If you are active in crypto space, you must be already aware of Binance chain mainnet swap. On the 23rd of April 2019, Binance is moving out its BNB coin from Ethereum blockchain and moving to Binance chain (BEP2). If you are already holding Binance coin in its own exchange or on any ERC20 wallet, then this is the must-read article for you.
Before knowing what you have to do if you are BNB holder, please see what exactly is happening.
As of now, below is the plan of this mainnet swap (Few points are already implemented).
1. On April 18, 2019, all pre-selected validators will be online to produce blocks with consensus from the genesis block;
2. The native coin, Binance Coin (BNB), will be created in the genesis block;
3. The Binance Chain BNB (BEP2 549) will be managed as below:
> Initial total supply of BNB will be 200,000,000.
> Same as the ERC20 BNB, 11,654,398 of the total BNB supply will be burned on Binance Chain.
> Same as the ERC20 BNB, 48,000,000 BNB will be frozen.
> The first batch of 5,000,000 BNB will be allocated and deposited into an address belonging to Binance.com 339 in order to convert the ERC20 BNB for existing owners. Binance will burn 5,000,000 ERC20 BNB as well, to keep the total supply of BNB constant. As more users convert to BEP2 BNB (native), more BEP2 coins will be released and proportional amounts of ERC20 BNB will be burned while keeping the total supply across both networks constant.
4. The Binance Chain Explorer and Web Wallet will be available to selected partners and beta testing for live testing first and will be open to public access around April 23, 2019.
5. No initial trading pairs will be listed until the first batch BNB conversion has occurred.
Conversion from ERC20 BNB to BEP2 BNB tokens
As you know, Binance has planned for BNB mainnet swap on 23rd April 2019 and if everything goes as per their plan, then all the users will be provided with Binance chain address for BNB withdrawal request. This will work as a method to convert your ERC20 BNB tokens into BEP2 BNB tokens native to Binance Chain.
After April 23rd, Binance is NOT supporting the withdrawal of ERC20 BNB tokens, so if you want to withdraw for any reason do it fast. But, we will advise you not to do that as swap is going to happen.
What Binance Coin (BNB) Holders Need to Do during Binance Chain Mainnet Swap?
If you are having Binance coin (BNB) on Binance exchange, then you don’t have to do anything. Binance is going to do the swap for you.
And if you are holding BNB on ERC20 wallet, then you have to check with your wallet company if they are supporting the Binance chain mainnet swap or not or just simply send your ERC20 BNB tokens to Binance wallet.
Note: Please deposit your ERC20 BNB and withdraw your BEP2 BNB within 90 days of the swap.
Please let us know what are your thoughts about “Binance chain mainnet swap” and are you ready for this. Hope you all will transfer your BNB tokens to Binance in a timely manner to avoid any problem in the future.
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