Creating a token on an existing blockchain can leverage its reputation and security. While you won't have complete control over all aspects of your token, there is still a lot of customization available.
If you're looking to push the limits of what a coin or blockchain does, creating a coin with its own blockchain would likely be better. Creating a new blockchain and coin is certainly harder than issuing a crypto token. But if done right, it can bring lots of innovation and new possibilities. Binance Smart Chain, Ethereum, Solana, and Polygon are good examples.
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