BNB Chain To Shut Down Beacon Chain In Mid-November, Urges Users To Migrate Assets To BSC
In Brief
BNB Chain announced that BNB Beacon Chain validators will stop operations by mid-November, after which new transactions processing will be ceased.
Blockchain platform BNB Chain has announced that BNB Beacon Chain validators will stop operations by mid-November, marking the completion of the blockchain’s sunset. Following this, it will cease processing new transactions.
This is part of a strategic plan to incorporate the functionalities of the BNB Beacon Chain with the BNB Smart Chain (BSC). The goal is to streamline the network, improve efficiency, eliminate security risks, as well as adjust the architecture of the BNB Chain to the evolving technological demands and growth opportunities.
Holders of BNB Beacon Chain assets are strongly encouraged to transfer BEP-2 and BEP-8 to BSC. Transfers can be conducted via centralized and decentralized exchanges, as well as cryptocurrency wallets.
While the majority of assets have been migrated, some of them are still on the BNB Beacon Chain. If migration is not completed, there is a risk of irreversible losses, with no opportunity for recovery.
Additionally, centralized exchanges (CEXs) are urged to suspend all deposit functions to the blockchain to avoid further transactions. CEXs should also consolidate any remaining BEP-2 assets into cold storage cryptocurrency wallets to improve security ahead of the blockchain’s shutdown.
BNB Chain Will Allow Users To Access Historical Data Following BC Fusion
After the sunset, cross-chain communication between the Beacon Chain and BSC will be discontinued. Nevertheless, blockchain data will be available via BC RPC nodes and snapshots on Greenfield. Users will also be able to view historical data via the mainnet explorer.
Following the fusion, a snapshot of balances will be recorded at a specific block height. Users will be able to check the balances utilizing specific links and tools. Additionally, token recovery will be introduced, helping users migrate BEP-2 and BEP-8 assets from the Beacon Chain to the BSC after the shutdown. However, assets without cross-chain functionality will be lost.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
