mini-BEP2 pairs. Unlike BEP2 token, only limited Mini-BEP2 token pairs will be matched in each block.
Delist a trading pair of Mini-BEP2 token is the same as BEP2 delist. Please refer to BEP-6.
The content is licensed under CC0.