Binance Chain, cryptocurrency exchange Binance’s new custom blockchain, has been launched. It will support Binance’s $3 billion BNB cryptocurrency that currently runs on ethereum. Binance reveals details about moving its BnB token from ethereum to native blockchain.
The exchange announced last month that it will activate BNB on the new network on April 23. After that date holders of the token were encouraged to move their balances to the new network. The company said it will destroy the old ethereum-based tokens as new BNB tokens are created on Binance Chain. This will ensure the maintenance of a constant supply across both networks.
The initial total supply for BNB tokens will be 200 million: 48 million of which will be frozen and 11,654,398 will be burned on Binance Chain.
Binance Chain Explorer and Web Wallet were opened to the public on April 23. Users will be able to provide a Binance Chain address for BNB withdrawal requests, with the withdrawal then acting “as a mechanism to convert ERC-20 BNB tokens into BEP2 BNB tokens.” Binance.com is where users can go for assistance with the mainnet swap.
If users wanted to keep the ERC-20 version of BNB tokens, they were advised by the firm said that before April 23 they would need to withdraw it into an ethereum wallet. Binance.com would not support the withdrawal of ERC-20 BNB tokens after that date:
“Please note that withdrawn ERC20 BNB tokens will only have temporary usage, as all BNB tokens will be migrated to Binance Chain”.
Binance reveals details about moving its BnB token from ethereum to native blockchain. Binance CEO Changpeng Zhao explained in a live ask-me-anything (AMA) chat on Twitter:
“This Coin on the Binance Chain is the same as the Ethereum coin on the Ethereum network. You will have to use it to pay for network transactions, as gas.”
The development of Binance Chain was first revealed by Binance in March 2018. The exchange also said at the time, that its BNB token would essentially be shifted to its own native blockchain.