Blockchain News

Kava Chain discusses BEP3-Binance Smart Chain transition

Kava Chain has laid down details about its transition from BEP3 to BEP20. In other words, Binance Smart Chain will eventually support assets that Binance Beacon Chain is currently backing. The tentative date for the completion of migration is April 30, 2024. BEP3 Deputy will remain live to help users execute and conclude the migration. This has been identified as a major change to the infrastructure of Kava Chain.

Axelar will help bridge the migration for BEP3 holders. Once the migration is completed, BEP3 Deputy will shut down, and a new bridge will come into effect to connect Kava Chain and Binance Smart Chain. Kava Chain has drafted the migration step in the following manner:

It will begin with shutting down BEP3 Deputy effective April 30, 2024. Ceasing operations will mark a critical step in the transformation to become a more efficient and robust system. Next, the Axelar Bridge will go live to connect BSC and Kava Chain. It will bring a new gateway to enable users to leverage the transfer and management of assets in the new era. Finally, it will commence asset migration on May 1, 2024, to enable users to withdraw their respective tokens through a simplified and streamlined process, backed by enhanced security.

Assets will continue to remain accessible and secure. The primary change only pertains to the withdrawal route in the ecosystem. It transitions from the Binance Beacon Chain to the Binance Smart Chain.

Kava Chain has recommended users access BEP3 Deputy and withdraw their assets by April 30, 2024. It supports withdrawals from the Binance Beacon Chain. Moving forward, Kava Chain has expressed its commitment to developing a detailed governance proposal to shed more light on the full scope and implications of the BEP3 migration plan. Kava Chain has urged its users to be aware of Binance Smart Chain before the deadline.

The price of KAVA, its native token, has been up by 8% in the last 24 hours as of the time of writing this article. KAVA is listed at $1.04, which further reflects an increase of 20.99% in the last seven days. This surge could also result from Kava Chain Tokenimics 2.0, which Kava Chain recently discussed. It was highlighted in the blog post that inflation for the token dropped to zero and made the chain the first hard-capped and highly decentralized PoS L1.

Kava Chain credited the success to two aspects: Governance Proposal 141 and Strategic Vault. Its focus is now on infrastructure, ecosystems, and communities. The roadmap states that the aim for the year is to ride high on adaptive leadership plus evolution. Thereby, significantly influencing on-chain finance, innovation, decentralization, and community growth.

Circling back to the transition from BEP3 to Binance Smart Chain, BEP3 Deputy is live till April 30, 2024, to assist holders with transitioning to a new withdrawal route.

Lili Chuang

Lili Chuang is a finance professional with an experience of over a decade in news writing. Recently, she has joined the CoinNewSpan team as a sub-editor. She is a firm believer of blockchain technology and cryptocurrencies. She curates contents regarding the latest insights into the crypto-market. In her free time, she loves to explore new places and connect with influential people of crypto space.

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