Beacon

Mammon

Coin

<p><strong>Beacon Chain will close in June and probably reshuffle some tokens in the Binance ecosystem. In early 2024, Binance announced the closure of Beacon Chain, but the immediate news may also attract more attention to BNB Coin (BNB).&nbsp;</strong></p>
<p>Beacon Chain was a temporary solution for orchestrating consensus. Binance directly monitored its other decentralized networks through the BNB Chain. So its closure won’t have a direct impact on Binance Smart Chain.&nbsp;</p>
<p>Holders of BNB tokens may continue to receive passive income after re-delegating their holdings.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Searching for info on the Beacon Chain sunset? 🌅 Look no further!<br><br>📝Stake Migration Guide: <a href="https://t.co/6GFKppXuHN" rel="noopener noreferrer nofollow" target="_blank">https://t.co/6GFKppXuHN</a> <br>⛓️BSC Staking Page: <a href="https://t.co/hD4BtzR58g" rel="noopener noreferrer nofollow" target="_blank">https://t.co/hD4BtzR58g</a> <br>📅Timeline: <a href="https://t.co/yhG8U12kp9" rel="noopener noreferrer nofollow" target="_blank">https://t.co/yhG8U12kp9</a> <br><br>Migrate your staked BNB to BSC today and earn 5.9% APY! 💰</p>— BNB Chain (@BNBCHAIN) <a href="https://twitter.com/BNBCHAIN/status/1795643725798154414?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">May 29, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Binance recommends using Binance Chain Wallet or Trust Wallet to re-delegate BNB or to find and transfer various types of legacy tokens.</p>
<h2 class="wp-block-heading" id="beacon-chain-to-stop-all-activities-in-may">Beacon Chain to Stop All Activities in May&nbsp;</h2>
<p>By the end of the month, Beacon Chain will stop all activities and archive their data. The goal is to transfer all Beacon Chain capabilities to Binance Smart Chain, the currently most active network. Beacon Chain will also close its DEX module, as Binance Smart Chain has shown its ability to support complex, highly active DEX trading.</p>
<p>In April, Beacon Chain also stopped issuing new tokens. By the end of May, there will be no more opportunities to transfer the remaining tokens from Beacon Chain to Binance Smart Chain. However, Beacon Chain still allows transfers out of its network as users move BNB coins and various tokens.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/r1-BgQsXNQ3OBdJvkGDXpRaTT6de8Q0QtVHEqisl66N2JKJcbHvqV9AuC_PtBHdYV2gZS_vFgAXpzpcMTo4XwuK8iWbd4wOubrhBlrD6KbQvVi8uYvYJUvuv0vpibwcBkQQJUVddUlvOhVixi-I5z7Q" alt="">
</figure>
<p>Source: BNB Beacon Chain Explorer</p>
<p>Several projects made earlier calls to migrate tokens. For BNB asset balances, users complained of losses or an inability to transfer the tokens. The best approach is to wait until June, the last migration stage, to shut down Beacon Chain.&nbsp;</p>
<p>In June, all former users with addresses on Beacon Chain will have access to a special migration tool to swap all remaining assets.</p>
<h2 class="wp-block-heading" id="new-bnb-tokens-may-enter-the-market">New BNB Tokens May Enter the Market</h2>
<p>BNB Beacon Chain holds several valuable tokens, including wrapped forms of BTC. Currently, most tokens on BNB Chain and BNB Smart Chain are automatically bound and can be transferred between chains.&nbsp;</p>
<p>Some assets created during the Beacon Chain stage may not be bound to their Binance Smart Chain versions. If users do not complete the manual process of migrating tokens, some assets may be lost. The ability to migrate niche tokens may depend on the issuer, and the exact migration steps may differ for some projects.&nbsp;</p>
<p>One of the effects of migration may be on delegated BNB tokens, which will flow into the new blockchain. Some of the delegators may decide to free up their funds, with new tokens entering the market. There is also a manual process to <a href="https://docs.bnbchain.org/docs/bcfusion/users/stake-migration/?ref=bnbchain.ghost.io" rel="noopener noreferrer nofollow" target="_blank">re-delegate BNB tokens</a> and support Binance Smart Chain directly. The migration, which started to accelerate from May 15, arrives at a time when BNB is considered a good candidate for a rally.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$BNB</a><br><br>Imo this one has a very good chance to reach it's ath as the first dino coin this cycle. <br><br>Had a really strong rally and formed this re-accumulation range afterwards that lasts for over 2 months already. <br><br>Any dips near the mid-range+Poc are gifts imo. <a href="https://t.co/oyUNlJWgEQ" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/oyUNlJWgEQ</a></p>— Mammon (@mammontrading) <a href="https://twitter.com/mammontrading/status/1795368721260699670?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">May 28, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>To prevent loss, they will migrate more than 95% of all BNBs by the end of May. The remaining tokens may also be transferred soon or lost forever.&nbsp;</p>
<p>Binance will grant enough time to transfer as many tokens as possible. In June, Beacon Chain will have two Sunset forks, the final one toward the end of the month. After that, the former Binance Chain tokens and BSC assets will fuse, and Binance will run only one blockchain.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Already, 95% of staked BNB is on BSC! 🤩 <br><br>Haven't migrated yours form Beacon Chain yet? It takes less than a minute and you'll earn 5+% APY! 🤑<br><br>Migrate it now! ⤵️ <a href="https://t.co/6GFKppXuHN" rel="noopener noreferrer nofollow" target="_blank">https://t.co/6GFKppXuHN</a> <a href="https://t.co/8ApFJLcgNC" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/8ApFJLcgNC</a></p>— BNB Chain (@BNBCHAIN) <a href="https://twitter.com/BNBCHAIN/status/1795107699878944845?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">May 27, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>In the post-fusion stage, a tool may be offered to transfer any remaining tokens. Token issuers still have the task of binding tokens, so the chain switch will be seamless. After the fusion, Binance will also carry only one token standard. The closing of Beacon Chain will sunset the BEP2 token type, and only BEP20 tokens will remain.</p>
<p class="has-text-align-center"><em>Also read: </em><a href="https://www.cryptopolitan.com/binance-coin-bnb-price-prediction/" rel="noopener noreferrer nofollow"><em>Binance Coin Price Prediction 2024-2030: Is BNB Ready for the Bull Run?</em></a></p>
<p>BNB will remain an important asset for both centralized and DEX activity. BNB traded at $598.77, with volumes above $1.3B in 24 hours. In the past quarter, BNB activity was consistently above $1B, reaching a peak above $4B.&nbsp;</p>
<p>BNB keeps within a tight range, serving a function in Binance trading pairs, as well as in liquidity pools on Pancake Swap. About 6.28% of the BNB supply is staked for passive income.<gwmw style="display:none;"></gwmw><gwmw style="display:none;"></gwmw></p>
<p><em>Cryptopolitan reporting by Hristina Vasileva</em></p>

Beacon Chain Closing in June: Will This Lead to Hot Month for BNB Coin (BNB)?

Table of Contents

Cryptopolitan_News

Other articles published on May 29, 2024

The Memecoins that Attracting Solana (SOL) and Ethereum (ETH) Investors

Cardano (ADA) in Dire State, Shiba Inu (SHIB) Needs Some Help, Ethereum (ETH) Dominance Continues

Ethereum ETFs to be Web3 growth ‘call option’ — Crypto analyst

Technological Innovations that Define the Online Casino in 2024 and Beyond

Ethereum ETF Funds Drive Bitcoin and Ethereum Prices Higher

Binance Gets Kudos From Gala Games For Help In $200M Hack Investigation

Join our free newsletter for daily crypto updates!