The BNB Chain ecosystem is evolving, with a significant upgrade known as "BNB Chain Fusion" or BEP333 being implemented. This proposal, approved by the BNB ecosystem members, involves the merger of the BNB Beacon Chain with the BNB Smart Chain (BSC). The goal is to enhance security, improve efficiency, and support the ecosystem's growth.
In line with this, the token recovery process for BEP2 network assets began. If you hold BEP2 tokens, it's essential to convert them to the BEP20 standard to ensure continued access and functionality. This guide provides a step-by-step walkthrough of the conversion process.
What Are BEP2 and BEP20 Tokens?
BEP2 is a token standard on the Binance Beacon Chain, primarily used for trading and transactions on the Binance Chain ecosystem. These tokens have addresses starting with "bnb" and are not natively compatible with many popular wallets like MetaMask.
BEP20 is the token standard on the BNB Smart Chain. It is similar to Ethereum's ERC20 standard and supports smart contract functionality. Most decentralized applications (dApps) and wallets in the BSC ecosystem use BEP20 tokens.
The merger aims to create a unified, more efficient network, phasing out the Beacon Chain to reduce complexity and improve security.
How to Convert BEP2 to BEP20 Tokens
The conversion process requires using a web browser with the Trust Wallet or BNB Chain Wallet extension. Note that the mobile app versions do not support this feature.
Step-by-Step Conversion Guide
- Install a Supported Wallet Extension: Download and install either the Trust Wallet or BNB Chain Wallet extension on your Google Chrome browser.
- Access Your Wallet: Open the extension and import your existing wallet using your recovery phrase.
- Visit the Recovery Portal: Go to the official BNB Beacon Chain recovery dApp website.
- Connect Your Wallet: Click the "Connect Wallet" button and select your wallet provider to link your wallet to the dApp.
- Review Your Tokens: After connecting, the dApp will display a list of your BEP2 tokens. Tokens eligible for conversion will show a "Recover Now" button.
- Provide a BEP20 Address: The dApp will attempt to auto-detect your BEP20 address (starting with "0x"). If it doesn't, manually enter the correct address. Ensure this address has enough BNB to cover the transaction fee.
- Confirm the Transaction: Review the details and confirm the transaction in your wallet pop-up window.
- Complete the Conversion: After confirmation, the process will initiate. The transfer may take some time to complete.
Important: Always double-check the addresses you use. Sending tokens to the wrong address can result in permanent loss.
Troubleshooting: BEP20 Tokens Not Appearing in Your Wallet
After the conversion, your BEP20 tokens might not automatically appear in your wallet. Here’s how to add them manually:
- Open your wallet and click the "+" or "Add Token" button.
- If the token isn’t found by searching, select "Add Custom Token."
- Enter the token’s contract address. You can find this on reputable blockchain explorers or the official token website.
- The token’s symbol and decimals should auto-populate. Click "Import" to add it to your wallet view.
This process makes the token visible and allows you to track your balance.
The Older Conversion Method (Now Inactive)
A previous method involved sending BEP2 tokens directly to a BEP20 address within the BNB Chain Wallet extension. This method is now deprecated and inactive due to the network merger. The official recovery dApp is the only recommended and secure way to convert your tokens.
Key Considerations for the BNB Chain Fusion
The phasing out of the BNB Beacon Chain is a significant event. Here’s what you need to know:
- Time-Sensitive Action: Users are encouraged to convert their tokens before the final deadline to avoid a more complex, command-line-based recovery process that can take up to seven days.
- Irrecoverable Assets: Some BEP2 tokens may not support cross-chain transfer. If the token issuer has not enabled this functionality, those assets may become permanently inaccessible after the Beacon Chain is decommissioned.
- No Action for BEP20 Holders: If you already hold tokens on the BNB Smart Chain (BEP20), no action is required on your part.
Staying informed and taking proactive steps is the best way to protect your digital assets during this transition. For the latest updates, always refer to the official BNB Chain announcements.
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Frequently Asked Questions
When is the BEP2 network being removed?
The initial deadline for the BEP2 network's decommissioning was set for April 2024. However, always check for the most recent official announcements from BNB Chain for any updates or changes to this timeline.
What should holders of BEP2 tokens do?
Holders of BEP2 tokens should convert them to the BEP20 standard on the BNB Smart Chain as soon as possible using the official recovery dApp. Delaying this process could lead to a more complicated recovery later.
Do BEP20 token holders need to do anything?
No, if your tokens are already on the BNB Smart Chain in the BEP20 format, you are not affected by this change and do not need to take any action.
What happens if I don't convert my BEP2 tokens?
If you miss the final deadline, recovering your tokens will require using a command-line interface process, which is more technical and can take up to seven days. Some tokens may be irrecoverable.
Is there a fee for converting tokens?
Yes, you need a small amount of BNB (on the BEP20 network) in your wallet to pay for the transaction fee (gas) required to process the conversion.
Can all BEP2 tokens be converted?
Not necessarily. The conversion depends on whether the token issuer has enabled cross-chain transfer functionality. The recovery dApp will show you which of your tokens are eligible for conversion.