Binance Mainnet Goes Live

Binance Mainnet Goes Live

Major cryptocurrency exchange Binance (BNB) has announced the successful transition to its own blockchain and the migration of its old native Ethereum-based ERC-20 token to a new in-house BEP2 version.

Binance have previously stated that holders of BNB who kept that assets on the exchange would automatically take part in the token swap.

Those who store their tokens away from the exchange have been told that “Binance will continue to support the deposit of ERC-20 BNB into the foreseeable future, however, you are highly encouraged to deposit your ERC-20 BNB and withdraw your BNP2 BNB within 90 days.”

New Mainnet, New DEX

As previously disclosed the new mainnet has facilitated the launching of Binance’s own decentralised exchange (DEX).

Binance’s CEO, Changpeng Zhao – who is known throughout the industry as CZ – has professed to being an advocate for decentralised exchanges and believes the “…Binance DEX offers far more control over your own assets…” and the company “…will work closely with projects and teams to grow the entire ecosystem.”

The launch comes after extensive testing over a two month period where several updates and improvements were implemented.

However, the limited number of validators on the new network has led to doubts about just how decentralised the Binance DEX will be, with Reddit posters being candidly vocal in their opposition early on in the process.

Despite the varying views, the BNB token has been one of the few assets that have seen a rampant 2019, with the price gaining almost $20 since the turn of the year and propelling it into a place in the top 10 coins judged by size of market capitalisation.