2024-01-12 12:07:00
The decentralized smart contract network BNB Chain has published its plans to shut down the Beacon Chain and implement BEP333.
In a blog post published on January 8, BEP333 – otherwise known as BNB Chain Fusion – can strengthen security and increase the efficiency of on-chain assets.
The BNB Beacon Chain is part of the ecosystem responsible for staking and governance. BEP333 is intended to help the BNB Beacon Chain transition smoothly from a dual-chain structure to a single-chain structure.
As a result, BNB Chain has outlined some guidelines along which users can continue to actively use the network. According to this, owners of bitcoin and BNB do not need to worry about moving assets.
However, holders of other cryptocurrencies will no longer have such an easy task. Prior to the final decommissioning, “owners of devices that currently do not have cross-chain transfers are advised to contact the owner or issuer of that token.”
Our related article: BNB Beacon Chain has added a “panic” function to the platform
Once published, AMBCrypto assessed it, what can happen to the chain. Using data from Token Terminal, it was analyzed that revenue increased by 6.4% in the last two days. This increase indicates that the activity of the network also increased during the examined period.
Another metric they looked at was the number of core developers. At the time of writing this number was 51. The decrease in the number of core developers also predestined that no new functions appeared on the chain. Meanwhile, the network operator also mentioned a few things for those who might not be able to report their device before the transition.
According to the statement, those who miss the party can still use the BEP299 Token Migration. It is a safe and secure procedure for users to restore their devices on the BSC if the Beacon Chain goes down.
In it, they say: “For users who do not transfer their assets to the BSC network after the release of the Beacon Chain, the BNB Chain will still offer the option to restore.”
In another development, the BNB revealed what they managed to achieve in the 4th quarter. According to the report, the chain, together with opBNB, achieved new records in both daily user activity (DAU) and total value locked (TVL) metrics.
What is opBNB?
opBNB will be an improvement on the BNB Chain that will enable faster transactions and lower fees for users.
As for DAU, the metric grew by 22% and approached 1.2 million. During the same period, opBNB’s daily DAU tripled, reaching 260,000 users by December.
As a result, opBNB and Solana (SOL) became the three fastest growing chains in the fourth quarter.
This increase indicates a strong trend in user adoption, which is reflected in Total Value Locked (TVL). At the time of writing, opBNB’s TVL has grown to $19.44 million, according to DeFiLlama.
This represents a 19x increase since October 2023, when opBNB’s TVL first reached $1 million.
Total value (TVL) locked on opBNB. Source: DeFiLlama.
Source: DeFiLlama
A closer look at the TVL also revealed that KiloEx grew from $3 million to nearly $10 million in this regard, with Thena and APX contributing to opBNB’s TVL with their combined performance.
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