The world’s leading cryptocurrency exchange Binance has launched the main network of its decentralized exchange (DEX) called Binance Chain. The swap of existing ERC20-based Binance Coin (BNB) to the Binance Chain will be carried out on April 23rd.
‘A New Chapter’
According to the official blog post, Binance has officially launched the mainnet of its decentralized exchange Binance Chain. This ‘new chapter’ as the CEO Changpeng Zhao has called it, will have all the currently existing Binance Coin (BNB), which are based on the ERC20 standard, swapped to the new network on April 23rd.
Moreover, Zhao has also successfully completed the first transaction on Binance Chain.
“The Binance_DEX members gave me the honor to do the first transaction on Binance Chain. It’s fast and sleek! Love it,” said Zhao.
— CZ Binance (@cz_binance) April 18, 2019
In addition, there will be no trading pairs listed until the very first batch BNB conversion has taken place.
ERC20 BNB to Become History
Now that the mainnet is officially launched, Binance will initiate the swap of existing ERC20-based BNB to the so-called Binance Chain BNB, ticked BEP2 BNB.
On April 23rd, Binance will “assist” with the BNB mainnet swap. According to the blog post, if everything goes as planned, users will be able to provide Binance Chain addresses for BNB withdrawal requests. It is this withdrawal that will act as a mechanism to convert the ERC20-based BNB tokens into BEP2 BNB tokens.
Additionally, the management of BEP2 BNB will be managed in a way similar to that of the current ERC20 BNB.