Developers of Binance’s BNB Smart Chain want to merge the dual BNB Beacon Chain (BEP-2) and BNB Smart Chain (BEP-20) chain structures into a single blockchain, stated Cointelegraph.
With insights from an announcement made on January 8, 2024, users are “strongly recommended” to transfer their BEP-2 and BEP-8 (mini BEP-2 tokens) to the BEP-20 chain, which will preserve assets on a 1:1 ratio. The transfer is expected to be done through centralised and decentralised exchanges, or through the BNB Chain Wallet and other self-custody wallets. The expected deadline for the BNB Chain Fusion has been set for April 2024, added Cointelegraph.
“Failure to establish cross-chain functionality for these tokens before the BNB Beacon Chain is deactivated will lead to their irreversible loss, with no chance of recovery. Actively participating in this process is vital to the protection of your assets,” as per insights from the announcement.
Binance is expected to have issued its native token, BNB (BNB $304), in July 2017. It is belived that BNB BEP-2 is currently used as gas fees to power ecosystem transactions, while BEP-20 tokens possess smart contract functionality, Cointelegraph concluded.
(With insights from Cointelegraph)
