Caroline Bishop
Oct 16, 2024 12:28
BNB Chain has revealed the definitive sunset strategy for BNB Beacon Chain, urging asset holders and exchanges to transition their assets to BNB Smart Chain by mid-November to prevent losses.
The BNB Chain community has confirmed its final sunset plan for the BNB Beacon Chain, set for mid-November. As per the BNB Chain Blog, validators will cease their operations, putting a stop to all new transactions on the BNB Beacon Chain. This move is a part of the strategic BNB Chain Fusion, designed to merge the capabilities of the BNB Beacon Chain with the BNB Smart Chain (BSC) to improve network efficiency and mitigate security risks.
Required Steps for Asset Holders
Asset holders on the BNB Beacon Chain are strongly advised to move their BEP-2 and BEP-8 tokens over to the BNB Smart Chain immediately. This can be achieved via centralized or decentralized exchanges and wallets. While most assets have already been transitioned, any remaining tokens need to be transferred without delay to avert potential losses. The official migration guide offers clear instructions for this process.
Guidelines for Centralized Exchanges
Centralized exchanges (CEXs) that continue to support the BNB Beacon Chain must take urgent measures. They should disable deposit features for the BNB Beacon Chain at once and consolidate any remaining BEP2 assets into secure cold storage. Inaction could result in significant recovery difficulties and costs.
Summary of Necessary Actions
|
Role |
Action |
Consequences of Inaction |
|
BEP-2/BEP-8 Token Holders |
Migrate their tokens to BNB Smart Chain |
Unbound tokens will be permanently lost. |
|
Centralized Exchanges |
Disable deposit functionalities and consolidate assets |
Risk of losing unbound or unconsolidated tokens. |
Accessing Historical Data After Fusion
Following the fusion, cross-chain communication between the Beacon Chain and BSC will be halted. Nonetheless, blockchain data will remain retrievable through BC RPC nodes and snapshots hosted on platforms such as Greenfield. Users can check their balances based on snapshots taken at a specific block height. A token recovery tool will be made available for transferring assets from the Beacon Chain to BSC, although assets without cross-chain capabilities will be irretrievably lost.
For more comprehensive information, the community can refer to the BEP 333 proposal.
Urgent Action Needed
With the impending closure of the BNB Beacon Chain, it is vital for both asset holders and exchanges to act quickly to safeguard their assets. Timely migration and consolidation steps are crucial to avoiding interruptions and potential losses during this transition.
Further information regarding the BNB Chain Fusion can be found on the BNB Chain Blog.
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