PANews reported on January 8 that BNB Chain stated in its official blog that the BNB Chain community recently launched BEP333: BNB Chain Fusion, a proposal to gradually remove the BNB beacon chain from its ecosystem. The proposal focuses on improving the efficiency of balanced BSC development, enhancing security and improving asset utilization efficiency. The beacon chain integration plan will be implemented in April 2024. Users need to plan asset transfers to ensure the safety of funds.
Prior to Beacon Chain convergence, for cryptocurrency holders, most valuable BEP2/BEP8 tokens can be flexibly moved between the Beacon Chain and the BSC network without restrictions. Users are strongly recommended to transfer assets to the BSC network to ensure a smooth and lossless transition and maintain a 1:1 asset ratio. There are other methods of asset transfer, such as through centralized exchanges or decentralized cross-chain platforms such as Binance.com and Thorswap. Failure to establish cross-chain functionality for these tokens before the BNB beacon chain is deactivated will result in their irreversible loss, which cannot be recovered. For token issuers, please check the "Confirm that assets support cross-chain transfer" content to verify whether the token allows cross-chain transfer. If the answer is yes, no action is required. BEP2/BEP8 assets that do not support cross-chain functionality will be permanently lost after the beacon chain is merged. Users will not be able to recover these assets.
After the beacon chain is integrated, the BNB chain provides a backup for users who have not transferred their assets to the BSC network after the beacon chain is deactivated. Although this solution has its limitations, the following key points need to be noted: 1. Only Applicable to assets with cross-chain functionality turned on; 2. Users are still responsible for storing private keys securely on the beacon chain and using them as signature evidence; 3. The process of restoring assets takes up to 7 days to complete; 4. This solution operates via the command line and has no UI. Given these limitations, users are strongly encouraged to complete token transfers as early as possible. Detailed guidance for this solution will be released after Beacon Chain convergence.
