CanYaCoin ($CAN) Migratation Details — ERC-20 to BEP2

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CanYaCoin

3 min readMay 20, 2019

Here we provide early information on the expected CanYaCoin token migration process from ERC20 to BEP2.

On the 16th of May 2019 CanYa announced that it would be moving to Binance Chain to take advantage of its speed, user experience and network. You can read the announcement blog here:

CanYaCoin is moving to Binance Chain

The CanYa ecosystem will be moving to Binance Chain to focus on adoption, user experience and reliability.

medium.com

The next steps for the migration will be to convert your ERC-20 $CAN into BEP2 $CAN — BEP2 being the token standard on Binance Chain. There is no rush to convert ERC-20 tokens as our platforms will still support it for some time. We will continue to update the community on our migration process over the coming months.

We recommend that regular users of our platforms and our HODL /Spartan club members hold onto their ERC-20 $CAN until we provide further guidance.

Process for converting ERC-20 $CAN to BEP2 $CAN

The process for the token swap will be as follows:

Deposit ERC-20 $CAN onto binance.com. There will be an option to select a $CAN token deposit address on Binance in the ‘funds’ section.
Withdraw your BEP2 $CAN from Binance into the Binance DEX, a Trust Wallet or a Ledger Nano S wallet.

Note: Binance does NOT yet display the $CAN token deposit address. This information is only an early indication of the forthcoming procedure.

We will release more in-depth guides on how to achieve these steps in the coming days.

Although the CanYa team are confident of this process working well, we are also looking to build a smart contract tool to achieve the swap in a completely decentralised, trustless manner. This will ensure a long term token swap solution for anyone with old ERC-20 tokens in the years ahead. We will provide more details on this in the coming weeks.

Future Plans

The CanYa team will be working closely with the Binance team as we migrate our platforms across to Binance Chain. We will keep the community informed throughout this process.

Until otherwise stated you will still use ERC-20 $CAN on all of our platforms including CanWork.

On-top of migrating over our existing platforms to Binance Chain the CanYa team are also keen to build tools to help the Binance Chain community. A gas-fee explorer, multi token sending tools and an open-source Binance Chain Hedged Escrow are just some of our plans.

CanYa and Binance Chain Communities

We strongly encourage our community to become active in the Binance Chain community. The CanYa team will be submitting a number of development proposals and we would love to have a strong voice contributing to this growing group of developers and supporters.

To start, please like and comment on our DEX listing proposal which can be found here:

https://community.binance.org/t/proposal-listing-canyacoin-can-on-binancedex/2509

We look forward to our two communities working together to improve Binance Chain and subsequently ensure the best possible user experience for CanWork and all subsequent CanYa platforms!

Want to learn more about CanWork or the CanYaDAO? Come join the CanYa community Telegram channel.

Or hit us up on any of the links below: