With the recent announcement of our listing and integration with Binance DEX (and its main chain), Matic Network and its community members will enjoy the benefits of additional liquidity, another trading pair, and added security and autonomy over their MATIC holdings via the BEP-2 standard. By partnering with Binance DEX, we’re excited to be spearheading the decentralized finance (DeFi) movement with a number of other forward-thinking projects in the blockchain space.
What’s the Difference between BEP-2 and ERC-20?
The Matic ERC-20 token will be pegged at a 1:1 ratio with the Matic BEP-2 token. A total of 10 billion tokens will exist simultaneously on both chains at any single time. Matic, however, does not plan to migrate a fixed number of tokens onto Binance DEX, rather we expect the supply to increase more and more as people deposit tokens onto Binance DEX.
We have implemented a 2-way bridge between the ERC-20 and BEP-2 Matic token. The bridge will be live prior to listing, and Matic will move a certain amount of tokens for initial liquidity. For our first bridge, here’s a screen-shot tutorial of how to convert one’s ERC-20 MATIC tokens to BEP-2 MATIC tokens. To initiate the ERC-20 to BEP-2 conversion process please go to https://binance-bridge.matic.network
- Step 1 (Pictured Left) Inserting your BNB address;
- Step 2 (Pictured Center) Transferring your ERC-20 MATIC tokens;
- Step 3 (Pictured Right) Receiving confirmation status for the transfer
Upon confirming the token swap, your Binance DEX wallet should have an updated status as shown below:
What this means for the ERC-20 MATIC standard
The integration with the Binance Chain will be an additional option for Matic Network Community members to trade and store their MATIC tokens. One should keep in mind, however, that the ERC-20 token will still hold majority token supply amongst other officially listed exchanges (i.e. Binance CEX, BitMax, Dcoin, BitForex, Hotbit, TOKOK, Bilaxy, IDEX, WazirX, & BiteBTC).
If you have any questions regarding the ERC-20 to BEP-2 token swap, please ask one of the moderators in our Telegram room.
Originally published at https://blog.matic.network on August 8, 2019.