Binance has announced the start date of the exchange of BNB tokens for the cryptocurrency of its blockchain
Cryptocurrency exchange Binance has officially announced the mainnet launch of its own Binance Chain blockchain, after hinting it this morning..
“Binance Chain is launching the mainnet and plans to swap tokens on April 23rd,” the exchange writes, noting that all dates it provides are indicative and may change based on specific conditions..
The initial issue of the native token of the Binance Chain blockchain will be 200,000,000 BEP2-BNB. 11,654,398 BNBs of the new format will be destroyed, and 48,000,000 – frozen, which corresponds to the number of BNBs on the Ethereum blockchain that underwent the same operations.
The first 5,000,000 BNB will be transferred to the exchange’s own addresses for further exchange for ERC20-BNB users. Binance will also destroy 5,000,000 ERC20-BNB. Additional BEP2-BNBs will be issued as needed.
The Binance Chain Blockchain Explorer and Web Wallet will initially be open to a limited number of partners for testing and presented to the general public on April 23rd. Trading using the new format token will not start until ERC20-BNB is exchanged for BEP2-BNB from the first batch.
Unless unforeseen circumstances arise, on April 23, the exchange will allow users to provide an address on the Binance Chain to withdraw existing ERC20-BNB – this is how the asset conversion will take place. If the user for some reason wants to save the ERC20-BNB, he needs to withdraw his tokens from the exchange to the Ethereum wallet before that date. For the foreseeable future, Binance is not going to restrict the ability to convert tokens, but strongly recommends that the necessary transactions be carried out within 90 days.
“Binance Coin on the Binance Chain is the same as ether on the Ethereum network. You will use it to pay for the processing of transactions in the network, ”explained Binance CEO Changpeng Zhao earlier.
“The Binance DEX members honored me to make the first transaction on the Binance Chain,” he wrote in the comments to today’s announcement, accompanying his message with a screenshot..