Developers at Binance’s BNB Chain have announced BNB Chain Fusion, a plan to consolidate the existing dual-chain structure by merging the BNB Beacon Chain (BEP-2) and BNB Smart Chain (BEP-20) by April 2024.
This merger aims to streamline operations and enhance security by eliminating the complexities and vulnerabilities associated with maintaining two separate chains.
Users holding BEP-2 and BEP-8 tokens must transfer their assets to the BEP-20 chain to ensure asset preservation on a one-to-one basis. The transfer process can be facilitated through various platforms, including both centralized and decentralized exchanges, as well as the BNB Chain Wallet and other self-custody wallet options.
The BNB Chain Fusion, as the merger is referred to, sets a tentative deadline of April 2024 for users to bridge their assets.
However, those who miss this deadline will not be left stranded. According to a Cointelegraph report, a legacy feature will be available for late transfers, albeit with a waiting period of up to seven days for the recovery of BEP-2 assets post-fusion.
This recovery feature will lack a user interface and will operate solely via a command-line prompt. Developers warned that BEP-2 tokens lacking cross-chain support will not be recoverable after the fusion.
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- Source: https://forkast.news/bnb-chain-fusion-may-unify-bep-2-and-bep-20-by-2024/
