Binance, one of the world’s leading cryptocurrency exchanges, has announced that it will be supporting the TRON (TRX) BEP20 contract swap. This move comes as a part of Binance’s effort to improve the user experience of its platform and provide its users with access to the latest developments in the cryptocurrency industry.
📢@binance will support #TRX contract swap. You can migrate the Binance-peg #TRX (old BEP20 TRX) to the #BTTC-bridged Version #TRX (new BEP20 TRX).
Let’s keep pushing boundaries and building a brighter decentralized future together!💪#sTRONgerTogetherhttps://t.co/8Uo6ucPwBM
— TRON DAO (@trondao) February 20, 2023
How does the contract swap work?
According to the announcement made on February 17th, 2023, the TRX (BEP20) deposits and withdrawals will be suspended on Binance starting from 4:00 AM (UTC) on February 27th, 2023. However, spot trading, margin trading, futures trading, Binance Pay, and Simple Earn subscriptions will not be affected during the contract swap.
Binance has stated that it will handle all technical requirements involved in the contract swap for all users holding TRX in their Binance accounts. Once the contract swap is complete, a separate announcement will be made, and deposits and withdrawals of TRX (BEP20) will resume.
After the contract swap, old TRX tokens will assume TRXOLD as the ticker. Binance users who have deposited TRXOLD via the old TRX (BEP20) smart contract will be able to swap their old TRX tokens (TRXOLD) for new TRX tokens using the convert function.
The old TRX (BEP20) smart contract address is 0x85EAC5Ac2F758618dFa09bDbe0cf174e7d574D5B, while the new TRX (BEP20) smart contract address is 0xCE7de646e7208a4Ef112cb6ed5038FA6cC6b12e3.
Binance has provided a Guide for Migrating Binance-Peg TRX to BTTC-Bridged Version TRX for those seeking more information on the matter.
What is Binance?
Binance is one of the world’s largest cryptocurrency exchanges, offering a wide range of digital assets for trading, including Bitcoin, Ethereum, and a variety of altcoins. Founded in 2017 by Changpeng Zhao, Binance has quickly become a major player in the crypto industry, providing a platform for both beginner and experienced traders to buy, sell, and exchange cryptocurrencies.
The exchange is known for its low fees, user-friendly interface, and high level of security. As a result, Binance has become a popular choice for anyone looking to get involved in the fast-growing world of cryptocurrency.
Binance’s move to support the TRON (TRX) BEP20 contract swap is an indication of the exchange’s commitment to providing its users with the latest and most advanced technology in the cryptocurrency industry. This development will likely attract more users to the platform who are interested in investing in TRON (TRX) and other digital assets.
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