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Binance, one of the best crypto platforms in the world, has finally launched the mainnet of its own native blockchain protocol. The first project to take the plunge and move over to Binance Chain will be Mithral, a decentralized social media platform that will take its MITH token from the ERC20 standard used by Ethereum to Binance’s BEP2 standard.
Binance Chain has been a breath of fresh in the crypto world and has generated a lot of excitement since it was announced earlier this month. The Binance community has been fully supportive of the news and has been instrumental in helping launch the mainnet. There are reports that Binance is working on migrating many other tokens to its own network and that they are using their power as a major exchange to do it.
Mithril devs blog about the migration
The Mithril project leaders released a blog post regarding the migration to soothe any lingering worries by members of their community. They said that the migration had begun some time before the Binance Chain mainnet was launched and all deposits and withdrawals of MITH will be halted for a 12 hour period that will mark the initial migration period.
The blog post went on to say that once the initial migration was out of the way, users would be able to withdraw MITH to BEP2 compatible wallets and would be able to start trading on Binance’s DEX. They also stressed that any MITH held in private Ethereum wallets would not be impacted in any way whatsoever.
The news of the partnership between Mithril and Binance, and of the migration, in particular, saw the native Mithril token surge in trading. There was a quick 70% hike in value, followed by the inevitable market correction. It reached a high of $0.078 and is now sitting comfortably at $0.068. The trade volume for Mithril has expanded immensely, and the migration is looking to be a great move on the part of the project leaders. The trading pair of MITH/USDT, it seems, has given the Mithril token a new lease on life. The increase in trading has been tenfold, and the market is eager to see how it holds up and how this will affect the choice of other projects looking to migrate to other protocols.
Binance getting stronger every day
Many in the industry see this as a masterstroke by Binance. They have shown that by moving to their blockchain technology is a shot of energy for both the price of a token and the trading volume of a token. This is a good time to stock up on their own tokens and buy Binance (BNB).
However, Binance is not looking just to use the carrot to move other projects onto its platform. Binance can sue the stick just as well and has been labeled a bully by some in the industry, who for the time being remain anonymous. Those anonymous sources have said that if a project does not move to Binance’s blockchain, it will be delisted should the trading volume ever reach below one million US Dollars a day.
This is not an empty threat, as Binance were the first major exchange to take action and delist Bitcoin SV (BCHSV) following some particularly rocky weeks for the beleaguered coin.