Over the past few years, blockchain technology has grabbed the attention of millions, and it is widely being used in various industries such as finance, healthcare, banking, and more. One of its main purposes is to create crypto tokens, crypto coins, and complex business projects.
Blockchain technology steps in when we talk about crypto token development. Amongst all, Bitcoin is one of the most popular cryptocurrencies in the world. This has resulted in an increase in demand for Ethereum, a blockchain-powered platform known for its native currency, ETH.
Thus, more and more entrepreneurs are moving towards ERC-20 token development and are wondering about the cost to build ERC-20 tokens. If you’re confused about the same, we’re here to help you understand the costs involved in developing ERC-20 tokens.
Let’s discuss it!
Cost of Creating ERC-20 Tokens
Well, one can’t estimate the exact cost to create ERC-20 tokens. An approximate cost for ERC-20 token creation ranges somewhere between $7K and $8K. However, the actual cost differs as per your specific business needs and tight deadlines.
Factors Affecting the Overall Cost of ERC-20 Token Development
Let’s explore the essential factors that are responsible for creating ERC-20 tokens!
Token Functionality & Complexity
The complexity of the ERC-20 token’s functionality directly affects the development costs. Basic tokens with standard features such as transfer and balance checking are simpler to develop as compared to tokens with complex smart contract logic such as tokens with vesting schedules, staking mechanisms, or governance features.
Smart Contract Development
ERC-20 tokens are based on Ethereum’s blockchain and require smart contract development. The cost depends on the expertise required to code secure, efficient, and bug-free smart contracts. Blockchain developers with experience in the field typically charge higher rates.
Token Design & Customization
The design and customization of the token, which includes the token name, symbol, initial supply, decimal places, and more, can affect the overall development costs. Moreover, customizing the token beyond standard parameters involves additional development time and effort.
Security Audits
It is crucial to conduct security audits to ensure the smart contracts are secure and free of vulnerabilities or bugs. The cost of auditing depends on the complexity of the smart contract code and the thoroughness of the audit process.
Legal & Compliance
Regulatory compliance and legal aspects can also add to the overall cost of ERC-20 token development. Some of the projects may require legal consultations to ensure compliance with local regulations and avoid legal issues in the future.
Wrapping Up
Creating ERC-20 tokens involves a plethora of costs that you need to take into account. Now that you have an idea about the cost of creating ERC-20 tokens, are you looking for professionals to get started?
If that’s the case, look no further than Coin Developer India!
It is a well-known ERC-20 token development company that offers top-notch token creation services. They are pioneers in the blockchain field and have decade-long years of experience in creating cryptocurrency exchanges, crypto tokens, crypto wallets, and more. They offer the best ERC-20 token development services at a cost-effective price.
So, get in touch with them today!
