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Update - 27 June 2024: BNB has updated their information. For the latest deadlines, please check the BNB website.
This article is for information purposes based on what BNB Chain has provided as information. Always refer to BNB Chain for the most up-to-date and comprehensive information. We do not take responsibility for the information shared. This article is not in any way financial or investment advice.
What shall BNB token holders do?
As the BNB Beacon Chain will shut down in late June 2024, the LIQUID app will not be able to broadcast transactions to the blockchain. If you hold BNB on the Binance Beacon Chain, you must transfer it to the Binance Smart Chain (BSC) before the fusion to ensure you preserve your tokens.
This transfer process can be done through various platforms, including both centralized and decentralized exchanges, as well as Trust Wallet and other self-custody wallet options.
Risk if action not taken
Users who do not bridge their assets by the deadline can still do so thereafter using a legacy feature. However, this is not recommended as it is a technical procedure where users will need to wait up to seven days to recover their BNB on Binance Beacon Chain post-fusion, with the recovery feature having no user interface, only a command-line prompt.
Step 1: Transfer BNB on the Beacon Chain to a wallet that supports the Cross-Chain transfer
BNB Chain suggests Trust Wallet for this case.
Step 2: Transfer BNB on the Beacon Chain to the BSC Network
Send your BNB funds from your NGRAVE account to your Trust Wallet account. Then, you will need to switch the network.
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To do this, follow these steps:
Open the ‘Swap’ tab
Select ‘BNB Beacon Chain’ for ‘From’
Select ‘BNB Smart Chain’ for ‘To’
Select BNB as the asset you want to transfer and input the transfer amount.
By tapping ‘Continue’, you will go to the approval page below.
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After you confirm the transaction, the related asset will be transferred to BSC.
Step 3: Transfer BNB on the BSC Network back to your NGRAVE ZERO to Securely Store it Offline
After you successfully swap your BNB on Beacon Chain to BNB on Smart Chain, you can transfer it back to your NGRAVE ZERO. If you do not have a BNB on the Binance Smart Chain account on your ZERO, create it before initiating the transaction.
To create a BNB on the Smart Chain account:
Go to your Dashboard on ZERO
Tap on the ‘+’ button
Select BNB on Smart Chain
Sync with LIQUID
Once your BNB on Smart Chain account is set up, you can follow the steps in the following video to initiate the transaction.
After the Beacon Chain Fusion
If you do not transfer your BNB to the BSC network after the Beacon Chain sunset, BNB Chain offers a backup: BEP299-Token Migration post-Beacon Chain Fusion.
Although this solution has its limitations, it is important to note the following key points:
Users are still responsible for securely storing their private keys on the Beacon Chain and using them for signing as proof.
The process of recovering assets will take up to 7 days to complete.
This solution is operated through the command line and does not have a UI.
Considering these limitations, it is highly recommended to complete the BNB token transfer as early as possible.
The detailed guide for this solution will be published after the Beacon Chain Fusion in late June 2024 by Binance.
Sources
BNB Chain Documentation - https://docs.bnbchain.org/docs/bcfusion/overview/
Sunset Announcement (source of screenshots) - https://www.bnbchain.org/en/blog/bep2-bep8-asset-sunset-announcement
BEP333 - https://github.com/bnb-chain/BEPs/pull/333?ref=bnbchain.ghost.io
BNB Beacon Chain explorer - https://explorer.bnbchain.org/asset/BNB
Binance SQUARE - https://www.binance.com/en/square/post/2512374429081
Disclaimer
The information provided by Ngrave.IO is for general informational purposes only. It is not intended to constitute financial, legal, or investment advice. Any reliance you place on such information is strictly at your own risk.
The information contained herein is provided solely as a courtesy. All information presented is based on data available from the Binance Beacon Chain at the the time of publication of this article. Ngrave.IO does not guarantee the accuracy, completeness, or timeliness of the information provided. Neither Ngrave.IO nor its representatives and employees shall be held responsible for any errors, inaccuracies, omissions, or any loss or damage arising from or in connection with the use of this information.
It is the responsibility of the user to independently verify and seek out any necessary information from official sources before making any decisions or taking any actions based on the content this article.
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