Overview
BEP-20 is the primary token standard for the BNB Smart Chain. It is almost identical to Ethereum's ERC-20 standard, making it very easy for developers to port their dApps and tokens from Ethereum to BSC.
Context
Because BSC uses a different consensus mechanism than Ethereum, BEP-20 transactions are typically much faster and cheaper, though the network is considered more centralized.
Usage
Used for everything from meme coins to major DeFi protocols on the BNB ecosystem.