Binance Network BEP-2 and BEP-20 tokens are merged; What do users do?

he creators of Binance’s BNB Smart Chain  (BNB Smart Chain) ecosystem are planning to combine and restructure the distinct dual networks of BNB Beacon China (BEP-2) and BNB Smart Chain (BEP-20) into a unified network. As a result, users must transfer their BEP-2 tokens before the networks merge .

As per yesterday’s announcement from the team, users are strongly advised to move BEP-2 or BEP-8 tokens to the BEP-20 network, as reported by Cointelegraph . This transfer can be executed through centralized or decentralized exchanges, BNB Chain Wallet , and other reputable wallets. The tentative deadline for this action has been set until April 2024 (April 1403)

Users failing to transfer their BEP-2 tokens by the deadline will have the option to do so using an old technique after the mentioned date, a method that will be elaborated upon by the Binance Network team post-integration . Nevertheless, this old method has constraints, prompting users to act promptly and move their assets soon.

Additionally, users should verify the transferability of their BEP-2 and BEP-8 tokens via BNB Beacon China Explorer .Tokens lacking a BSC Contract address will not be transferable between the two networks, potentially resulting in loss if suppliers do not enable this transfer before the merger. Users may consider converting these non-transferable tokens into transferable BEP-2 tokens to BEP-20 (such as BNB) as a solution in necessary circumstances.

The merging of Binance Network’s BEP-2 and BEP-20 tokens raises the question: What should users do?

The BSC contract address denotes a token’s potential transfer to the BEP-20 network.

Binance inaugurated its primary network, Binance Chain, in 2017, serving as the blockchain for BEP-2 tokens. Subsequently, with the launch of the Binance Smart China network utilizing the BEP-20 token standard that supports smart contracts akin to Ethereum, the former network was gradually phased out .

The developers of the Binance network assert that the old network has become redundant, slowing down the ecosystem’s development process. They emphasize that the separate structures hinder progress and expose BNB to security risks.