BNB Chain Announces Upcoming Beacon Chain Fusion

BNB Chain, the community-driven blockchain ecosystem, has announced the Beacon Chain (BC) Fusion Second Sunset Fork.

This event is scheduled for July 14, 2024, at block height 378,062,790. The upgrade aims to streamline the network, improve efficiency, and enhance security by migrating functionalities from the BNB Beacon Chain to the BNB Smart Chain (BSC).

Enhancing the BNB Ecosystem

The BC Fusion is set to enhance the BNB ecosystem by consolidating functionalities onto the BNB Smart Chain (BSC). This consolidation will create a more robust, efficient, and secure infrastructure.

Actions for Asset Holders and Stakers

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. Detailed information can be found here.

BNB Stakers: Stakers must move their delegations to the new native staking system. This includes:

  • Cross Chain Redelegation
  • Undelegation, Cross Chain Transfer, New Delegation

A detailed guide to help stakeholders migrate their staked BNB is available here.

Full Node Operators: Operators must upgrade to v0.10.22. The steps include:

  • Downloading the new binary & config file of app.toml
  • Updating SecondSunsetHeight = 378062790 under the [upgrade] module of app.toml
  • Restarting the bnbchaind process

More information can be found here.

New Governance Model

The BC Fusion introduces a new governance model on BNB Chain. This aims to enhance the governance framework, streamline processes, and foster a more participatory ecosystem. Key changes include:

  • Limiting proposal submissions to individuals with 200 or more BNB staked.
  • Adjusting the staking redelegation mechanism to reduce the cross-chain redelegation cost to approximately $0.6.

Proposer-Builder Separation (PBS)

To enhance the Maximal Extractable Value (MEV) landscape, BSC is implementing Proposer-Builder Separation (PBS). 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.
  • Improving block production efficiency while promoting greater decentralization in the MEV extraction process.

Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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