Binance Reveals Timeline for BNB Cryptocurrency's Move Off Ethereum

Published on by Coindesk | Published on

Cryptocurrency exchange Binance has launched its new custom blockchain, Binance Chain, which will support its $3 billion BNB cryptocurrency that currently runs on ethereum.

Old ethereum-based tokens will be destroyed as new BNB tokens are created on Binance Chain, the company said, in order to maintain a constant supply across both networks.

The initial total supply for BNB tokens will be 200 million, 48 million of which will be frozen and 11,654,398 of which will be burned on Binance Chain.

On April 23, Binance Chain Explorer and Web Wallet will be open to the public and Binance.com will be able to help users with the mainnet swap.

Users will be able to provide a Binance Chain address for BNB withdrawal requests, with the withdrawal then acting "As a mechanism to convert ERC-20 BNB tokens into BEP2 BNB tokens."

The firm said if users want to keep the ERC-20 version of BNB tokens, they would need to withdraw it into an ethereum wallet before April 23.

"Please note that withdrawn ERC20 BNB tokens will only have temporary usage, as all BNB tokens will be migrated to Binance Chain," Binance said.

Binance noted that the timeline of the above events is subject to change.

Binance first revealed the development of Binance Chain in March 2018.

"Binance Coin on the Binance Chain is the same as the Ethereum coin on the Ethereum network. You will have to use it to pay for network transactions, as gas."

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