Key Takeaways
- Binance is retiring the BNB Beacon chain and fusing its capabilities with the BNB Smart Chain.
- The upgrade hard fork is scheduled for Nov. 19, 2024, 6:00 AM UTC.
- Token recovery will be enabled for certain assets in December after the hard fork.
Binance will stop processing withdrawals and deposit requests for BEP2 tokens in the coming weeks as it winds down the BNB Beacon Chain ahead of its retirement.
Soon, its functions will be merged with the BNB Binance Smart Chain as part of a strategic plan to streamline the network, reduce security risks, and boost its overall capabilities.
Beacon Chain Sunset
As per Binance, the team will finalize the sunset of the BNB Beacon Chain in late November and will stop processing withdrawals for BEP2 tokens on Nov. 1, 2024.
All deposits for all BEP2 tokens (excluding Binance-pegged tokens) will cease on Nov. 8, 2024.
Users are urged to deposit BEP2 B-tokens into their Binance accounts before the network officially retires on Nov. 19, 2024, 06:00 AM UTC.
The exchange noted that “B-tokens credited into Binance accounts can be withdrawn via its native network or other networks supported by Binance.”
Binance users are advised to move their assets as soon as possible and refer to this detailed guide.
BNB Chain Fusion
This latest announcement is part of an initiative started in April 2024 to slowly wind down BNB Beacon Chain services and prepare to migrate them to the Binance Smart Chain.
Binance calls this the “BNB Chain Fusion.” The migration of Beacon Chain assets to Binance Smart Chain marks one of the final steps needed to retire the Beacon Chain.
Following this, the cross-chain between the Binance Smart Chain and the Beason Chain will be disabled, Binance will publish its balance dump, and then all validator nodes will be shut down.
As per Binance, the hard fork will come into effect at block height 384,544,850, or Nov. 19, 2024.
To cap the process off, token recovery for bound BEP2/BEP8 assets will be enabled in the post-fusion phase.
This will give users who potentially missed the withdrawal deadlines a chance to recover certain assets, but it’s important to note that ones without cross-chain functionality will be permanently lost.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
