Recently, BNB Chain officially notified that the BNB beacon chain will be delisted and shut down, and gave an approximate time. Everyone needs to migrate their assets to BSC before then, otherwise there may be losses.
1. Announcement Content
This announcement is to update all community members on the final sunset plan for the BNB beacon chain. As members know, the BNB beacon chain validators have agreed that they will stop running validators in the upcoming mid-November to complete the sunset. At that time, the BNB beacon chain will stop running and stop processing any new transactions.
This decision is in line with BNB Chain Fusion, a strategic initiative to merge the functionality of the BNB Beacon Chain with the BNB Smart Chain (BSC). The move aims to simplify the network, reduce security risks, increase efficiency, and align the architecture of BNB Chain with growing technological demands and future growth.
We strongly urge users and centralized exchanges to take specific actions to prevent the complete loss of their assets. The required actions and other relevant information are listed below.
II. Actions for BNB Beacon Chain Asset Holders
BNB beacon chain asset holders are urged to immediately transfer their BEP-2 and BEP-8 (mini BEP-2 tokens) from the BNB beacon chain to the BSC. Transfers can be made through centralized and decentralized exchanges or wallets.
While we can report that most assets have been migrated, some BEP-2/8 assets remain on the BNB Beacon Chain. We urge BNB Beacon Chain asset holders to initiate the migration process immediately to prevent losing access to their assets. Failure to do so may result in irreversible losses with no chance to recover the assets in question.
For detailed steps on how to migrate your assets, see the official migration guide.
III. Actions of Centralized Exchanges
For cex that still supports the BNB beacon chain, the following operations need to be performed:
Deposits prohibited: All deposit functionality to the BNB beacon chain should be halted as soon as possible to prevent further transactions on the network.
Consolidate BEP2 assets: CEX should consolidate remaining BEP2 assets into secure cold wallets to maximize security before the beacon chain is shut down.
4. Integrated historical data access
After the final sunset, cross-chain communication between the Beacon Chain and BSC will cease completely. Here are some things to keep in mind.
Blockchain data access: Despite the fusion, blockchain data will still be accessible through multiple BC RPC nodes and snapshots uploaded to platforms such as Greenfield. The mainnet explorer will also remain active to view historical data.
Balance Snapshot: A snapshot of user balances will be taken at a specific block height after fusion. Users can easily verify their balances using the provided links and tools.
Token Migration: After the BNB beacon chain sunset, users will be able to use the token recovery tool to migrate BEP2/BEP8 assets from the beacon chain to BSC. However, assets without cross-chain functionality will be permanently lost.
For more details, users and the public can refer to the BEP 333 proposal.
5. Act Now
As the BNB beacon chain discontinuation approaches, it is critical to act quickly to ensure the safety of your assets. Whether you are a user holding BEP2 assets or a CEX managing beacon chain assets, you must act promptly to avoid complications during the transition.
