Binance Announces Beefy (BIFI) Contract Migration Easier
Here are the key details:
1. Swap Timeline:
The contract swap is scheduled to take place on October 16, 2023, at 23:00 UTC. Starting from this time, deposits and withdrawals of BIFI tokens in BEP20 and BEP2 formats will be temporarily suspended.
2. No Impact on Trading and Services:
Importantly, the swap will not affect BIFI spot trading, Binance Earn, and Binance Pay services. Users can continue to utilize these services as usual.
3. 1:1 Token Swap:
Binance will handle the technical aspects of the swap for all users holding BIFI tokens in their Binance accounts. Each old BIFI token will be swapped for the new BIFI token at a 1:1 ratio. This means that you'll receive one new BIFI token for each old one.
4. End of BEP20 and BEP2 Support:
After the contract swap, Binance will no longer support deposits and withdrawals of BIFI in the BEP20 and BEP2 formats.
5. ERC20 Format:
Binance will make a separate announcement once the contract swap is complete. After that, deposits and withdrawals of BIFI in the ERC20 format will be supported. You'll need to pay attention to further announcements from Binance for the exact details on how to handle ERC20 BIFI.
6. New Smart Contract Address:
The new BIFI (ERC20) will have a specific smart contract address:
0xB1F1ee126e9c96231Cc3d3fAD7C08b4cf873b1f1.
For more detailed information, it's advisable to refer to the official announcement from the Beefy project team.
Please note that this information is provided for reference, and it's important to follow Binance's official updates and instructions for a smooth transition during the contract swap.
