Binance’s long-awaited Binance chain has finally hit the headline today on April 18, 2019. Following Mainnet launch, its Swap is planned to execute on April 23.
Earlier this month, Changpeng Zhao or popularly known CZ, CEO of Binance cryptocurrency exchange has said in a Deconomy conference that the platform is launching its DEX later this month. However, today’s mainnet launch is what CZ had proposed during the conference.
The exchange said that the Mainnet Swap is proposed to happen on April 23, 2019, which might change depending on ‘how things progress’.
Binance has shared a couple of actions that has planned to be performed including the BNB creation in the genesis block. The explorer and web wallet of Binance chain will be available only for selected members which will undergo for testing mode – prior the public access on April 23, 2019. Accordingly, the migration of BNB from ETH network to Binance Chain will occur within April 19-April 23. As such, old BNB address (based on ETH address ) will be destroyed and consequently new BNB tokens will be built on top of Binance Chain network.
Moreover, the exchange has said BEP2, a Binance Chain BNB tokens will be used on April 23 when Binance users will be able to use Binance Chain address to process BNB withdrawal request. Means that old ERC-20 BNB tokens will then be migrated to BEP2 BNB tokens. It reads it as follows;
Binance.com 3 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.
Moreover, who wish to still keep BNB on its ERC20 based BNB address (for any reason during the conversion period) then such users are expected to withdraw their BNB from Binance.com account before 2 AM (UTC) on April 23rd and moved into Ethereum Wallet, the exchange said.
However, this announcement is followed by exciting hints and secrets by Binance official and CZ’s Twitter timeline. As coingape reported, the exchange and CZ, early in the morning shared tweets about the upcoming launch which certainly excited the whole Binance community.
Image source- Twitter