Binance has officially launched its Binance Mainnet Binance chain and will be swapping its native token Binance Coin on April 23rd. Binance is producing blocks with consensus from the genesis block as of today, with its native coin BNB planned to be issued in the genesis block.
As per the announcement, Binance Chain Explorer and Web Wallet will be available to selected partners in beta testing mode and are expected to be opened to public access around April 23rd as well.
Along with the launch of Binance Chain, the exchange provided details for the conversion of ERC-20 BNB tokens into native Binance Chain-based BNB (BEP2) coins. As such, Binance emphasized it will not support the withdrawal of ERC-20 BNB tokens after April 23.
Specifically, Binance will be releasing more BEP2 coins as more users convert their ERC-20 BNB to its native BEP2 BNB, while the proportional amounts of ERC20 BNB will be burned while “keeping the total supply across both networks constant.” The exchange will not list any initial trading pairs until the conversion of the first batch of BNB has occurred, the statement reads.
In a recent press release by Mithril it announced that it would be the first project to migrate to Binance Chain, the blockchain software system developed by Binance and community. . Mithril is a decentralized social media platform that rewards all content creators. Mithril is building a comprehensive ecosystem that revolves around MITH. Users acquire MITH through Mithril mining, manage their assets on VAULT, and spend MITH in various real-life applications.
By migrating to the Binance Chain, MITH token holders will be the first to experience the speed, security, and user friendliness on the new Binance DEX platform while maintaining full control over their own funds. Migration of MITH from ERC20 to BEP2 will begin shortly after the mainnet launch of Binance Chain on April 18, 2019.