- Binance is merging its BEP-2 and BEP-20 chains into a single blockchain by April 2024 to simplify architecture and improve security.
- Users must transfer BEP-2 and mini BEP-2 tokens to BEP-20 before the deadline or risk losing assets forever if they miss it.
- Tokens issued without cross-chain support can’t be recovered post-fusion – developers warn users to establish cross-chain functionality pre-fusion.
Binance has announced plans to merge its dual BEP-2 and BEP-20 chain structures into a single blockchain by April 2024. This move aims to simplify BNB’s architecture and improve security. Users need to take action to avoid losing assets.
Background on BNB Chains
The native BNB token was launched in 2017. BEP-2 is used for gas fees while BEP-20 enables smart contracts like ERC-20. Having two chains creates complexity with constant bridging needs.
Merging the Chains
The tentative deadline for the BNB Chain Fusion is April 2024. Users must transfer BEP-2 and mini BEP-2 tokens to BEP-20 before then. This can be done via exchanges or wallets in a 1:1 ratio.
Missed the Deadline?
Users who miss the deadline can still bridge assets later via a legacy feature. However, they’ll need to wait up to 7 days to recover BEP-2 assets post-fusion. This feature has no UI, only a command line.
Irrecoverable Assets
Developers warned that BEP-2 tokens issued without cross-chain support can’t be recovered after the merge. Users must establish cross-chain functionality pre-fusion to avoid permanent loss.
Conclusion
The BNB chain fusion aims to simplify architecture and improve security. But users must take action to convert BEP-2 assets to BEP-20 before April 2024 or risk losing them forever. Check requirements and bridge tokens in advance.
