Cryptocurrency exchange Binance is poised to phase out its BNB Beacon Chain, also known as the BEP2 network, by June 2024. This move necessitates that users of the BEP2 network begin the process of binding their tokens to the BNB Smart Chain, BEP20 network. The exchange has made this call to action to ensure that stakeholders safeguard their assets by transferring them to the BEP20 network without delay.
Urgent Call for Transition to BNB Smart Chain
In anticipation of the BEP2 network closure, Binance has been in liaison with projects built on the BEP2 network, advising them to commence the asset transfer process. The deadline set for next year underscores the urgency for projects to act swiftly to secure their users’ interests. Failure to move assets before the deadline could result in the permanent loss of those assets, with Binance disclaiming any liability for such losses post-closure.
Introduction of Real-Time Transition Tracker
To enhance transparency and assist users during this transition period, Binance has introduced a real-time tracker. This tool will allow users and project owners to monitor the progress of asset transfers and binding to the BNB Smart Chain, ensuring they remain informed and can respond accordingly to the changes.
The initiative to decommission the BEP2 network is part of Binance’s broader strategy to develop its ecosystem and embrace new technological advancements. Binance aims to boost the efficiency and scalability of its network by transitioning to BEP20, which is expected to offer superior interoperability and user experience while adhering to current industry standards.
With the transition deadline approaching, Binance is advising projects to prioritize their preparation for the move to the BNB Smart Chain. By doing so, the exchange aims to minimize disruption to users and maintain the robustness of its platform as it evolves.