Binance Network BEP-2 and BEP-20 tokens are merged; What do users do?
The developers of Binance’s BNB Smart Chain (BNB Smart Chain) ecosystem plan to merge and structurally transform the separate dual networks of BNB Beacon China (BEP-2) and BNB Smart Chain (BEP-20) into a single network. Therefore, it is necessary for users to transfer their BEP-2 tokens before merging the two networks.
To Report Cointelegraph, based on Notifications Yesterday, the team strongly advised users to transfer BEP-20 or BEP-8 tokens to the BEP-20 network if they have them. This transfer can be done through centralized or decentralized exchanges, BNB Chain Wallet, as well as other non-trusted wallets. The trial deadline (changeable) for doing this work has also been set until April 2024 (April 1403).
Users who do not transfer their BEP-2 tokens by the deadline will be able to do so using an old method after this date, which according to the Binance Network team will be detailed in the future and after the integration. Two channels will be published. Despite this, the old method in question has limitations, and for this reason, users are again asked to move their assets as soon as possible.
In addition, users must verify the transferability of tokens through BNB China Explorer BEP-2 And BEP-8 Check yourself. Tokens that do not have a BSC Contract address cannot be transferred between two networks, and if this possibility is not provided by the token suppliers before the two networks merge, it will lead to the loss of these assets. Of course, converting these non-transferable tokens into a transferable BEP-2 token to BEP-20 (such as BNB) is also among the users’ options in necessary situations.
Binance launched its main network called Binance Chain in 2017, which is actually the blockchain that hosts BEP-2 tokens. Later, with the launch of the Binance Smart China network with the BEP-20 token standard, which supported smart contracts like Ethereum, the old network was gradually phased out.
The developers of the Binance network say that the old network has become an overhead. They believe that the current separate structure slows down the development process in this ecosystem and the need for constant transfer between the two networks exposes BNB to security threats.