How will the Binance Chain swap develop? ERC20 to BEP2 in a nutshell

19 Apr, 2019
by Alberto Arnaldo
How will the Binance Chain swap develop? ERC20 to BEP2 in a nutshell

As the largest exchange by volume swaps the mainnet of their token, the Binance Coin (BNB), several changes will take place in the way the asset functions.

Taking off from their current ERC20 standard, BNB will soon be entering a migration process to its new and own BEP2 blockchain.

The BEP2 proposal, a common set of rules for token management within the Binance Chain that will allow for the issuance of tokens which can also be pegged to any other cryptos, will include the classic functions provided by other protocols, such as burning, minting, freezing or transferring tokens, according to the public repository of the token standard.

From the 23rd of April, a first batch of 5 million BNB will be stored into a Binance address, in order to allow ERC20 BNB holders to convert their tokens. The conversion to BEP2 BNB will be followed by a burning of the old ERC20 tokens, guaranteeing constant supply across both networks. Trading, however, will have to wait for the first batch of BNB to be converted in order to be available.

For the nostalgic ones looking forward to keeping their ERC20 BNB tokens after the conversion is complete, they might do so but they have a deadline for moving their funds out of Binance and into an Ethereum wallet: 2 AM (UTC) on the 23rd of April. According to the mainnet swap announcement, after that date Binance will stop supporting withdrawal of ERC20 BNB tokens.

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