Claiming to be the first company to get on board, decentralized social media platform Mithril will migrate to Binance Chain, a blockchain protocol developed by leading cryptocurrency exchange Binance.
According to Mithril’s official blog post on April 18, choosing to migrate to Binance Chain is a strategic decision for Mithri as its platform grows:
“As Mithril continues to gain real-world usage through Mithril Merchant Network partners in media and entertainment, food and beverage, retail clothing, and events management, the benefits of speed, security, and user-friendliness have become crucial to the success of our ecosystem. Binance Chain’s focus on usability, security, along with the incredible speed of one-second block times, made migrating to the Binance Chain an important strategic initiative for us this quarter.”
Mithril said an initial 12-hour migration of its native MITH token from ERC20 to BEP2 will occur shortly after the launch of the Binance Chain mainnet, which took place the same day Mithril’s blog post was published. Mithril did not specify, however, exactly when it planned to carry out the migration.
MITH deposits and withdrawals on the main Binance exchange Binance.com will be suspended during the transition, although regular trading will supposedly be unaffected. Once complete, Mithril writes, Binance users will be able to withdraw MITH to BEP2 wallets, such as the Ledger Nano S, and begin trading on Binance DEX. ERC20 versions of MITH held in private ETH wallets on other exchanges will allegedly not be affected.
The Crypto Sight reported that Binance launched its Binance Chain mainnet on April 18, followed by the decentralized version of its exchange known as DEX on April 23. With the mainnet launch, Binance Coin (BNB), currently one of the largest cryptocurrency by market cap, has migrated from being Ethereum-based ERC-20 to BEP-2 to become the native token on Binance Chain.