Today, on 23rd of April, the much awaited Binance swap has finally begun. The community is excited, as the BNB tokens will be moved to the Binance Chain.
According to the recent accouchement made by Changpeng Zhao (better known as CZ), the CEO of Binance, Binance has started its token swap as well as its token burns. On his Twitter, he posted that they have just burned 5mm ERC20 BNB.
The company has also revealed that the Binance Coin (BNB) mainnet swap has been finalized and users can now make deposits and withdrawals.
Just burned 5mm ERC20 BNB, commencing swap to the real #BNB.
— CZ 🔶 BNB (@cz_binance) April 23, 2019
Currently, the token is priced a little lower than its all-time high, having a trading value of $24.25. When the burning process started, 5 million of the burned tokens added up to an impressive sum of $119,393, 822.
The BNB tokens were at first issued by the Ethereum network where they held until today. However, when the exchange announced that they will be launching their own blockchain, they also stated that the tokens will be moved to the new network.
Binancehas planned its token migration to be carried out in two steps. While the ERC-20 BNB tokens are burned, they will be issuing the exact same number of tokens on the Binance Chain.
The team began working on the network quite some time ago and it is still under development. The TestNet was launched in February 2019.
After two months, Binance reached another milestone by launching its MainNet. This was not only a great achievement for the largest cryptocurrency exchange in the world but for the entire crypto community.
Featured Image: CryptoDigest