BNB Chain has announced the transition of BNB Chain Wallet to a Lite Version as BNB Beacon Chain reaches its sunset phase.
BNB Chain is phasing out its mainnet wallet and transitioning it to a lite version, the team announced. The change will take effect next week.
The updated BNB Chain Wallet will no longer feature functionalities for sending, receiving, and checking balances and transaction history. It will also lose access to BNB Smart Chain, Ethereum, and testnets.
However, users will still be able to use their seed phrase or private key to recover their assets.
For managing funds, the team recommends using alternative wallets like Trust Wallet.
BNB is the native coin that powers the BNB Chain ecosystem. It serves several functions, such as reducing trading fees on the Binance exchange, paying for transaction fees on both the BNB Beacon Chain and BNB Smart Chain, and being utilized in games and DApps within the BNB Chain ecosystem. It’s also employed to participate in token sales hosted on the Binance Launchpad and provide liquidity on Binance Liquid Swap. Furthermore, BNB can be used for real-world applications, including online and in-store purchases and travel bookings on platforms like Travala.com.
As of September 2020, with the launch of the BNB Smart Chain, BNB can exist in three forms: BNB BEP-2 on the BNB Beacon Chain, BNB BEP-20 on the BNB Smart Chain, and BNB ERC-20 on the Ethereum network.
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