Binance has announced the shutdown of the BNB Beacon Chain (BEP2) network, recommending a transition to the BEP20 network by June 2024.
Binance, the world’s leading cryptocurrency exchange, has officially declared that it will shut down the BNB Beacon Chain (BEP2) network by June 2024. This announcement, made on March 22, 2024, is a significant step in the continuous development of Binance’s blockchain infrastructure. As sunset approaches, Binance has urged all projects currently using the BEP2 network for their tokens to immediately switch to the BNB Smart Chain (BEP20) network.
This mandatory migration will ensure continuity of services and preservation of asset value for users. In recent months, Binance has been actively communicating with all of the listed projects to begin the binding and migration processes. Despite these efforts, not all projects have yet completed the transition.
The deadline set by Binance is critical for users holding BEP2 tokens, as after sunset, asset binding and migration services will no longer be available. This means that any BEP2 tokens not tied to the BEP20 network by June 2024 will become effectively irrecoverable, and Binance has made it clear that it will not accept responsibility for any resulting losses.
For users and project developers looking for guidance on migration, Binance has provided a tracking tool to monitor the status of projects migrating to the BEP20 network. In addition, resources such as the BNB Chain Fusion Roadmap and the BEP2/BEP8 Asset Sunset Announcement are available to navigate this complex process.
The move to closing the BEP2 network is part of Binance’s strategic plan to consolidate its blockchain offerings aimed at improving performance, security and user experience. The BEP20 network, being more stable and feature-rich, is set to become the standard for projects upgrading or migrating to the BNB chain.
As the cryptocurrency market evolves, so do the underlying technologies that power it. Binance’s decision to shut down the BEP2 network and consolidate into the BEP20 network is a reflection of a maturing industry that is constantly striving to optimize and streamline its operations for the benefit of its users.
For more detailed information on this transition, project developers and token holders are encouraged to consult the official Binance support page and stay updated on any further announcements.
Binance has consistently proven its commitment to leading the way in blockchain innovation and user safety. This network closure plan and asset migration are another step in promoting a more secure and efficient blockchain ecosystem for all participants.
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