What is the difference between BEP-20 and ERC-20?
Difference between BEP-20 and ERC-20
ERC-20 and BEP-20 are token standards that define technical guidelines and specifications for tokens. These standards specify all methods of transactions, deposits, and withdrawals. ERC-20 and BEP-20 standardize how tokens interact with different wallets, projects, and smart contracts.
The two standards are very similar in mechanism, but ERC-20 is dedicated to Ethereum, and BEP-20 is dedicated to Binance Smart Chain. Simply put, each is a token standard that belongs to a different blockchain.
If your cryptocurrency is on the wrong network, you may not be able to use it for the purposes you need. For example, Bridge Smart Contract Development Services Ethereum sent to BSC cannot be used with Ethereum DApps and smart contracts.
What if I send a BEP-20 / ERC-20 token to the wrong blockchain?
If you send an ERC-20 token to BSC or a BEP-20 token to Ethereum, the token will be credited to the same wallet address on the selected network. Your BSC and Ethereum wallet addresses are the same and can be accessed with the same private key.
For example, if you send ETH via BSC, it will be a BEP-20 token pegged to ETH on the BSC wallet address. You can find the transaction ID on BscScan.com. Also, if you have sent your BEP-20 token over the Ethereum network, you can check it on Etherscan.io.
Recovery from wallets that support BSC and Ethereum
For wallets that support both blockchains, finding a token should be perfectly fine. If you can’t find the cryptocurrency, Cross-chain bridge development checks the toggle list for each network’s Token.
If you can’t find the coin in the list, you’ll need to enter a token contract in your wallet. This process is described in detail in step 5 of the recovery procedure from a wallet that only supports BSC or Ethereum.
You can use either the binance bridge or manual to return the token to the original blockchain.
Binance Bridge is a simple tool for converting assets between blockchains. Simply connect MetaMask or your Binance Chain Wallet and select the assets you want to migrate. Remember that BNB is required for BSC and ETH is required for Ethereum as a gas fee.
To manually convert the token, you need to send the cryptocurrency back to Binance. The deposit network in the Binance physical wallet must match the blockchain on which the token is currently on. Once you have received your money, you can select the blockchain you want to send it to and return it to your external wallet.
In this article, I will explain by taking Binance-Peg ETH (BEP20) back to ERC-20 ETH as an example. Make sure the wallet you are sending has a BNB for gas fees.
- On the Binance Cryptocurrency Withdrawal page, select ETH and select BEP-20 (BSC) as your deposit network. If you deposit on the wrong network, Binance will not be able to get your money back.
- When ETH returns to your Binance account, select Ethereum (ETH) ERC20 as your forwarding network and convert it to ERC-20 by withdrawing to a wallet that supports Ethereum.
Recovery from a wallet that only supports either BSC or Ethereum
In this case, to get the token back, you need to import the private key into a new wallet that supports both blockchains. Depending on the wallet you are importing, you may be able to use a seed phrase instead of the private key.
Private key import
Importing a private key into another wallet gives you access to the assets associated with that private key, even if you are using a different wallet.
In other words, importing the wallet’s private key does not send funds to the destination wallet. It just allows you to access the external wallet from a different app. Please note that the Custodial Wallet does not provide a private key and basically cannot be handled this way.
The most commonly used wallets for both blockchains are Metamask, Trust Wallet, Math Wallet, SafePal, and Token Pocket.
In this article, Build a cross-chain bridge we’ll use MetaMask’s Google Chrome extension to get back ETH that was accidentally sent to BSC.
- Access MetaMask or create a new wallet with MetaMask if you don’t have one. MetaMask is available for both iOS and Android.
- If you create a new account, you will also be given the option to import the seed phrase for your old wallet.
- If you already have an account, simply click on the MetaMask extension pin and then click on your account profile in the upper right corner.
- Click Import Account and enter the private key of the wallet that you accidentally sent the cryptocurrency. Click Import. If you have a JSON file, you can also upload it.
- Next, you need to manually add the BSC network to your MetaMask account. Click on the MetaMask extension pin and then click on the network drop-down menu in the upper right corner. Click Custom RPC at the bottom of the list.
- In order for MetaMask to be able to access the Binance Smart Chain, we need to add more details. The details you add include the Remote Procedure Call (RPC) URL. This URL allows MetaMask to query information and make transaction requests from the BSC blockchain.
- When you’re done, add the correct token contract to your MetaMask wallet. At this step, you can scan the tokens sent by the wallet that supports the selected BEP-20. You can see the list of tokens and token contracts with BscScan. For ERC-20 tokens that have been sent to BSC, click on “Binance-Peg Ethereum Token (ETH)” to see the token contract.
- Copy the token contract and record the number in the digit field in preparation for the next step.
- Select BSC Mainnet from the network drop-down list, then click Add Token, and finally click Custom Token.