The world’s leading crypto exchange platform by trading volume, Binance has just released an announcement confirming support for the soon to come Mithril (MITH) mainnet swap of ERC20 MITH tokens to BEP2 MITH tokens on Binance Chain.
According to the announcement, the platform suspended withdrawals of MITH tokens as from 2019/04/25 04:00 AM (UTC). Users however, are still able to deposit MITH tokens to their Ethereum (ETH) deposit address on Binance once the swap is completed. The platform will automatically convert the ERC20 MITH tokens to BEP2 MITH tokens.
About the MITH Token
Mithril is a decentralized social media platform created on the Ethereum blockchain that rewards content creators. Users get to acquire MITH (Mithril tokens) by simply using applications within the decentralized Mithril ecosystem. The Mithril platform call this process “Social Mining’’.
The platform’s ultimate goal is to become the most optimized blockchain for using social network applications.
The launch of the Binance Mainnet (BNB)
Binance transfers BNB tokens from the Ethereum block chain to the Binance chain, a project recently launched by Binance to ensure the creation of a blockchain that serves as a secure market for emitting, using and exchanging cryptoactives in a decentralized manner.
The first use case of the Binance Chain is Binance DEX, a new decentralized exchange to convey the best features of Binance’s current exchange platform.
About Binance Coin (BNB)
Binance Coin, denoted by the symbol BNB, is a decentralized cryptocurrency issued by Binance Exchange. Like MITH, the currency was based earlier in the Ethereum block chain. BNB holders can use the currency to pay the fees charged by Binance for the use of the services. These include commercial fees, listing fees, exchange rates and several others. They can also use the currency to invest in the Initial Currency Offers (ICO) that are listed through the Launchpad program of the exchange.