Binance announces that the BNB Beacon Chain network (BEP2) will be sunsetted

Binance announces that the BNB Beacon Chain network (BEP2) will be sunsetted

Binance announced that the BNB Beacon Chain network (BEP2) will be sunsetted by 2024. They recommend a switch to the BEP20.



Binance, the leading cryptocurrency exchange in the world, has announced that the BNB Beacon Chain network (BEP2) will be shut down by June 2024. Binance made this announcement on March 22nd, 2024. It is an important step in the evolution of Binance’s blockchain infrastructure. Binance, as the sunset nears, has encouraged all projects that currently use the BEP2 for their tokens (to be converted to BNB Smart Chain BEP20), to make the switch.



This migration is mandatory to ensure that users are not left without services or their assets. Binance has actively communicated with all projects listed in recent months to begin the binding and migration process. Despite all efforts, not every project has completed the migration.



Binance's deadline is crucial for users who hold BEP2 tokens. After sunset, binding and asset-migration services will not be available. Binance has stated that BEP2 tokens that are not bound to the BEP20 by June 2024, will become irretrievable. Binance will not be liable for any losses that may result.



Binance provides a migration tracker for users and developers who are looking for guidance. The tracker allows them to keep tabs on the progress of the projects that have transitioned to the BEP20 Network. Resources such as the BNB Chain Fusion road map and the BEP2/BEP8 asset sunset announcement are also available to help navigate this complex process.

READ  Discover Smodin, the All-in-One AI Writer Tool



Binance has a strategic plan that includes consolidating its blockchain offerings and sunsetting the BEP2 to improve performance, security, as well as user experience. BEP20, which is more robust and features, will become the standard network for projects migrating or building on the BNB Chain.



The underlying technologies powering the cryptocurrency market are also evolving. Binance's move to consolidate the BEP20 and sunset the BEP2 networks is reflective of an industry in transition that strives to streamline and optimize its operations to the benefit of users.



To learn more about this transition, developers of projects and token holders should consult Binance's official Support page. They are also encouraged to stay informed on any future announcements.



Binance has proven time and again that it is committed to being at the forefront of blockchain innovation, user safety, and security. This asset migration and network sunset plan are just two more steps in creating a more efficient and secure blockchain ecosystem.



Image source: Shutterstock