BNB Smart Chain to Merge Dual Chains: Unifying BEP-2 and BEP-20 Structures
Developers within Binance’s BNB Smart Chain ecosystem are proposing a significant shift, aiming to unify the BNB Beacon Chain (BEP-2) and BNB Smart Chain (BEP-20) into a single blockchain entity.
In their recent announcement on January 8, users received a “strong recommendation” to migrate their BEP-2 and BEP-8 (mini BEP-2 tokens) to the BEP-20 chain, assuring asset preservation at a 1:1 ratio. This transition is viable through centralized and decentralized exchanges or various wallets like BNB Chain Wallet and self-custody wallets.
The anticipated deadline for the fusion of the BNB Chain has been tentatively set for April 2024.
Those who miss the deadline can still perform the asset migration using a legacy feature. However, a recovery process for BEP-2 assets post-fusion might take up to seven days, utilizing a command-line prompt without a user interface.
The BEP-2 tokens lacking cross-chain support won’t be recoverable after the BNB Beacon Chain deactivation, risking irreversible loss if not upgraded in time.
It is worth noting that Binance initiated its native token, BNB, back in July 2017. Presently, BNB BEP-2 serves as gas fees for ecosystem transactions, while BEP-20 tokens enable smart contract capabilities akin to ERC-20 tokens.
Developers highlighted that the current dual-chain structure has become limiting for BSC’s swift evolution, impeding development iterations and exposing BNB to potential security risks.
