In a significant development, Binance has issued a key announcement that could worry BNB Beacon Chain (BEP2) users. As indicated by the project team in January 2024, BNB Beacon Chain (BEP2) will be phased out in June 2024. The deprecation plan is not an abrupt discontinuation but a carefully orchestrated transition process.
In a significant development, Binance has issued a key announcement that could worry BNB Beacon Chain (BEP2) users. As indicated by the project team in January 2024, BNB Beacon Chain (BEP2) will be phased out in June 2024. The deprecation plan is not an abrupt discontinuation but a carefully orchestrated transition process.
In this sense, Binance has announced that it will begin migratory assets from BNB Beacon Chain (BNB) to BNB Smart Chain (BSC), which will take effect starting today, May 15. The migration will continue over the coming weeks and is scheduled for completion in June 2024.
As the BNB Chain team will complete the demise of BNB Beacon Chain (BEP2) by June 2024, Binance says it will stop processing deposit requests for all BEP2 tokens, excluding Binance-pegged BEP2 tokens (B tokens) on the 15th. May 2024. , at 00:00 hours (UTC).
As a result, users It is highly recommended that you deposit BEP2 B tokens into your Binance accounts before the BEP2 network shutdown is complete in June 2024. B tokens credited to Binance accounts can be withdrawn via your native network or other Binance supported networks.
Ahead of the end of the lockdown in June, efforts are underway to link all BEP2 and BEP8 assets to the BNB Smart Chain (BSC), which will allow users to make cross-chain withdrawals of their assets.
According to a previous announcement, the asset migration and bonding process will no longer be available once the decommissioning of the BEP2 network is complete in June 2024.
Users holding BEP2 tokens that are not linked to the BEP20 network may not be able to recover their BEP2 assets and could suffer losses if this is not done before the expiration deadline.
A key step in June will be the launch of a CLI (Command Line Interface) token migration application. This tool is intended to help users recover funds that are still on the Beacon Chain, marking a key milestone on the roadmap.
