Binance, the world’s largest crypto exchange by volume, recently announced that it will be carrying out wallet maintenance for BNB Smart Chain (BEP20). During the maintenance, expected to last around an hour, deposit and withdrawal operations on BEP20 will be temporarily suspended.
Wallet Maintenance for BNB Smart Chain from Binance
The crypto behemoth, Binance, announced that the wallet maintenance for BNB Smart Chain (BEP20) will take place on May 31 at 09:00 AM local time. Throughout the approximately hour-long maintenance work, deposit and withdrawal operations on BNB Smart Chain (BEP20) will not be possible. Accordingly, deposit and withdrawal operations on BEP20 will be temporarily suspended at 08:55 AM local time on May 31.
After the completion of the maintenance work, deposit and withdrawal operations on BEP20 will resume.
What is BNB Smart Chain?
BNB Smart Chain (BSC) is a parallel blockchain to Binance Chain that features smart contract functionality, providing an unmonitored platform for decentralized applications (dApps). While Binance Chain offers high throughput aimed at active crypto trading, it falls short in the programmability department. BNB Smart Chain has been introduced to change this. Binance launched BNB Smart Chain to offer a high-speed and low-cost alternative to the decentralized finance (DeFi) market, which is suffering from Ethereum‘s high transaction fees. Launched in September 2020, BNB Smart Chain boasts a five-second block time, cross-chain asset transfers, EVM compatibility, and uses the Proof of Staked Authority consensus protocol to ensure scalability.
BNB Smart Chain operates with a BEP20 token standard, similar to Ethereum’s ERC20 standard. BEP20 is a developer-friendly token standard that allows everyone to use tradable cryptocurrencies or tokens on the BNB Smart Chain. Moreover, leading digital assets on other blockchains can be moved to the BNB Smart Chain in the form of BEP20 tokens. For instance, Binance Bridge can be used to swap Bitcoin (BTC) with BTC-backed BTCB (BEP20) tokens. BTCB (BEP20) tokens can then be used in DeFi protocols to earn yield on Bitcoin. The same applies to ETH, XRP, DOGE, and much more.
