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Binance completes mainnet swap, burns 5 million ERC20 BNB tokens

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www.chepicap.com 23 April 2019 10:50, UTC
  
Reading time: ~2 m

Binance has completed the Binance Coin mainnet swap, the exchange announced on Tuesday. $BNB has now moved from the Ethereum blockchain to the Binance Chain.

According to the statement of Binance, deposits and withdrawals are now open. For investors and traders its important to note that the $BNB deposit address has changed. Holders of Binance Coin can still send their ERC20 tokens to the new deposit address; Binance will convert it into BEP2 tokens automatically.

#Binance Completes $BNB Mainnet Swap and Opens Deposits / Withdrawalshttps://t.co/8LCUvXzoNs pic.twitter.com/eSuQCQaCPh

— Binance (@binance) April 23, 2019

To let users convert their tokens, a batch of 5 million $BNB has been stored into a Binance address. Following the conversion to BEP2 tokens, old ERC20 tokens are burned, guaranteeing constant supply across both networks. Trading will have to wait for the first batch of BNB to be converted in order to provide enough liquidity.

Binance CEO Changpeng Zhao announced just before the completion of the Mainnet Swap that 5 million $BNB ERC20 tokens are now burned.

Just burned 5mm ERC20 BNB, commencing swap to the real #BNB.

— CZ Binance (@cz_binance) April 23, 2019

Following the BNB migration from Ethereum to Binance Chain, more coins will follow. The first one to announce the migration was Mithril, shortly after followed by Atomic Wallet and Red Pulse. 

Chart provided by Tradingview


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