May 30, 2019, Binance announced Gifto migrates to Binance Chain.
What exactly is the migration process:
- Starting today May 31, 2019 at 8am(GMT+8), Binance.com users will not be able to withdraw or deposit GTO for a brief period.
- During this period, they will have their ERC20 GTO tokens on Binance.com automatically converted to BEP2 GTO. During that time, deposits and withdrawals of GTO will be frozen on Binance.com.
- After Binance.com re-opens GTO deposit and withdrawal, Binance.com will only allow deposit of ERC20 GTO, but not withdrawal. Withdrawal of GTO from Binance.com will only be in BEP2 GTO tokens, aka Binance Chain tokens, and thus can only be sent to a Binance-chain address, not an Ethereum address.
- The Gifto Wallet will continue to support ERC20 Gifto for deposit, withdrawal, and usage in Gifto ecosystem apps like Uplive, Giftomon, etc. for at least a year. We are targeting to support of Binance Chain GTO tokens in the Gifto Wallet within a few months.
What migration steps have happened already?
- A few days ago, we issued 1,000,000,000 Gifto BEP2 token on Binance Chain. These are controlled by the Gifto project and will be swapped for users’ ERC20 GTOs over time, starting with Binance.com users.
- We created a proposal of listing Gifto (GTO) on Binance DEX. This is Binance’s new decentralized exchange. Gifto will continue to seamlessly be traded on Binance.com’s centralized exchange without interruption.
How long will migration take?
The Gifto Wallet, and thus Gifto ecosystem apps, will continue to support ERC20 versions of GTO for at least a year. Today is the beginning of our migration, which is to say, starting today, users can convert their ERC20 (Ethereum) GTO tokens to BEP2 (Binance Chain) GTO tokens simply by depositing them on Binance.com as ERC20’s and withdrawing them as BEP2’s.
Why has Gifto chosen to move Binance?
We have grown with Ethereum and are grateful for everything it’s enabled us to do. For Gifto’s next phase of growth it’s time to move to a chain and community better suited to driving mass adoption of crypto. Learn more about our decision to move to Binance Chain here.