Binance, Crypto.com to support for BNB beacon chain upgrade Binance, Crypto.com to support for BNB beacon chain upgrade
The upgrade is designed to remove DEX features from the Beacon Chain, and focus on improving security and features.
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Updated: Sep. 1, 2022 at 3:46 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
BNB’s Beacon Chain is set to undergo a major upgrade on Sept. 2 at a block height of 264,000,000.
#Binance will support the #BNB Beacon Chain (BEP2) and Beam $BEAM network upgrades & hard forks.https://t.co/vUjuFHPYGh
— Binance (@binance) September 1, 2022
The upgrade is named the Gödel upgrade after Kurt Gödel and is designed to remove DEX features from the Beacon Chain.
This way, the BNB Beacon Chain will focus solely on security and have more computing power for other purposes.
A blog post states, “the BNB DEX has demonstrated its low-latency matching with large capacity headroom.”
The BNB smart chain already has several decentralized and AMM exchanges that work perfectly on it, which means the BNB Beacon Chain DEXs have less liquidity and usage. Hence, the need to disable it.
However, the DEX features will remain active on the BNB Smart Chain.
Binance, Crypto.com to support BNB Beacon Chain upgrade
Several exchanges like Binance and Crypto.com have announced support for this upgrade. Binance announced that it would support BNB Chain and BEAM network upgrades.
The Changpeng Zhao-led exchange will temporarily suspend deposits and withdrawals on the chain and reopen them after the upgraded networks are stable.
Crypto.com also announced that it would temporarily suspend all withdrawals and deposits through the BNB Beacon Chain to “ensure the safety of users’ funds during and after the upgrade.”
Crypto.com continued, “the trading of tokens available on the BEP2 network will not be affected during this upgrade.”
BNB beacon chain Vs. BNB smart chain
BNB Chain network has a dual blockchain structure, BNB Beacon Chain and BNB Smart Chain.
BNB Beacon Chain is for transferring BNB and all digital assets that use the BEP2 token standard. Addresses on this network start with “BNB.”
BNB Smart Chain is also used for BNB and other digital assets. But these assets are based on the BEP20 token standard, and BNB Smart Chain is also compatible with Ethereum (ETH) Virtual Machine.
Meanwhile, addresses on the network start with “0x”, like Ethereum.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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BNB, or Binance Coin, is a cryptocurrency created by Binance.
Ethereum
$3,485.84
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.