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BEP2/BEP8 Asset Sunset Announcement

2024.1.8  •  4 min read
Blog post image.

The BNB Chain community has recently introduced BEP333: BNB Chain Fusion, a proposal to phase the BNB Beacon Chain out of its ecosystem. This initiative is focused on enhancing the development effectiveness of BSC, strengthening security and increasing the efficiency of asset utilization. 

This guide is designed to assist digital asset issuers and holders on the BNB Beacon Chain in transferring the value of their assets, like BEP2/BEP8 tokens, both before and after the Beacon Chain Fusion. Adhering to these instructions will help users safeguard their digital assets and prevent any potential losses.

The Beacon Chain Fusion initiative is set to be implemented in April 2024. It is crucial that users plan their asset transition to ensure the safety of their funds. For detailed information regarding the timeline and process, refer to the BNB Chain Fusion Roadmap.

Before the Beacon Chain Fusion

For Cryptocurrency Holders

Most valuable BEP2/BEP8 tokens (such as BNB and BTC) have the flexibility to move between the Beacon Chain and BSC networks without restrictions. 

It is strongly recommended that users transfer their assets to the BSC network to guarantee a smooth and loss-free transition, preserving a 1:1 asset ratio. While there are other methods for asset transfer, such as through centralized exchanges or decentralized cross-chain platforms like Binance.com and Thorswap, these alternatives are not covered in this tutorial.

Step1: Confirm if the Assets Support Cross-chain Transfers

Open the Beacon Chain blockchain explorer, go to the BEP2 Asset page or BEP8 Asset page, and search for the token name to query it. 

Using BTC as an example, we see that the token is linked to a BSC Contract address, which allows for cross-chain transfers.

In contrast GTEX-71B lacks a BSC Contract address and thus does not support cross-chain transfers.

Please note: Users holding assets that currently lack cross-chain transfer capabilities are advised to promptly reach out to the respective token owner or issuer. We suggest requesting the token issuer to consult the "For Token Issuer" section of this guide, which provides comprehensive instructions on issuing BEP20 tokens on the BSC network and facilitating cross-chain transfers. 

Urgent Reminder

Failure to establish cross-chain functionality for these tokens before the BNB Beacon Chain is deactivated will lead to their irreversible loss, with no chance of recovery. Actively participating in this process is vital to the protection of your assets.

Step 2: Simply Transfer the Assets to the BSC Network

BNB Chain Wallet and Trust wallet mobile are suggested for this case.

Taking BNB Chain Wallet as an example, once users import the accounts that have tokens in, they need to switch the network to "BNB Beacon Chain Network":

Then, select the asset to transfer, enter the BSC account and the token amount.

The BSC wallet will receive the token after approximately one minute.

For Trust Wallet mobile multi-chain wallet users, they can transfer their assets in the following way.

Firstly, you need to open the `Swap` tab, choose From network as `BNB Beacon Chain` and To network as `BNB Smart Chain`, then find the asset you want to transfer and input the transfer amount. 

After you click the `Continue` button, it will redirect you to the approval page as below.

Finally, the related asset will be transferred to BSC after you confirm the transaction.

In addition to the above method, you can also use the Trust Wallet Extension at your convenience.

For Token Issuers

Please check the section titled "Confirming Asset Support for Cross-chain Transfers" above to verify if the token allows cross-chain transfers. If the answer is positive, you don't need to do anything. 

Otherwise, it is recommended that you follow the Token Bind Tool here to deploy a BEP20 token on BSC and enable cross-chain functionality.  It is recommended that the Token Issuer use multiple channels to promptly notify asset holders to migrate as soon as possible.

Note: BEP2/BEP8 assets that do not support cross-chain functionality will be permanently lost after the Beacon Chain Fusion. Users will be unable to recover these assets.

After Beacon Chain Fusion

For Cryptocurrency Holders (only works for assets that have enabled cross-chain features)

For users who didn't transfer assets to the BSC network after the Beacon Chain sunset, BNB Chain offers a backup: BEP299-Token Migration post-Beacon Chain Fusion.

Although this solution has its limitations, it is important to note the following key points:

  1. It is only applicable to assets that have enabled cross-chain features. 
  2. Users are still responsible for securely storing their private keys on the Beacon Chain and using them for signing as proof.
  3. The process of recovering assets will take up to 7 days to complete.
  4. This solution is operated through the command line and does not have a UI.

Considering these limitations, it is highly recommended that users complete the token transfer as early as possible. 

The detailed guide for this solution will be published after the Beacon Chain Fusion. Stay tuned for updates!

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