Meanwhile, in February, Changpeng Zhao said that some of the coins that now run on the Ethereum network as ERC20 tokens (BNB including) are ready to migrate to Binance Chain as soon as it goes live. Lately, the announcement of Binance's highly anticipated custom blockchain has proven to be highly positive for BNB. This "new chapter" as the CEO Changpeng Zhao has called it, will have all the now existing Binance Coin (BNB), which are based on the ERC20 standard, swapped to the new network on April 23rd.
The country, which was the first to establish a full regulatory framework for distributed ledger technology (DLT), saw leading cryptocurrency exchange Binance move there after facing regulatory problems in Asia past year.
Decentralized social media platform Mithril (MITH) embraced the Binance Chain, renowned digital currency Binance's mainnet.
Today, major cryptocurrency exchange Binance announced "the birth of a new genesis block" as their native blockchain, Binance Chain, launched its mainnet and plans their mainnet swap on April 23. It's FAST and SLEEK!
The use of Binance Chain makes it possible to send and receive BNB and other tokens, issue new tokens, propose trading pairs, and use orders to buy or sell assets through the aforementioned trading pairs.
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The firm said if users want to keep the ERC-20 version of BNB tokens, they would need to withdraw it into an ethereum wallet before April 23. "Please note that withdrawn ERC20 BNB tokens will only have temporary usage, as all BNB tokens will be migrated to Binance Chain", Binance said.
"Reports further suggest that BNB will be created on Binance Chain with a fixed supply of 200 million, and the exchange will burn 11,654,398 BNB to replicate the supply of BNB on Ethereum". Additionally, the platform has pledged to freeze 48 million tokens.
According to Mithril's blog, the motive for migrating to Binance Chain is the functionality of the network. With now ranked at 7th place in cryptocurrency ranking, Binance Coin (BNB)'s Return on Investment (ROI) rate is more than 9000%.
After surging by more than 14 percent over the last 24 hours, Binance Coin has managed to surpass its previous ATH that was recorded during the peak of the bull market in January 2018, according to the data provided by CoinMarketCap (CMC).
Moreover, to access the Binance DEX, Binance Chain wallet must be activated to register for the Exchange.