Binance Plans ERC-20 Token Burn In All Wallets To Convert Them To BEP2 Tokens
Binance Will Burn All ERC20 Tokens In Their Wallets And Convert Them To BEP2 Tokens
Change is coming for Binance. Changpeng “CZ” Zhao, the CEO of the company, has recently affirmed that the company would burn all the ERC20-based BNB tokens on their own wallets and replace them with an equal amount of BEP2 tokens, which will be generated soon after the tokens are burned. All news tokens will be deposited on wallets as soon as they are ready.
According to CZ’s tweet, all tokens from both hot and cold wallets will be traded. The process is expected to run very smoothly as it will be completely made by the exchange.
The company has also released a new update for its Binance DEX platform, in which they affirmed that the wallets of the DEX already have $372,152 USD. The Binance DEX platform, in case you are not familiar with it, is a platform that was created on top of the Binance Coin (BNB) Chain.
Binance Wants To Push Binance Chain Forward
The reason for why Binance is swapping the tokens is actually pretty obvious right now. Several crypto projects have migrated from the Ethereum-based ERC20 standard and are adopting the new one.
What Binance wants is to create a strong coin and it can already do this on its own. Since the Binance Chain was launched, the tokens are getting considerably more valuable and several interesting projects are starting to migrate.
Binance wants to overcome Ethereum and become the go-to token. While it may never be as famous or powerful as Bitcoin (BTC), BNB tokens can certainly be very valuable assets for traders if the trend continues to be this way.