Binance is one of the largest exchanges that developed and launched two blockchains at once. The standard that is used in them is different and ignorance of these features can be very expensive for the user. Let’s look at the similarities and differences of these networks in our article.
Binance Chain is the first blockchain that the Binance exchange presented to us. The standard of tokens that are used in this network is Bep-2. A regular user may not notice a difference when sending their tokens, therefore, your wallet address will not look like a regular EVM address.
EVM adress: 0x1234…6789
Binance Chain adress: bnb…789
Sending BEP20 tokens to the BEP2 wallet will lead to the loss of your funds!
Binance Chain was originally developed only for processing transactions and although this standard is supported on Binance DEX – it has not received wide recognition and application in DeFi, although it has a small commission when sending. The only exchange that supports deposit and withdrawal in bep-2 is the Binance exchange itself.
The next major blockchain project from Binance was the launch of Binance Smart Chain, which is now renamed BNB chain!
The network is supported by 60 validators that process user transactions, with a new block generation time of only 3 seconds. Because of this, this network has gained recognition in DeFi and is more suitable for decentralized applications (Dapps) and attracts a huge number of developers.
Most of the mutivalite crypto wallets support the BNB chain and allow both receiving and sending tokens in the BEP20 format.
As mentioned earlier, these networks are very different. Tokens from the BEP20 standard are easier to send to another EVM compatible network (such as ETH – ERC20). Tokens sent from BEP20 to ERC20 will be considered wrapped and have a “W” at the beginning (BNB – WBNB), but sending tokens from the BEP2 network directly through the Dapp will not work and they will need to be pre-converted in order to be used in EVM compatible networks.
In addition to the similarities in the title and creator (Binance) These networks have nothing in common. Interaction between them is possible, but only with the participation of Binance. BEP2 tokens cannot be used independently and they are suitable only for direct transactions (P2P or deposit to a Binance wallet). This statement is also true for BEP20 tokens,conversion to BEP2 is only possible on Binance DEX, the Binance exchange itself, or Binance-supported wallets such as Trust Wallet.
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I'm Carina, a passionate crypto trader, analyst, and enthusiast. With years of experience in the thrilling world of cryptocurrency, I have dedicated my time to understanding the complexities and trends of this ever-evolving industry.
Through my expertise, I strive to empower individuals with the knowledge and tools they need to navigate the exciting realm of digital assets. Whether you're a seasoned investor or a curious beginner, I'm here to share valuable insights, practical tips, and comprehensive analyses to help you make informed decisions in the crypto space.