Binance, Crypto.com support BNB beacon chain upgrade Oluwapelumi Adejumo · 49 minutes ago · 2 minutes read
2 min readUpdated: September 1, 2022 3:46 PM
Cover art/illustration via CryptoSlateBNB’s beacon chain will undergo a major upgrade on September 2 with a block height of 264,000,000.
#Binance will support #BNB Beacon Chain (BEP2) and Beam $BEAM network upgrade and hard fork. https://t.co/vUjuFHPYGh — Binance (@binance) September 1, 2022
The upgrade is named Gödel Upgrade after Kurt Gödel and aims to remove DEX functionality from the beacon chain. In this way, the BNB Beacon Chain will only focus on security and have more computing power for other purposes. A blog post states that “BNB DEX has demonstrated its low latency to match large capacity space.” The BNB Smart Chain already has several decentralized and The AMM exchange works flawlessly, which means that the liquidity and usage of the BNB Beacon Chain DEX is low. Therefore, it needs to be disabled. However, the DEX function will remain active on the BNB Smart Chain. Binance, Crypto.com supports BNB beacon chain upgrade Several exchanges including Binance and Crypto.com have announced support for this upgrade. Binance announced support for BNB Chain and BEAM network upgrades. The exchange led by Changpeng Zhao will suspend on-chain deposits and withdrawals, and will reopen after the network is upgraded and stabilized. Crypto.com also announced that it will suspend all withdrawals and deposits through the BNB Beacon Chain to “ensure users that during and after the upgrade security of funds.” Crypto.com continued, “This upgrade will not affect token transactions available on the BEP2 network.”
BNB Beacon Chain VS. BNB Smart Chain
The BNB Chain network has a dual blockchain structure, BNB Beacon Chain and BNB Smart Chain. BNB Beacon Chain is used to transfer BNB and all digital assets using the BEP2 token standard. Addresses on this network begin 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 the BNB smart chain is also compatible with the Ethereum (ETH) virtual machine. Meanwhile, addresses on the network start with “0x”, like Ethereum. Posted in: Binance, Layer2