PSA: Transition from BEP3 to Binance Smart Chain
Attention Binance Users and BEP3 Asset Holders!
There is an upcoming change to the Kava Chain infrastructure that requires your immediate attention.
BEP3 Deprecation and Transition Plan
BEP3 Migration from Binance Beacon chain to BSC: The BEP3 assets on Kava Chain are currently backed by assets on Binance Beacon Chain. The backing assets will be transparently migrated to Binance Smart Chain around April 30th. The BEP3 deputy will continue working until that time.
After April 30th, users holding BEP3 assets on Kava Chain will be able to bridge them to Binance Smart Chain for BEP20 assets. The bridge will be operated be Axelar and the BEP3 deputy will be shutdown.
Last Call for BEP3 Withdrawals: The BEP3 deputy functionality, which allows for withdrawals to the Binance Beacon Chain, will be available until approximately April 30th. We urge all users who wish to withdraw assets via the BEP3 deputy to complete their transactions before this date.
Migration Steps:
- Shutdown of BEP3 Deputy: Mark your calendars for April 30th, as the BEP3 deputy will cease operations. This is a critical step towards transitioning to a more robust and efficient platform.
- Opening of New Bridges: On April 30th, a new gateway will be established through the Axelar Bridge, connecting BSC (Binance Smart Chain) and Kava Chain. This marks the beginning of a new era in asset transfer and management.
- Asset Migration: Starting May 1st, the assets that back BEP3 tokens will be migrated from the Beacon Chain to BSC. This process will enable users to withdraw their BEP3 assets from Kava Chain directly to BSC, simplifying the withdrawal process and enhancing security.
What This Means for You:
If you are holding BEP3 assets on Kava Chain, rest assured that your assets remain secure and accessible. The primary change will be the withdrawal route, transitioning from Binance Beacon Chain to Binance Smart Chain, streamlining the process for all users.
Next Steps:
A detailed governance proposal will be shared shortly, outlining the full scope and implications of the BEP3 migration plan. We encourage all users to review this proposal to understand how these changes may affect you and to prepare accordingly.
Please make sure you are familiar with Binance Smart Chain and complete any necessary BEP3 withdrawals before the April 30th deadline. Our team is here to support you through this transition, and we’re committed to providing a seamless experience as we move forward.
For any questions or support, please visit the Kava Help Center.
