Dubai, UAE, October 16th, 2024, Chainwire
BNB Chain, BNB Chain, the community-driven blockchain ecosystem that includes the world’s largest smart contract blockchain by daily transactions, has issued a reminder about the upcoming final sunset of the BNB Beacon Chain. This significant event is scheduled for mid-November 2024. The final sunset is a crucial part of the ongoing BNB Chain Fusion, aimed at streamlining the ecosystem and enhancing overall efficiency and security.
The BNB Chain Fusion initiative is designed to consolidate functionalities onto the BNB Smart Chain (BSC), resulting in a more robust, efficient, and secure infrastructure. This transition will mark the end of the BNB Beacon Chain, with all functionalities being migrated to BSC.
Users are urged to transfer their BEP2 and BEP8 (mini BEP2 tokens) assets from the BNB Beacon Chain to the BNB Smart Chain (BSC) immediately. While the majority of assets have already been migrated, some BEP2/BEP8 assets remain on the Beacon Chain. To ensure continued access to assets, users should initiate the migration process now. This can be done through various platforms, including centralized exchanges, decentralized exchanges, and wallets like Trust Wallet. More information and guidance can be found here.
Centralized exchanges (CEXs) are requested to disable all deposit functions to the BNB Beacon Chain as soon as possible to prevent further transactions on the network. To maximize security, CEXs should consolidate all remaining BEP2 assets into secure cold storage wallets ahead of the Beacon Chain’s shutdown.
Post-fusion, blockchain data will still be accessible through multiple BC RPC nodes and snapshots uploaded to platforms like Greenfield. The mainnet explorer will also remain active for viewing historical data. A snapshot of user balances will be taken at a specific block height following the fusion and users can easily verify their balances using the provided links and tools. A token recovery tool will be available for users to migrate BEP2/BEP8 assets from the Beacon Chain to BSC after the BNB Beacon Chain sunset. However, assets without cross-chain functionality will be permanently lost.
Consequences of Inaction:
- BEP2/BEP8 Token Holders: Users can recover binded tokens even after the BNB Beacon Chain is shut. However, tokens not binded will be lost.
- Centralized Exchanges: If CEXs do not promptly gather all BEP2/BEP8 tokens from user deposit addresses, they will face significant recovery challenges and costs. Unbound or unconsolidated tokens risk being lost.
Users can find out all the information and guidance here.
About BNB Chain
BNB Chain is a community-driven blockchain ecosystem that is removing barriers to Web3 adoption. It is composed of:
- BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees of any EVM-compatible L1; serves as the ecosystem’s governance chain.
- opBNB: A scalability L2 that delivers some of the lowest gas fees of any L2 and rapid processing speeds.
- BNB Greenfield: Meets decentralized storage needs for the ecosystem and lets users establish their own data marketplaces.
Setting a high bar for security, the AvengerDAO community protects BNB Chain users while Red Alarm provides a real-time risk-scanner for Dapps. The ecosystem also offers a range of monetary and ecosystem rewards as part of its Builder Support Program.
For more, users can follow BNB Chain on X or start exploring via our Dapp library.
Contact
BNB Chain
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