Key Points:
This upgrade, necessitating the transition to v0.10.20 for all full node operators, signifies a crucial milestone for the network’s evolution. Additionally, holders of BNB/BEP2 assets are urged to transfer their holdings from BNB Beacon Chain mainnet (BC) to Binance Smart Chain (BSC) in preparation for the impending changes.
In a strategic move, the BNB Chain team has slated the complete sunset of the BNB Beacon Chain mainnet by June 2024. Projects utilizing BEP2 infrastructure are advised to expedite the binding process with BEP20 and migrate assets accordingly to ensure user protection and continuity.
Despite proactive outreach efforts from Binance, not all listed projects have finalized the binding and migration procedures. Developers behind the initiative cited a shift in the blockchain landscape and the maturation of BSC as factors rendering the BNB Beacon Chain redundant. They emphasized complexities and security vulnerabilities associated with bridging the two networks.
The sunset process will involve the deactivation of features such as staking and atomic swaps, alongside the migration of BEP-2/BEP8 tokens. Collaborations with centralized exchanges, wallet providers, and asset issuers will facilitate the smooth transition.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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