Binance Chain launches its mainnet

Exchange giants Binance has launched their mainnet Binance Chain and will be executing the swap of its native BNB token on April 23. Binance provided details on how to convert the ERX-20 BNB tokens into the native Binance Chain-based BNB (BEP2) coins. The exchange made it clear that they will support ERC-20 BNB token withdrawals after April 23.

This is how Binance Chain BNB will be managed:

• “Initial total supply of BNB will be 200,000,000.
• Same as the ERC20 BNB, 11,654,398 of the total BNB supply will be burned on Binance Chain.
• Same as the ERC20 BNB, 48,000,000 BNB will be frozen.
• The first batch of 5,000,000 BNB will be allocated and deposited into an address belonging to Binance.com in order to convert the ERC20 BNB for existing owners. Binance will burn 5,000,000 ERC20 BNB as well, to keep the total supply of BNB constant. As more users convert to BEP2 BNB (native), more BEP2 coins will be released and proportional amounts of ERC20 BNB will be burned while keeping the total supply across both networks constant.”

Binance also provided the following details:

• Until the first batch of BNB conversion has occurred, no trading pairs will be listed.
• The Binance Chain Explorer and Web Wallet will be available to selected partners and beta testing for live testing first and will be open to public access around April 23, 2019.