BNB Chain's convergence roadmap: simplifying the network, improving efficiency, and reducing security risks
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BNB Chain's convergence roadmap: simplifying the network, improving efficiency, and reducing security risks
As BSC evolves and the blockchain landscape changes, the BNB Beacon Chain has become increasingly redundant.
Navigating Web3 tides with focused insights
The BNB Beacon Chain was initially designed as a staking and governance layer to complement the BNB Smart Chain (BSC) by enhancing security and supporting decentralized exchanges (DEXs).
However, as BSC evolved and the blockchain landscape changed—including the decommissioning of order-book-based DEXs under BEP151—the BNB Beacon Chain became increasingly redundant. Its cross-chain bridge connection to BSC introduced development complexity and security vulnerabilities.
As a result, a strategic shift emerged to migrate Beacon Chain functionalities to BSC and retire the Beacon Chain. This move aims to streamline the network, improve efficiency, reduce security risks, and align the BNB Chain architecture with current technological needs and future growth.
Prerequisites
Starting four months before the first Sunset hard fork:
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For staking pools (e.g., Ankr, Binance Earn, Synclub):
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Issue official announcements outlining the discontinuation of staking support on the BNB Beacon Chain.
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For users utilizing the Atomic Swap feature:
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Users can still retrieve their funds.
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Potential impact on services such as cross-chain swaps (e.g., Thorswap) is that users will no longer be able to perform Atomic Swaps.
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Broadcast clear messages through all available channels regarding the partial deactivation of the Atomic Swap functionality, including the following explanations:
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For users holding BE2/BEP8 assets:
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They must transfer their BE2/BEP8 assets to BSC or other platforms via BEW or CEXs.
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For CEXs and wallet providers:
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We will notify CEXs and wallet providers in advance of the changes so they can adequately prepare and support their users. CEXs and wallets should inform their users about the deactivation of the BNB Beacon Chain.
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For asset issuers on the BNB Beacon Chain:
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Notify asset issuers of the changes, identify viable solutions, and allow sufficient time for asset migration to BSC.
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Phase One: Halt Asset Issuance and Migrate Validator Management and Network Governance to BSC
April 2024: BNB Beacon Chain – First Sunset Fork
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Disable cryptocurrency issuance and minting functions
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Disable validator creation function on BSC
April 2024: BNB Smart Chain – Feynman Hard Fork
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Activate validator creation functionality on the BNB Smart Chain (BSC), adjusting voting power per BNB to 300% as an incentive to ensure a smooth transition.
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Enable and activate the governance module upon migrating 15M BNB voting power to BSC.
After implementation of the Feynman hard fork, the following actions are required:
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Notify BSC validators that voting power has been migrated from the Beacon Chain to BSC, highlighting the benefit of double voting power on BSC as an incentive.
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Advise BNB delegators to withdraw delegations from the Beacon Chain and reallocate them to BSC.
Phase Two: Disable Governance and Delegation on the Beacon Chain
May 2024: BNB Beacon Chain Second Sunset Fork
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Governance on the Beacon Chain will be disabled
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All delegations on the Beacon Chain will be automatically undelegated, and all assets returned to user wallets
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Users will no longer be able to delegate or redelegate on the Beacon Chain
Phase Three: Beacon Chain Retirement and Balance Proof Generation
May 24: BNB Beacon Chain Final Sunset Fork
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Disconnect cross-chain communication between the Beacon Chain and BSC
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Shut down the BNB Beacon Chain
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Archive Beacon Chain data
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Generate balance dump and publish it for community verification
Phase Four: Token Migration Application as an Escape Hatch
June 2024: Token Migration Application
Set up a token migration application* to help users recover funds stranded on the Beacon Chain.
*With restrictions
Assets eligible for migration to BSC must have been previously mapped to BSC assets. These assets will become available 7 days after submitting the migration request.
Reference:
Testnet timeline:
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February 2024: First Sunset Fork on BNB Beacon Chain and Feynman Hard Fork on BNB Smart Chain
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March 2024: Second and final Sunset Fork on BNB Beacon Chain
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