June BEP2 Shutdown: Transition to BSC Effortlessly with ChangeNOW
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As
the
cryptocurrency
landscape
continues
to
evolve,
Binance
has
announced
a
significant
change
that
will
impact
many
users:
the
shutdown
of
the
BEP2
network
by
June
2024.
This
transition
is
part
of
Binance’s
broader
strategy
to
streamline
its
blockchain
operations
and
enhance
performance.
For
users
holding
assets
on
the
BEP2
network,
the
impending
sunset
means
taking
prompt
action
to
migrate
these
assets
to
the
more
advanced
Binance
Smart
Chain
(BSC).
Fortunately,
ChangeNOW
offers
a
seamless
solution
to
facilitate
this
transition,
ensuring
the
security
and
accessibility
of
your
digital
assets.
Understanding
the
BEP2
Shutdown
The
BEP2
network,
originally
part
of
Binance’s
initial
blockchain
infrastructure,
is
being
retired
as
Binance
focuses
on
the
BSC,
a
high-performance
blockchain
designed
to
support
decentralized
applications
(dApps),
smart
contracts,
and
digital
asset
creation.
The
decision
to
sunset
BEP2
aligns
with
Binance’s
goal
of
optimizing
its
blockchain
ecosystem
to
better
serve
its
growing
user
base.
The
shutdown
of
BEP2
poses
a
significant
risk
for
users
who
do
not
migrate
their
assets
in
time.
Any
funds
left
on
the
BEP2
network
after
the
shutdown
could
be
lost
permanently.
Therefore,
migrating
your
assets
to
BSC
is
crucial
to
avoid
these
potential
losses
and
continue
benefiting
from
the
advanced
features
of
the
BSC.
Why
Move
to
Binance
Smart
Chain
(BSC)?
Binance
Smart
Chain
(BSC)
offers
numerous
advantages
over
BEP2,
making
it
a
more
suitable
platform
for
modern
blockchain
applications.
Key
benefits
include:
-
Fast
Transactions:
BSC
can
handle
up
to
100
transactions
per
second,
providing
a
swift
and
efficient
user
experience. -
Low
Fees:
Transaction
costs
on
BSC
are
significantly
lower
than
those
on
Ethereum,
making
it
an
attractive
option
for
users
and
developers
alike. -
EVM
Compatibility:
BSC’s
compatibility
with
the
Ethereum
Virtual
Machine
(EVM)
allows
for
easy
migration
of
Ethereum-based
dApps
to
BSC
with
minimal
modifications. -
Robust
Security:
BSC
employs
a
Proof
of
Staked
Authority
(PoSA)
consensus
mechanism,
combining
the
benefits
of
Proof
of
Stake
and
Proof
of
Authority
to
enhance
security
and
efficiency.
How
ChangeNOW
Simplifies
the
Transition
ChangeNOW
offers
a
user-friendly
cross-chain
swap
feature
that
makes
migrating
your
assets
from
BEP2
to
BSC
straightforward.
Here’s
how
you
can
effortlessly
transition
your
assets
using
ChangeNOW:
Step
1:
Visit
ChangeNOW
Go
to
the
ChangeNOW
website.
Step
2:
Select
the
Currencies
On
the
ChangeNOW
homepage,
select
the
currency
you
wish
to
swap
from
the
BEP2
network
and
the
currency
you
wish
to
receive
on
the
BSC
network.
Step
3:
Enter
the
Details
Enter
the
amount
you
want
to
swap
and
provide
your
BSC
(BEP20)
address
where
you
want
to
receive
the
funds.
Ensure
the
address
is
correct
to
avoid
any
loss
of
funds.
Step
4:
Confirm
the
Swap
Review
the
details
of
your
transaction,
including
the
amount
and
the
destination
address.
Confirm
the
transaction
to
proceed
with
the
swap.
Step
5:
Deposit
BEP2
Tokens
ChangeNOW
will
generate
a
deposit
address
for
your
BEP2
tokens.
Send
the
specified
amount
of
BEP2
tokens
to
this
address.
Step
6:
Complete
the
Transaction
Once
the
deposit
is
received,
ChangeNOW
will
process
the
swap
and
send
the
equivalent
amount
of
tokens
to
your
BSC
(BEP20)
address.
This
process
is
typically
completed
within
minutes,
depending
on
network
conditions.
Additional
Benefits
with
ChangeNOW
Pro
By
using
ChangeNOW
Pro
for
your
BEP2
to
BSC
swaps,
you
can
receive
cashback
on
your
exchanges.
Additionally,
if
you
hold
NOW
tokens
on
the
BEP2
network,
you
can
exchange
them
for
BSC
with
no
ChangeNOW
commission
when
using
ChangeNOW
Pro.
Note
that
Binance
Chain
(BEP2)
will
cease
to
exist
in
June
2024.
To
preserve
your
funds,
you
should
transfer
your
BEP2
NOW
Tokens
to
a
Pro
account.
All
transferred
tokens
will
be
automatically
staked.
FAQs
What
to
do
with
BEP2
tokens?
Right
now,
you
can
seamlessly
exchange
BEP2
to
BSC
using
ChangeNOW.
Is
BNB
a
BEP2?
There
are
two
chains:
Binance
Chain
is
BEP2,
and
Binance
Smart
Chain
is
BEP20,
which
is
comparable
to
the
ERC20
standard.
How
quickly
will
I
receive
my
funds
after
the
exchange?
Transaction
processing
speed
depends
on
network
load,
but
typically,
funds
should
arrive
at
your
BSC
address
within
a
few
minutes.
What
address
do
I
need
to
specify
when
sending?
You
need
to
specify
the
BEP20
address,
which
always
starts
with
“0x”.
Does
ChangeNOW
charge
a
fee
for
cross-chain
BEP2
to
BEP20?
ChangeNOW
includes
the
fee
in
the
exchange
rate,
and
only
the
transfer
fee
of
0.004075
BNB
will
be
charged
for
the
transaction.
Can
I
pay
the
transfer
fee
in
BNB
on
the
BSC
network?
No,
the
transaction
fee
must
be
paid
in
BNB
on
the
BEP2
network
as
the
transaction
is
initiated
there.
How
do
I
get
BNB
on
the
BEP2
network
for
the
transaction?
You
can
buy
BNB
on
any
exchange
that
supports
BEP2
and
transfer
it
to
your
BEP2
wallet.
What
assets
are
available
for
cross-chain
right
now?
Currently,
52
assets
are
supported
for
cross-chain
swaps,
including
BNB,
ChangeNOW
Token,
AAVE,
ADA,
and
more.
Conclusion
As
the
BEP2
network
approaches
its
sunset,
migrating
your
assets
to
the
BSC
network
is
essential
to
maintain
their
security
and
accessibility.
ChangeNOW’s
cross-chain
swap
feature
simplifies
this
transition,
ensuring
a
seamless
and
secure
migration
process.
Don’t
wait
until
it’s
too
late—use
ChangeNOW
to
safeguard
your
digital
assets
and
continue
enjoying
the
benefits
of
the
Binance
Smart
Chain.
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