Binance recently announced that it will support the BNB Beacon Chain (BEP2) network upgrade and hard fork. Withdrawals on the BEP2 network are suspended on this date…
Binance will stop its BEP2 network on this date
According to the official announcement, the BNB Beacon Chain (BEP2) network upgrade and hard fork will take place on April 21 at 10:00 AM. Token deposits and withdrawals on the BNB Beacon Chain will be suspended from approximately 09:45 on the same day.
Meanwhile, token transactions on the BNB Beacon Chain will not be affected during the network upgrade and hard fork. Upon successful completion of the upgrade, deposits and withdrawals for tokens on BEP2 will be automatically reopened.
#Binance will support the BNB Beacon Chain (BEP2) Network Upgrade & Hard Fork.https://t.co/tRImM5XjPe
— Binance (@binance) April 19, 2023
BNB deposits and withdrawals will be suspended
The BEP-2 standard defines some of the key and most important features of the tokens issued on the BNB Beacon Chain. While defining standard rules, different tokens have different applications for the specific use cases for which they were created. BEP-2 tokens can be traded on Binance DEX, a decentralized exchange running on the BNB Beacon Chain.
Some altcoins that are based on BEP-2 and whose deposits and withdrawals will be suspended with the BEP2 upgrade are as follows: BNB Coin (BNB), US-Dollar-Dollar (USDD), PancakeSwap (CAKE), STEPN (GMT).
Binance Coin prepares to undergo the second hard fork of the month
As reported by Kriptokoin.com, BNB Smart Chain carried out the ‘Plank’ hard fork on April 12, which aims to increase the security and stability of the 1st layer network. Therefore, the final update will be the second hard fork of April.
According to the official announcement, BNB full node operators need to upgrade to v0.10.10 before the hard fork, otherwise they will not be able to connect or send transactions.
The BNB Beacon Chain is expected to have a scheduled hard fork upgrade at block height 310,182,000.
Read about what this means for BNB Chain.https://t.co/6Q6Z9rvCAB
— BNB Chain (@BNBCHAIN) April 16, 2023
Once the hard fork is executed, it will bring several security enhancements for the cross-chain bridge between BNB Beacon Chain and BNB Smart Chain. For example, cross-chain channels can be instantly paused by forged proof detection and stopped by any validator in an emergency.
Of note, throughout the update, users will not be required to take any action unless the exchange or wallet services notify them.
What is BNB Beacon Chain (BEP2)?
BNB Beacon Chain is a scalable Blockchain network with a structure similar to Binance Smart Chain’s (BSC) Ethereum 2.0’s Beacon Chain. Binance Smart Chain is a BNB Coin (BNB) based platform launched by Binance.
Alongside the BNB Beacon Chain update, BNB recently released its weekly report highlighting the notable developments and key metrics of Blockchain. It was seen that the network managed to reach 3 million (once again) in terms of average weekly users.
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