- BNB developers have revealed that they’ll be sunsetting BNB Beacon Chain Tokens
- BNB Beacon Chain is merging with BNB Smart Chain
- The Fusion will be gradual with BNB Beacon Chain users asked to move their assets to BNB Smart Chain to avoid losing them
BNB developers have asked BNB Beacon Chain users to move their assets to the BNB Smart Chain (BSC) as they prepare to sunset the BNB Beacon Chain. BNB Beacon Chain’s BEP-2 and BEP-8 tokens will have the same value on their new blockchain. The developers disclosed that the decision to fuse the two networks is meant to enhance “the development effectiveness of BSC,” a move that comes roughly six months after BSC welcomed an upgrade that brought a panic button to the blockchain.
A Shift in the Blockchain Landscape
Moving tokens to BSC can be initiated through DEXs, non-custodial wallets and centralized exchanges.
BNB Beacon Chain users have been asked to move their assets before the fusion date since after the two networks have emerged, the migration process will be less user-friendly because it’ll be supported through a command-line prompt. After the fusion, BEP-2 assets issued without cross-chain support will be lost if not moved pre-merge.
According to the developers, BNB Beacon Chain was created to complement BSC but a shift “in the blockchain landscape” and the evolution of BSC makes it redundant. They also noted that interfacing the two networks through a bridge brings complexities and “security vulnerabilities.”
Sunsetting BNB Beacon Chain will start by deactivating features such as staking, atomic swaps and migrating BEP-2/BEP8 tokens while working with centralized exchanges, wallet providers and asset issuers.
BNB Beacon Chain Sunset Forks Schedule for April
The first sunset forks of BNB Beacon Chain are scheduled for April with the second and third forks scheduled for May.
The decision to sunset BNB Beacon Chain comes a few months after some DeFi protocols on BSC were exploited through a weakness in some versions of the Vyper programming language. It also comes a year after Binance thwarted a $541 million attack on BSC.
With the BNB developers concentrating on enhancing a single network, it’s to be seen whether BSC will destabilize Ethereum’s dominance in the DeFi space.
