Following the launch of the new blockchain, Binance as expected plans to create new versions of the exchange’s native token, BNB on the Binance Chain.
The exchange’s timeline shows that its developers will on April 23, initiate a move to migrate the roughly $3 billion worth of BNB tokens on the Ethereum blockchain network to the Binance Chain (BEP2)
What Are BNB Holders Expected To Do?
After Binance completes its mainnet swap on April 23, users can convert their Ethereum based BNB holdings (ERC20 BNB tokens) into Binance Chain (BEP2 BNB tokens) by providing a Binance Chain address while filling for a withdrawal request on Binance.com.
Binance notes that the option to provide a Binance Chain address for Ethereum-based BNB token withdrawals will serve as a “mechanism to convert ERC20 BNB tokens into BNB tokens native to Binance Chain”.
The public will also get access to the Binance blockchain explorer on April 23, if things go as planned, the exchange said.
Additionally, Binance.com noted that it would NOT support the withdrawal of ERC20 BNB tokens after April 23, meaning that those still holding these tokens would have to convert it into Binance Chain BNB tokens by filing for a withdrawal to the newer token.
Conclusively, the announcement confirmed that Binance.com would continue to support the deposit of ERC20 BNB token into the foreseeable future. However, ERC20 BNB token holders were encouraged to deposit ERC20 BNB and withdraw BEP2 BNB within 90 days.
As Coinfomania has reported in the past, the now launched Binance Chain will house the long-awaited Binance Decentralized Exchange (DEX) and sets the firm up for more significant opportunities soon.
Binance Coin (BNB) Outlook — Bullish
On a day when Binance is launching what it’s CEO Changpeng Zhao described as a “new beginning,” one would not be wrong to expect a bullish market performance from the exchange’s token.
Well, today’s trading charts show that BNB has not disappointed, recording an 8% gain with prices firmly above $21 at press time.
Will the exciting times around Binance silence the ongoing saga which resulted in the exchange and a host of others delisting BitcoinSV?Never miss out on our daily crypto news, stories, tips, and price analysis. Join us on Twitter | Telegram | Facebook or subscribe to our weekly Newsletter.