Binance, the world's largest cryptocurrency exchange, has launched its proprietary blockchain Binance Chain after nearly a year of development. The migration of Binance Coin (BNB)—currently the 7th-largest cryptocurrency by market cap ($2.97 billion)—from Ethereum's ERC-20 standard to Binance Chain's mainnet will commence in five days.
Key Milestones and Migration Process
Mainnet Activation Timeline
- April 18: Binance Chain mainnet goes live (official announcement).
- April 23: Public access opens; BNB token swap begins at 10:00 AM UTC.
Token Swap Mechanics
- Pre-selected validator nodes will activate to generate blocks post-Genesis Block.
- Native BEP2-standard BNB will be created in the Genesis Block, replacing ERC-20 BNB.
User Action Plan
Option 1: Automatic Migration via Binance Exchange
- Deposit BNB into Binance.com before April 23 for seamless conversion to BEP2 tokens.
Option 2: Manual Migration for Wallet Holders
- Hold ERC-20 BNB in supported Ethereum wallets temporarily (full migration to Binance Chain required eventually).
👉 Track real-time migration progress
Supply Management Post-Migration
- 11,654,398 BNB will be burned to match pre-migration supply.
- 48,000,000 BEP2 BNB frozen to align with ERC-20 reserves.
- Initial 5,000,000 BNB transferred to Binance-controlled addresses for user conversions.
Ecosystem Transition
- Binance Chain Explorer and Web Wallet debut April 23.
- Binance DEX trading pairs to launch after initial token swaps.
- ERC-20 BNB deposits remain supported post-migration, but withdrawals will only process BEP2 tokens.
Consensus Mechanism
Binance Chain employs Delegated Byzantine Fault Tolerance (dBFT), with initial validators selected from trusted community members. Future phases will democratize validator participation.
FAQs
1. What happens to my ERC-20 BNB after April 23?
They'll remain in your wallet but must eventually migrate to BEP2. Binance will no longer support ERC-20 withdrawals.
2. Is there a deadline for manual migration?
No hard deadline, but converting early ensures access to Binance Chain services.
3. Will Binance DEX support other tokens initially?
No—first trading pairs will focus on BNB liquidity.