The BNB Chain Fusion is planned for April 2024, but it might change.
The people behind Binance’s BNB Smart Chain want to combine the BNB Beacon Chain and BNB Smart Chain into one blockchain. The team explained that they want to grow, that’s why they made their plans. On Monday, the developers said that the Beacon Chain has become too much to handle. They also said that using two chains at the same time has only stopped the network from growing and created security problems.
So, users should get rid of their BEP-2 and BEP-8 tokens right away. They can move the Beacon Chain tokens to the BEP-20 chain without losing any. This means that when the tokens are moved, they will still be kept in the same amount.
Users can use both centralized and decentralized exchanges to transfer the tokens. They can also use the BNB Chain Wallet or a different wallet they like.
BNB Developers decide when Beacon Chain will stop working, and explain what will happen after it.
The BNB Chain Fusion is scheduled for April 2024, but it might change. The developers have not told us the exact date when the fusion will happen, but they have promised that users who don’t transfer their assets on time may still be able to do so later. However, they may have to wait another seven days before they can get back their BEP-2 assets. The reason for this is that the backup recovery solution is controlled using commands and does not have a graphical user interface.
Surprisingly, some people may not be able to get back their belongings after the deadline. The backup plan only works for assets that have cross-chain features turned on. The statement says:
“BEP2/BEP8 assets that cannot be transferred between different blockchains will be lost forever after the Beacon Chain Fusion. ” Users will not be able to get back these things.
Since there are some restrictions that users might have after the Beacon Chain ends, developers have given some advice. Firstly, they recommend that users should transfer the tokens as soon as they can. If your money can’t be moved between different blockchains, use the Token Bind Tool to make it possible.
Binance made its own token called BNB in July 2017. Right now, BNB BEP-2 is used to pay for transactions in the ecosystem, and BEP-20 tokens can do smart contracts like ERC-20 tokens.