Ankr Migrates to Binance Chain’s BEP-2 Format
- This shift of the token will bring additional liquidity but more importantly, will present a one of a kind 3 token type swap mechanism, called the Ankr Triangle.
- A number of tokens already embraced the BEP-2 token format as Binance Chain is becoming a preferred option for an increasing number of blockchain companies.
Binance and Ankr have announced the migration of Ankr tokens to the Binance Chain BEP-2 format. This shift of the token will bring additional liquidity but more importantly, will present a one of a kind 3 token type swap mechanism, called the Ankr Triangle.
A number of tokens already embraced the BEP-2 token format as Binance Chain is becoming a preferred option for an increasing number of blockchain companies. A significant benefit from the migration is the addition of a trading pair on Binance DEX and another secure storage alternative in the Binance Chain wallet. Ankr representatives state that this cooperation will also help them in future developments and will improve their presence in the crypto world.
This step does not mean the immediate shift to BEP-2 of all of Ankr’s ERC-20 tokens. ERC-20 tokens are still necessary for trading on a number of exchanges listing Ankr but this migration should gradually stimulate users to embrace BEP-2 tokens. In addition, the ERC-20 token will continue to be added add more exchanges.
Ankr’s Native Token
A new Ankr native token will be used for trading services on the Ankr platform, powering the network and encouraging compute resource providers. It will run on the Ankr mainnet (launching July 2019) and will not be tradable on exchanges.
The Ankr Chain will offer all the necessary enterprise-level cloud-computing services like improved security, privacy and fast confirmation times. Users will be able to use the native token for staking and winning rewards – more Ankr tokens, as well as paying network fees, hosting and compute tasks.
Ankr Triangle
Ankr is the first ever blockchain project to adopt a triple token mechanism. The Ankr Triangle illustrates the ability for smooth exchanging between three token types, and namely:
- Ankr’s native token that is running on the Ankr mainnet
- The Ankr ERC-20 token
- Ankr’s BEP-2 token based on the Binance Chain
The new model aims to ease the collaboration with the Binance Chain development unit.
Ankr announced that no more than 10,000,000,000 tokens will ever be in total circulation. The upcoming project whitepaper will detail the freezing and unfreezing mechanism between the tokens in the triangle that will allow the total number of unfrozen tokens to be constant all the times.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.