canwork-guide

Swapping from Binance Chain to Binance Smart Chain

Turning BEP2 into BEP20

First, some background

As many in the community know the Binance Ecosystem has matured significantly over the past few years. One large development has been the deployment and growth of Binance Smart Chain.

Compared to Ethereum, Binance Smart Chain is roughly 1000x cheaper, 10x faster and in late 2021 had more transactions on chain than the chains of Bitcoin and Etherum combined:

https://cryptoslate.com/binance-smart-chain-sets-record-after-14-7-million-daily-transactions-in-one-day/

For these reasons and more we believe the future of CanYa’s ecosystem rests with Binance Smart Chain. Additionally it will provide the following benefits to our users and token holders:

  • Ability to further decentralise the Hedged Escrow using the smart contract functionality of BSC
  • Allow our clients to pay freelancers in an increasing range of cryptocurrencies
  • Give freelancers the choice to accept payments in stablecoins such as $BUSD
  • Revised tokenomics & use-case for the $CAN token
  • Increase liquidity & staking options for the $CAN token (eg. PancakeSwap)

How to Swap

Hopefully you now know why we are moving to Binance Smart Chain. Thankfully, with the help of Trust Wallet, swapping from BEP2 to BEP20 tokens is incredibly easy.

What you will need


1. BEP2 $CAN


You should already have the BEP2 (Binance Chain) version of the $CAN token. If you still have the ETH ERC20 $CAN you will need to swap it to BEP2 $CAN first. This can be done via this guide:

Swapping ERC20 $CAN to BEP2 $CAN

2. Trust Wallet


Trust Wallet is CanWork's wallet of choice and a very powerful, secure and functional mobile wallet. If you don't already have Trust Wallet this guide will explain how to do it.

3. Some BEP2 $BNB

Just like the $CAN token $BNB exists on Binance Chain (BEP2) and Binance Smart Chain (BEP20). To facilitate the swap and pay the small gas fee you will need some BEP2 $BNB.

Now to Swap


Note: This technique will work to swap any supported BEP2 token across to its supported BEP20 counterpart (including BNB).

  • Select your BEP2 $CAN inside Trust Wallet and click the "Swap" button under your $CAN amount on the right hand side:

  • Select "Swap to Smart Chain" when prompted

  • Select the amount you want to swap (realistically you want to swap all of it over to BEP20). In this example we will be swapping 1000 $CAN over




On the confirm page you will note the difference in address syntax between Binance Chain (BEP2) and Binance Smart Chain (BEP20). Binance Chain addresses start with "bnb" whereas Binance Smart Chain look similar to ETH addresses and start with "0x...":

Confirm and then wait while the magic occurs on the blockchain (you can view the transaction on the blockchain explorer by selecting "More Details"):



....and you're done. You should see a notification that you have received funds into your wallet. You'll also note "Canyz" up the top and the fact it is BEP20 to the left. Currently $CAN BEP20 is given the name "Canyz" in Trust Wallet. This was done to differentiate between BEP2 & BEP20.

You will also note that BNB is represented differently in Trust Wallet depending on whether it is BEP2 or BEP20. BEP2 is a white/yellow logo called "BNB" whereas BEP20 is a black/yellow logo called "Smart Chain":



That’s it!

If you need help, come visit us in the community Telegram channel.



CanWork: https://www.canwork.io/
Twitter: https://twitter.com/CanWork_
Facebook: https://www.facebook.com/CanWorkPlatform

Chris McLoughlin

Author

2022-02-07

Date posted

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 CanWork   Freelance   Binance