Binance completes BNB mainnet swap, burns 5 million ERC20 tokens
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Binance announced that it has completed Binance Coin (BNB) mainnet swap meaning that the users can now deposit and withdraw the BNB tokens that exist natively on Binance Chain. Earlier today, Binance burned 5 million ERC20 tokens and allocated BEP2 (native) BNB tokens to its wallets.
Binance will continue to support the deposit of ERC20 BNB to let users convert to BEP2 for the foreseeable future but encourages to convert within 90 days (until mid-July). As more users convert their ERC20 tokens to BEP2, more BEP2 will be released and the same amount of ERC20 BNB will be burned. Binance will no longer support the withdrawal of ERC20 BNB starting from April 23rd, 2019.
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Larry joined crypto research full time in early 2017 and has expertise in capital markets, market structure and early stage DeFi companies/protocols and token economics. He has a background in economics and finance.
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