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As the cryptocurrency landscape continues to evolve, Binance has announced important changes that will impact many users. The BEP2 network will be terminated by June 2024. This transition is part of Binance’s broader strategy to streamline blockchain operations and improve performance.
For users holding assets on the BEP2 network, the impending sunset means taking immediate steps to migrate these assets to the more advanced Binance Smart Chain (BSC). Fortunately, ChangeNOW provides a seamless solution to facilitate this transition and ensure the security and accessibility of your digital assets.
Understanding BEP2 Exit
The BEP2 network, which was originally part of Binance’s initial blockchain infrastructure, will be retired as Binance focuses on BSC, a high-performance blockchain designed to support decentralized applications (dApps), smart contracts, and digital asset creation. The decision to shut down BEP2 is consistent with Binance’s goal of optimizing its blockchain ecosystem to better serve its growing user base.
The end of BEP2 poses a significant risk to users who do not migrate their assets in time. Any funds remaining in the BEP2 network following termination may be permanently lost. Therefore, it is important to migrate your assets to BSC to avoid these potential losses and continue to take advantage of BSC’s advanced features.
Why should I switch to Binance Smart Chain (BSC)?
Binance Smart Chain (BSC) offers many advantages over BEP2, making it a more suitable platform for modern blockchain applications. Key benefits include:
- Quick Transaction: BSC can process up to 100 transactions per second, providing a fast and efficient user experience.
- Low Fees: BSC’s transaction costs are much lower than those of Ethereum, making it an attractive option for both users and developers.
- EVM Compatibility: BSC is compatible with the Ethereum Virtual Machine (EVM), making it easy to migrate Ethereum-based dApps to BSC with minimal modifications.
- Strong security: BSC uses the Proof of Stake (PoSA) consensus mechanism, which combines the benefits of Proof of Stake and Proof of Authority to improve security and efficiency.
How ChangeNOW Simplifies Your Transition
ChangeNOW provides a user-friendly cross-chain swap feature that makes migrating assets from BEP2 to BSC simple. Here’s how to easily convert your assets using ChangeNOW:
Step 1: Visit ChangeNOW
move to ChangeNOW website.
Step 2: Select currency
On the ChangeNOW homepage, select the currency you want to swap on the BEP2 network and the currency you want to receive on the BSC network.
Step 3: Enter your details
Enter the amount you want to swap and the BSC (BEP20) address where you will receive the funds. Please make sure your address is correct to avoid losing your funds.
Step 4: Confirm exchange
Review transaction details, including amount and destination address. Confirm your transaction to proceed with the swap.
Step 5: Deposit BEP2 Tokens
ChangeNOW will generate a deposit address for your BEP2 tokens. Send the specified amount of BEP2 tokens to this address.
Step 6: Complete transaction
Once the deposit is received, ChangeNOW will process the swap and send that amount of tokens to the BSC (BEP20) address. This process typically completes within a few minutes depending on network conditions.
Additional Benefits of ChangeNOW Pro
Use ChangeNOW Pro to swap BEP2 to BSC and receive cashback on your exchange. Additionally, if you hold NOW tokens on the BEP2 network, you can exchange them for BSC. No ChangeNOW Fees When using ChangeNOW Pro.
Binance Chain (BEP2) will no longer exist in June 2024. To preserve your funds, you must transfer your BEP2 NOW tokens to your Pro account. All tokens transferred are automatically staked.
Frequently Asked Questions
What should I do with my BEP2 tokens?
You can seamlessly exchange BEP2 to BSC using ChangeNOW right now.
Is BNB BEP2?
There are two chains: Binance Chain is BEP2, and Binance Smart Chain is BEP20, which is similar to the ERC20 standard.
How soon will I receive my funds after exchange?
Transaction processing speeds vary depending on network load, but funds should generally arrive at your BSC address within a few minutes.
What address should I specify when sending?
You must always specify a BEP20 address starting with “0x”.
Does ChangeNOW charge fees for cross-chain BEP2 to BEP20?
ChangeNOW includes a fee in the exchange rate and only charges a transfer fee of 0.004075 BNB per transaction.
Can I pay transfer fees with BNB on the BSC network?
No, once the transaction is initiated, you will need to pay the transaction fee in BNB on the BEP2 network.
How do I get BNB on the BEP2 network for trading?
You can buy BNB on any exchange that supports BEP2 and transfer it to your BEP2 wallet.
What assets are currently available for crosschain?
Currently, 52 assets are supported for cross-chain swaps, including BNB, ChangeNOW tokens, AAVE, ADA, and more.
conclusion
As BEP2 networks approach sunset, migrating assets to BSC networks is essential to maintain security and accessibility. ChangeNOW’s Cross-chain swap Features simplify this transition, ensuring a smooth and secure migration process. Don’t wait until it’s too late. Use ChangeNOW to protect your digital assets and continue to enjoy the benefits of Binance Smart Chain.
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