Cryptocurrency

Binance, Crypto.com to support for BNB beacon chain upgrade

BNB’s beacon chain is receive Major upgrade on September 2 at 264,000,000 block height.

of The upgrade is called a Gödel upgrade After Kurt Gödel, it is designed to remove DEX functionality from the beacon chain.

In this way, the BNB beacon chain can focus solely on security and have more computing power for other purposes.

The blog post states, “BNB DEX has demonstrated low latency matching with high capacity headroom.”

BNB Smart Chain already has several decentralized and AMM exchanges and is fully functional. This means that the BNB beacon chain DEX has low liquidity and usage. So you should disable it.

However, DEX functionality is still enabled on BNB Smart Chain.

Binance, Crypto.com Support BNB Beacon Chain Upgrade

Several exchanges such as Binance and Crypto.com have announced support for this upgrade. binance announced Support BNB chain and BEAM network upgrades.

The Changpeng Zhao-led exchange will temporarily suspend deposits and withdrawals on the chain and resume after the upgraded network stabilizes.

Also Crypto.com announced Temporarily suspending all withdrawals and deposits through the BNB beacon chain to “ensure the safety of users’ funds during and after the upgrade”.

Crypto.com continued, “Trading of tokens available on the BEP2 network will not be impacted during this upgrade.”

BNB Beacon Chain Vs. BNB Smart Chain

The BNB Chain network has two blockchain structures: BNB Beacon Chain and BNB Smart Chain.

The BNB Beacon Chain is for transferring all digital assets using the BNB and BEP2 token standards. The addresses of this network start with “BNB”.

BNB Smart Chain will also be used for BNB and other digital assets. However, these assets are based on the BEP20 token standard and the BNB smart chain also supports the Ethereum (ETH) virtual machine.

On the other hand, addresses on the network start with “0x” like Ethereum.

Posted in: Binance, Layer2

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