What
exactly is a reward token?
A reward
token incentivizes users by rewarding them for completing various tasks. The
most common example of this type of activity is HODL, in which users are
rewarded simply for holding tokens. It works by collecting a fee equal to a
percentage of the tokens transferred for each transaction.
The
collected tokens are then used to distribute rewards to existing holders. Your
token or another popular cryptocurrency, such as BUSD or DOGE, can be used to
receive the rewards.
What are
the different kinds of reward tokens?
Reflection
tokens are the most commonly created reward tokens. In this mechanism, the
collected tokens are distributed as a reward. Users receive more tokens over
time simply by HODLing the tokens. This is well-liked for a variety of reasons.
To begin with, it is extremely efficient because it employs a technique known
as reflection. Reflection, to keep things simple, does not require explicit
distribution of reward tokens; instead, it updates the user's balance based on
their current holdings, saving a massive amount of transaction gas.
Furthermore, because you are distributing your own tokens, you avoid the need
to sell tokens in order to acquire BUSD or other tokens, which can cause your
token's value to fall.
Another
type of reward token known as a "baby" token, such as babyDOGE or
babyBUSD, has recently gained popularity. These tokens payout in DOGE or BUSD
to their holders. While they require more gas and token exchanges to obtain
BUSD/DOGE, they are extremely appealing to investors.
How does
one go about making one?
Self-programming
is one method for creating such a token. Reflection and baby reward tokens are
both quite complicated. A significant investment is required to learn
blockchain programming, create, and test such tokens. Even after that, there is
a chance that bugs in your token will exist, allowing for potential hacker
exploits.
However,
there is now a much easier way, which makes use of the incredible no-code
platform Unicarve. Unicarve BEP20 token generator allows you to generate BEP20 tokens that support modern
tokenomics features like reflection or rewards in BUSD or any other token,
liquidity generation, marketing and charity wallets, and hyper-deflationary
buyback. It not only allows tokens to be created on Binance Smart Chain using
modern controls, but it is also extremely simple to use and one of the most
affordable token generation platforms available.
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