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Binance Coin (BNB) Token Swap Has Started: Binance Burns 5 Million ERC-20 BNB

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According to new information published only hours ago, the world’s largest crypto exchange by trading volume, Binance, has started token swap, as well as token burns. The exchange’s CEO, Changpeng Zhao, has recently announced on his Twitter account that the exchange has commenced swap to the “Real BNB,” after burning 5 million BNB coins in the form of ERC-20 tokens.

5 million of the burned tokens amount to around $119,393, 822 according to the coins’ prices at the moment of the burn. While BNB price currently sees a minor decline of 0.39%, the coin’s value is just below its all-time high, currently at $23.74.

BNB token migration

Binance Coin migration has been a highly-anticipated event within the Binance ecosystem. The coins were originally created on Ethereum’s network, and they remained there until now. However, after Binance launched its own blockchain — Binance Chain — the exchange decided that it is time to bring its tokens ‘home.’

This is not unusual in itself, as many other cryptocurrencies did it, including others among the most popular ones, such as EOS or TRON. The migration includes burning the Ethereum network’s version of BNB (ERC-20 BNB), while launching the same amount on Binance’s new blockchain.

This is a major success for the exchange, which has been working on the creation and launch of its own blockchain for a long while now. After releasing the TestNet in February 2019, Binance has invited users and developers to study it, use it, and report their thoughts. Now, two months later, the MainNet has arrived, and Binance is ready to take the next step in its evolution.

The evolution of Binance: From an exchange to the community

Binance has gone a long way in the past few months. The exchange has been good at observing the crypto space and planning its own evolution accordingly. With all that has been done in the past few months — and all that is coming in months to follow — Binance has cemented itself in the crypto world like no other exchange so far.

It brought back its token launching platform, Binance Launchpad, thus bringing the new token sale model — IEO (Initial Exchange Offering) — to instant popularity. It also started launching fiat-to-crypto exchanges, such as Binance Jersey, which targets European markets, as well as Binance Singapore, which allows Singapore-based users to easily buy crypto with their native currency.

This is only the start, however, as the exchange plans to have at least two fiat-to-crypto exchanges on each continent. In the meantime, Binance continued working on its blockchain, Binance Chain, as well as on its decentralized version, Binance DEX. It is the first major exchange to announce a DEX, thus helping the crypto space make the next step on its way towards decentralization.

All of these moves are only small parts of the bigger picture, however. The final goal is the transformation of Binance from a simple exchange to an entire community, where all of its subsidiaries and projects would be connected into a single, massive, Binance network. Of course, at the heart of it all sits the newly-launched Binance Chain, as well as its native token, Binance Coin.

About Ali Raza

A freelance journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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