Exchanges

23/04/19 07:52 UTC-4

Binance completes network sharing and burns 5 million ERC20 BNB tokens

Binance completes the exchange of the network
Binance completes the exchange of the network

Binance has completed the exchange of the main Binance Coin network, the exchange announced on Tuesday. $ BNB is now moved from the Ethereum blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
to the Binance chain.

 

Services for users

According to Binance, deposits and withdrawals are now open. For investors and traders, it is important to note that the deposit address in $ BNB has changed.

Binance Coin owners can send their ERC20 tokens to a new deposit address, Binance automatically converts it to BEP2 tokens, – reported by the company's Twitter.

Interesting in the section: Binance Coin, as additional tool

To allow users to convert their tokens, a batch of $ 5 million was saved in the address of the Binance. After being converted to BEP2 tokens, old ERC20 tokens are burned, ensuring a constant supply through both networks.

TradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
operations will have to wait for the conversion of the first batch of BNBs to ensure sufficient liquidityLiquidity
– is a term that means the ability to sell any financial assets (below or above the market price). The term “liquidity” in Latin means “liquid”, “flowing”.Details
.

Binance exchange announced the completion of the exchange in the network, deposits and withdrawals are now open. Binance CEO, Changpeng Zhao, announced that shortly before the end of the exchange process, 5 million BNB ERC20 tokens were burned.

Recall that on April 16th the Binance cryptocurrency exchange reported that it had destroyed 829,888 BNB tokens. The seventh coin flaring in the history of the platform was a planned action to maintain the value of the Binance Coin (BNB) cryptocurrency. On April 19, the CEO of Binance, Changpen Zhao, announced that he had been given the honor of making the first transactionTransaction
– is a financial term that means a logically meaningful operation that can only be carried out completely. Details
in the new Binance Chain network with the Binance Dex cryptocurrency.

Editor: Yuliya Soroka

See also: "Kraken exchange announced its decision to launche Cosmos (ATOM)"

#Binance #exchange #tokens #ERC20 #BNB

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