Binance, leading cryptocurrency exchange of the world is to begin the token swap officially. According to reports, the firm will move BNB tokens from Ethereum blockchain to Binance Chain. Recently, the firm launched Binance Chain some days ago.
Besides the token swap, the firm will also launch publically Binance DEX. The platform would also house various cryptocurrency projects.
Previously, Binance announced that it would commence BNB swap soon. It is as a result of the latest development that launch of main-net fueled. As per the official blog post of Binance, BNB holders must take some measures. Precisely, the BNB holders who store their coin out of Binance must ensure a token swap. The wallets must support the swap. It must be also able to move their cryptocurrency into the Exchange.
Binance to generate its native coin in the genesis block
Further, the crypto exchange says that they will generate the native coin. To be specific, the genesis block is in their blockchain. However, the supply of around 200 million BNB coin will be there. It will also burn the previous coins counting 11 million. As per matter of fact, the form burned those tokens on the network of Ethereum. They will also burn it on brand new Binance Chain. Also, they will freeze about 48 million tokens.
On the other hand, Binance comments on the matter. The CEO of Binance, Changpeng Zhao announces that they burned about 5 million ERXC20 BNB tokens. He adds that if everything goes as they have planned, uses can get many facilities. According to him, the users can get the facilities to send withdrawal requests for BNB. They can do so with the use of their address of Binance Chain. The withdrawal of tokens will convert ERC20 BNB tokens. It will do so into BEP2 BNB coins. The mechanism will help in conversion easily on the Binance chain.
Read Also: Binance to Launch a Brand New Custom blockchain, Binance Chain
The Leading Crypto Exchange Warns its Investors
Furthermore, the exchange warns the investors to have their BNB tokens of Ethereum. It also says that the coin can turn out to be beneficial for a particular period. And, after then, they will move the tokens to the blockchain, Binance Chain.
However, the crypto exchange refuses to support some aspects — the withdrawal BNB tokens which are Ethereum based, after the move.
Moreover, according to the document that Binance published, the firm will emphasize certain things. It claims to provide liquidity, easiness, and performance. In addition to this, the firm will also provide trading and also the transfer of blockchain assets to the users. Besides providing these facilities, Binance aims to count for possibilities for better crypto future. The future of cryptocurrency and blockchain assets can hugely benefit from such technologies.
Binance attracted crypto projects with main-net
Recently, on 18th April, Binance launched Binance Chain main-net. It, as a result, attracted many cryptocurrency projects. However, the team also says that launching of the same was the amalgamation of improvement and development. The applied platforms after the test-net launch also contributed to the result.
Over the passage of time, some cryptocurrency projects declared their interest in Binance Chain. Mithril was the one at first place to believe in the exchange‘s speed, easiness, and security. The firm assured its members the benefits of Binance Chain.