So finally it has happened – the Binance Chain mainnet has been launched successfully, marking an important step in the journey of Binance. The next step now is the swapping of ERC20 BNB with Binance Chain based BNB tokens, which are being called BEP2 BNB by the Binance team. The following steps have been outlined to complete this swap:
- First step is going online of all validator nodes. This was set to happen yesterday, and it seems to have happened smoothly. These validator nodes will produce blocks with consensus from the genesis block;
- The next step is creation of native BNB coin in the genesis block. Once created, given below is how it will be managed:
- Initial total supply will be 200 million tokens.
- 11,654,398 of the total BNB supply will be burned on Binance Chain, just as it was burned from ERC20 supply.
- 48 million BNB will be frozen (again, similar to ERC20 BNB).
- And finally, the first batch of 5 million BNB will be allocated and deposited to a Binance.com wallet for the conversion of existing ERC20 tokens held by the users. 5 million ERC20 BNB will also be burned by Binance to keep the supply constant. As more and more users convert to BEP2 BNB, more supply of BEP2 tokens will be released and a proportional amount of ERC20 BNB will be burned.
- Finally, Binance Chain Explorer and Web wallet will be opened for public access on 23rdof April after their beta testing during the conversion phase of BNB tokens is finished successfully.
This method also needs to be followed by the exchanges that are facilitating BNB mainnet swap. The listing of trading pairs on Binance Chain has also been clarified by the company. No trading pairs will be listed until the conversion of first BNB batch is completed. The company has also clarified that all the dates mentioned in its announcement are only best estimates, and if some glitches arise then delays may take place in completion of every event. But if everything works fine and flawless, by 23rd of April users will be able to provide a Binance Chain address for BNB withdrawal requests on Binance. The withdrawals will then act as another mechanism to convert ERC20 BNB with BEP2 BNB.
Keeping ERC20 BNB
Some users may still want to keep ERC20 BNB for their own reasons, and Binance understands this. Therefore, the company has also outlined a method for retaining ERC20 BNB. They can withdraw their ERC20 tokens from Binance.com accounts to another Ethereum wallet before 7:30 AM on 23rd of April to keep those tokens. No withdrawal of ERC20 BNB from Binance will be allowed after 23rd of April. Only deposits will be allowed, and that too for a limited time.
The list of Binance Chain supporting wallets is also growing fast. They include company’s own Trust Wallet, AtomicWallet.io, Guarda Wallet, Crypto.com wallet, Ledger, Enjin, CoolWallet, Coinomi Wallet, ZelCore, Infinito Wallet and MathWallet. You need to have one of these wallets in order to receive and store BEP2 BNB tokens.
So what are you waiting for? If you already have ERC20 BNB tokens, get them swapped for BEP2 BNB right away because that’s what you’ll need to trade on Binance in future!