Binance, one of the most popular exchanges in the market, has just launched the so awaited Binance Chain. The company has also provided information about the Binance Coin (BNB) mainnet swap. The exchange informed about it in a blog post on April 18.
Binance Launches its Own Blockchain Network
Binance has just launched its own blockchain network. The community has been waiting for it for a very long time. The Binance Chain will be using the BNB digital asset that is currently running on Ethereum (ETH).
The exchange informed that the migration will take place from April 19 to 22. By that time, all the BNB balances should be migrated to the new network. The ETH-based tokens will be destroyed and new BNB tokens will be created on the Binance Chain.
This announcement made by Binance came a few hours after the company shared a Tweet regarding Binance Chain.
Today marks the birth of a new genesis block.
Who's ready? pic.twitter.com/AF1hVtFXzt
— Binance (@binance) April 18, 2019
According to the company, the initial total supply for BNB tokens will be capped at 200 million. 48 million of them will be frozen and 5 million will be destroyed. At the same time, on April 23, the platform aims at completing the migration to the new blockchain. In this way, users will have the possibility to provide a Binance Chain address for BNB withdrawal requests.
The crypto exchange wrote about it:
“Binance.com will assist with the BNB mainnet swap on April 23rd, 2019 at the earliest. If everything works as intended, then users will be able to provide a Binance Chain address for BNB withdrawal requests. The withdrawal will then act as a mechanism to convert ERC20 BNB tokens into BEP2 BNB tokens native to Binance Chain.”
Users will also be able to keep their ERC20 BNB tokens during the conversion period. In order to do so, they will have to withdraw them from Binance.com into an Ethereum Wallet before 2 am (UTC) April 23rd. Nonetheless, these BNB tokens will have a temporary usage since all the tokens will be moved to the new Binance Chain.
At the time of writing this article, Binance Coin has a market capitalization of $3.08 billion and each coin can be purchased for $21.83. This helped Binance became the 7th largest digital asset and it is getting closer to Litecoin (LTC) that has a market capitalization of $4.9 billion.