BNB Chain’s BC Fusion Second Sunset Fork Set for July 14, 2024
[PRESS RELEASE – Dubai, UAE, July 10th, 2024]
- Users must migrate staked BNB to BSC by July 14. If not, staked BNB will be automatically unstaked and returned to accounts within two weeks.
- Users should migrate BNB and BEP2 assets to BSC by August 15 to prevent immovable funds and a complex recovery process.
BNB Chain, the community-driven blockchain ecosystem that includes the world’s largest smart contract blockchain, has issued a reminder about the upcoming Beacon Chain (BC) Fusion Second Sunset Fork, scheduled to take place at block height 378,062,790 on July 14, 2024. This upgrade aims to streamline the network, improve efficiency, and reduce security risks by migrating functionalities from the BNB Beacon Chain to the BNB Smart Chain (BSC).
The BC Fusion is designed to enhance the BNB ecosystem by consolidating functionalities onto the BNB Smart Chain (BSC). This will result in a more robust, efficient, and secure infrastructure. As part of this process, several actions are required from different stakeholders within the community.
BNB/BEP2 Asset Holders: Users should transfer their BNB Beacon Chain assets, including BEP2/8 tokens, before and after BC Fusion. Assets not migrated by August 15 will become unmovable. More information can be found here.
BNB Stakers: Stakers need to move their delegations to the new native staking system with:
- Cross Chain Redelegation
- Undelegation, Cross Chain Transfer, New Delegation
- The detailed guide to help stakeholders migrate their staked BNB is available here.
Full Node Operators: Upgrade to v0.10.22:
- If node is synced with the network, users need to download the new binary & new config file of app.toml
- Add/update the SecondSunsetHeight = 378062790 under the [upgrade] module of app.toml
- Restart bnbchaind process
- More information can be found here.
The BC Fusion will also introduce a new governance model on BNB Chain, aiming to enhance the governance framework to streamline processes and foster a more robust and participatory ecosystem. Key changes include limiting proposal submissions to individuals with 200 or more BNB staked and adjusting the staking redelegation mechanism to reduce the cross-chain redelegation cost to approximately $0.6.
Additionally, BSC is implementing Proposer-Builder Separation (PBS) to enhance the Maximal Extractable Value (MEV) landscape. This includes establishing a standard builder API between builders and validators, outsourcing block building to specialized builders, simplifying the fee structure with gas fee-based payments, and improving block production efficiency while promoting greater decentralization in the MEV extraction process.
More information and detailed guides can be found here.
About BNB Chain
BNB Chain is a community-driven blockchain ecosystem that is removing barriers to Web3 adoption. It is composed of:
- BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees of any EVM-compatible L1; serves as the ecosystem’s governance chain.
- opBNB: A scalability L2 that delivers some of the lowest gas fees of any L2 and rapid processing speeds.
- BNB Greenfield: Meets decentralized storage needs for the ecosystem and lets users establish their own data marketplaces.
Setting a high bar for security, the AvengerDAO community protects BNB Chain users while Red Alarm provides a real-time risk-scanner for Dapps. The ecosystem also offers a range of monetary and ecosystem rewards as part of its Builder Support Program.
For more, follow BNB Chain on X or start exploring via their Dapp library.
The post BNB Chain’s BC Fusion Second Sunset Fork Set for July 14, 2024 appeared first on CryptoPotato.
