Caroline Bishop
Oct 16, 2024 12:28
BNB Chain announces the final sunset plan for BNB Beacon Chain, urging asset holders and exchanges to migrate assets to BNB Smart Chain before mid-November to avoid losses.
The BNB Chain community has announced the final sunset plan for the BNB Beacon Chain, scheduled for mid-November. According to the BNB Chain Blog, validators will cease operations, halting all new transactions on the BNB Beacon Chain. This decision is part of the strategic BNB Chain Fusion, which aims to integrate the functionalities of the BNB Beacon Chain with the BNB Smart Chain (BSC), enhancing network efficiency and reducing security risks.
Actions Required for Asset Holders
BNB Beacon Chain asset holders are urged to transfer their BEP-2 and BEP-8 tokens to the BNB Smart Chain as soon as possible. This can be done through centralized or decentralized exchanges and wallets. The majority of assets have already been migrated; however, any remaining assets must be moved immediately to prevent potential losses. The official migration guide provides detailed steps for this process.
Instructions for Centralized Exchanges
Centralized exchanges (CEXs) still supporting the BNB Beacon Chain need to take specific actions. They should disable deposit functions to the BNB Beacon Chain immediately and consolidate remaining BEP2 assets into secure cold storage. Failure to act promptly could lead to significant recovery challenges and costs.
Overview of Required Actions
|
Role |
Action |
Consequences of Inaction |
|
BEP-2/BEP-8 Token Holders |
Migrate their tokens to BNB Smart Chain |
Unbound tokens will be lost permanently. |
|
Centralized Exchanges |
Disable deposit functions and consolidate assets |
Risk of losing unbound or unconsolidated tokens. |
Access to Historical Data Post-Fusion
Post-fusion, cross-chain communication between the Beacon Chain and BSC will cease. However, blockchain data will remain accessible through BC RPC nodes and snapshots available on platforms like Greenfield. Users can verify balances through snapshots taken at a specific block height. A token recovery tool will be available for migrating assets from the Beacon Chain to BSC, but assets lacking cross-chain functionality will be permanently lost.
For more detailed information, the community can refer to the BEP 333 proposal.
Immediate Action Required
With the imminent shutdown of the BNB Beacon Chain, it is crucial for both asset holders and exchanges to act swiftly to secure their assets. Prompt migration and consolidation efforts are essential to avoid disruptions and potential losses during this transition.
Additional details regarding the BNB Chain Fusion can be found on the BNB Chain Blog.
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