Binance announced on April 18 that the Binance Chain mainnet has officially gone live, with the BNB mainnet swap scheduled for April 23. During this transition, BNB deposits and withdrawals will be temporarily disabled at 10:00 AM UTC.
Key Developments in Binance Chain
- Genesis Block Creation: The native token BNB will be issued in the "Genesis Block" (the first block of the mainnet).
- Explorer and Wallet Access: The Binance Chain Explorer and Web Wallet will become publicly available around April 23, following partner testing phases.
- Token Migration: ERC-20 BNB will be converted to native BEP2 BNB tokens, with equivalent ERC-20 tokens burned to maintain consistent supply across networks.
Timeline Adjustments
Binance emphasized that the April 23 date is tentative and subject to change based on real-time developments.
BNB Token Migration: Critical Steps for Users
Pre-Swap Actions:
- Withdraw ERC-20 BNB to an Ethereum wallet before the cutoff if you wish to retain them.
- Post-swap, Binance will no longer support ERC-20 BNB withdrawals.
Post-Swap Plans:
- Binance will introduce more BEP2-standard tokens as demand grows.
- Initial trading pairs will be listed only after successful BNB conversions.
👉 Learn more about BNB migration
Binance DEX and Early Adopters
- MITH Token Migration: MITH (Mithril) will be among the first projects to migrate tokens to Binance DEX, as confirmed by CEO Changpeng Zhao (CZ) via Twitter.
Binance's Market Position
- Q1 2019 Performance: Reported profits surged 66% quarter-over-quarter to $78 million, driven by growth in its OTC trading platform.
- Exchange Ranking: Binance is currently the third-largest cryptocurrency exchange by adjusted daily trading volume.
FAQs
Q: What happens if I miss the BNB migration deadline?
A: After April 23, only BEP2 BNB will be supported; ERC-20 BNB withdrawals will be discontinued.
Q: Will Binance Chain support smart contracts?
A: No, Binance Chain focuses on fast trading and token issuance, while Binance Smart Chain (launched later) handles smart contracts.
Q: How does the BNB swap affect token supply?
A: The total supply remains fixed—ERC-20 BNB burned equals BEP2 BNB minted.
Note: All dates are estimates and may adjust based on network conditions.