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As the cryptocurrency landscape continues to evolve, Binance has announced a significant change that will impact many users: the shutdown of the BEP2 network by June 2024. This transition is part of Binance’s broader strategy to streamline its blockchain operations and enhance performance.
For users holding assets on the BEP2 network, the impending sunset means taking prompt action to migrate these assets to the more advanced Binance Smart Chain (BSC). Fortunately, ChangeNOW offers a seamless solution to facilitate this transition, ensuring the security and accessibility of your digital assets.
Understanding the BEP2 Shutdown
The BEP2 network, originally part of Binance’s initial blockchain infrastructure, is being retired as Binance focuses on the BSC, a high-performance blockchain designed to support decentralized applications (dApps), smart contracts, and digital asset creation. The decision to sunset BEP2 aligns with Binance’s goal of optimizing its blockchain ecosystem to better serve its growing user base.
The shutdown of BEP2 poses a significant risk for users who do not migrate their assets in time. Any funds left on the BEP2 network after the shutdown could be lost permanently. Therefore, migrating your assets to BSC is crucial to avoid these potential losses and continue benefiting from the advanced features of the BSC.
Why Move to Binance Smart Chain (BSC)?
Binance Smart Chain (BSC) offers numerous advantages over BEP2, making it a more suitable platform for modern blockchain applications. Key benefits include:
- Fast Transactions: BSC can handle up to 100 transactions per second, providing a swift and efficient user experience.
- Low Fees: Transaction costs on BSC are significantly lower than those on Ethereum, making it an attractive option for users and developers alike.
- EVM Compatibility: BSC’s compatibility with the Ethereum Virtual Machine (EVM) allows for easy migration of Ethereum-based dApps to BSC with minimal modifications.
- Robust Security: BSC employs a Proof of Staked Authority (PoSA) consensus mechanism, combining the benefits of Proof of Stake and Proof of Authority to enhance security and efficiency.
How ChangeNOW Simplifies the Transition
ChangeNOW offers a user-friendly cross-chain swap feature that makes migrating your assets from BEP2 to BSC straightforward. Here’s how you can effortlessly transition your assets using ChangeNOW:
Step 1: Visit ChangeNOW
Go to the ChangeNOW website.
Step 2: Select the Currencies
On the ChangeNOW homepage, select the currency you wish to swap from the BEP2 network and the currency you wish to receive on the BSC network.
Step 3: Enter the Details
Enter the amount you want to swap and provide your BSC (BEP20) address where you want to receive the funds. Ensure the address is correct to avoid any loss of funds.
Step 4: Confirm the Swap
Review the details of your transaction, including the amount and the destination address. Confirm the transaction to proceed with the swap.
Step 5: Deposit BEP2 Tokens
ChangeNOW will generate a deposit address for your BEP2 tokens. Send the specified amount of BEP2 tokens to this address.
Step 6: Complete the Transaction
Once the deposit is received, ChangeNOW will process the swap and send the equivalent amount of tokens to your BSC (BEP20) address. This process is typically completed within minutes, depending on network conditions.
Additional Benefits with ChangeNOW Pro
By using ChangeNOW Pro for your BEP2 to BSC swaps, you can receive cashback on your exchanges. Additionally, if you hold NOW tokens on the BEP2 network, you can exchange them for BSC with no ChangeNOW commission when using ChangeNOW Pro.
Note that Binance Chain (BEP2) will cease to exist in June 2024. To preserve your funds, you should transfer your BEP2 NOW Tokens to a Pro account. All transferred tokens will be automatically staked.
FAQs
What to do with BEP2 tokens?
Right now, you can seamlessly exchange BEP2 to BSC using ChangeNOW.
Is BNB a BEP2?
There are two chains: Binance Chain is BEP2, and Binance Smart Chain is BEP20, which is comparable to the ERC20 standard.
How quickly will I receive my funds after the exchange?
Transaction processing speed depends on network load, but typically, funds should arrive at your BSC address within a few minutes.
What address do I need to specify when sending?
You need to specify the BEP20 address, which always starts with “0x”.
Does ChangeNOW charge a fee for cross-chain BEP2 to BEP20?
ChangeNOW includes the fee in the exchange rate, and only the transfer fee of 0.004075 BNB will be charged for the transaction.
Can I pay the transfer fee in BNB on the BSC network?
No, the transaction fee must be paid in BNB on the BEP2 network as the transaction is initiated there.
How do I get BNB on the BEP2 network for the transaction?
You can buy BNB on any exchange that supports BEP2 and transfer it to your BEP2 wallet.
What assets are available for cross-chain right now?
Currently, 52 assets are supported for cross-chain swaps, including BNB, ChangeNOW Token, AAVE, ADA, and more.
Conclusion
As the BEP2 network approaches its sunset, migrating your assets to the BSC network is essential to maintain their security and accessibility. ChangeNOW’s cross-chain swap feature simplifies this transition, ensuring a seamless and secure migration process. Don’t wait until it’s too late—use ChangeNOW to safeguard your digital assets and continue enjoying the benefits of the Binance Smart Chain.