The decentralized smart contract network BNB Chain has announced plans to terminate the Beacon Chain and introduce BEP333. In a statement made on January 8, it was mentioned that BEP333, also known as the BNB chain fusion, will strengthen security and increase the efficiency of assets used on the chain.
New Developments on BNB
The BNB Beacon Chain is part of the ecosystem responsible for staking and governance. The purpose of BEP333 is to facilitate a smooth transition from a dual-chain structure to a single-chain structure for the BNB Beacon Chain. Consequently, BNB Chain has provided investors with some guidelines on how actively they will use the chain. According to the announcement, Bitcoin (BTC) and BNB holders do not need to worry about moving their tokens. However, the situation is not the same for other cryptocurrency holders. BNB Chain made the following statement before the final service decommissioning:
Users holding assets that currently do not have cross-chain transfer capabilities are advised to immediately contact the token owner or issuer.
According to data from Token Terminal, revenue increased by 6.4% in the last 24 hours. This increase implies that there was a rise in network activity during the period. Another metric considered was the number of core developers. At the time of writing, the number of core developers had dropped to 51. The decline led to the conclusion that core developers were not introducing new features to the chain. The chain also mentioned some cases about cryptocurrency holders who might fail in token transfers before the transition.
New Record for opBNB TVL
According to the announcement, users who are late to transfer can use the BEP299 token transition. BEP299 token transition offers a secure and trustless solution for users to recover their assets on BSC when the Beacon Chain stops operating. The company stated the following on the matter:
BNB Chain offers a backup after the Beacon Chain Fusion for users who fail to transfer their assets to the BSC network.
Additionally, a different report published mentioned that the chain, along with opBNB, set new records in both daily active users (DAU) and total value locked (TVL). opBNB is an aggregator on the BNB chain that provides users with higher transaction speeds and lower fees.
