Yesterday, April 18th, Binance officially announced the launch of the mainnet of their decentralized exchange (DEX) called Binance Chain. The leading exchange also announced the first project to be featured on it – Mithril. In return, the price of MITH has skyrocketed upwards of 70 percent following the announcement.
The long-awaited mainnet of the decentralized exchange Binance Chain has launched, according to an official announcement.
According to the above press, the next steps include the migration of the currently existing ERC20-based BNB tokens to the new Binance Chain BNB (BEP2 BNB). The process is expected to take place on April 23rd if everything goes to plan.
Binance will facilitate the migration by allowing users to provide Binance Chain addresses where they will be able to withdraw their ERC-20 BNB tokens. The withdrawal itself is going to act as a swap mechanism.
However, the first batch of 5 million BNB will be allocated and then deposited into addresses that belong to Binance in order to convert ERC-20-based BNB for the current owners. The same amount of ERC20 BNB will be burned in order to maintain the supply. Throughout the migration process, as more people convert to BEP2 BNB, Binance will be burning the respective amount of ERC20 BNB in order to keep the supply constant.
Moreover, Changpeng Zhao (CZ), the CEO of Binance, has had the honor to complete the first successful transaction on the newly launched mainnet, detailing the process as “fast” and “sleek.”
Following up on the announcement, Binance revealed that the very first project to migrate its tokens to Binance Chain will be Mithril.
According to the official blog post, the process will enable users to experience the DEX’s speed, security, and user-friendliness.
By migrating to the Binance Chain, MITH token holders will be the first to experience the speed, security, and user-friendliness on the new Binance DEX platform while maintaining full control over their own funds. Migration of MITH from ERC20 to BEP2 will begin shortly after the mainnet launch of Binance Chain on April 18, 2019.
The effect was felt immediately, as MITH surged 70 percent following the announcement.
This goes to show the effect that Binance has on the cryptocurrency community, as well as on the market, in general.
