BNB Chain to Replace Beacon Chain with BEP333 for Enhanced Security
Changes in the BNB Chain: End for Beacon Chain
The BNB Chain, a decentralized network for smart contracts, has announced plans to abolish the Beacon Chain and introduce the BEP333. This was announced in a blog post on January 8. The BNB Beacon Chain is a part of the ecosystem responsible for staking and governance.
What is the BEP333?
The BEP333, also known as BNB Chain Fusion, aims to enhance security and boost the efficiency of the assets used on the chain. The objective of the BEP333 is to smoothly support the transition of the BNB Beacon Chain from a dual-chain structure to a single-chain structure.
What does this mean for users?
For the chain’s users, this means that they will have to switch to a new single-chain structure. According to BNB Chain, holders of Bitcoin [BTC] and BNB need not worry about the shifting of their assets. However, for holders of other cryptocurrencies, the situation is different.
What happens to the assets?
BNB Chain recommends: “Users holding assets that currently do not have cross-chain transfer capabilities should immediately contact the respective token holder or issuer.” For those who do not manage to transfer their assets before the conversion, the BNB Chain offers the BEP299 Token Migration. This allows users to secure their assets on the BSC once the Beacon Chain is no longer operational.
Increasing Activity on the BNB Chain
Despite the upcoming changes, activity on the BNB Chain has increased. Data from Token Terminal shows that turnover has increased by 6.4% in the last 24 hours. However, the number of core developers has decreased to 51, suggesting that no new features are being developed.
Q4 Successes of the BNB Chain
The BNB Chain has also shared some of its successes in the fourth quarter. The chain and opBNB, an optimistic rollup on the BNB Chain, have set new records in daily active users (DAU) and total value locked (TVL). The TVL of opBNB has risen to 19.44 million, a 19-fold increase since October 2023 when it first reached 1 million.
Conclusion
The upcoming changes in the BNB Chain could present both opportunities and challenges for users. It is important to stay up-to-date and prepare accordingly to minimize the impact on one’s crypto portfolio.
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