Kava Chain has issued a critical update for its user base regarding a significant transition within its blockchain infrastructure. The platform has announced that all BEP3 assets will undergo a migration process to the Binance Smart Chain (BSC), aiming to enhance asset transfers, security measures, and the efficiency of financial operations.
The current system operates with BEP3 assets on Kava Chain backed by assets on the Binance Beacon Chain. This backing is set to be moved to BSC around April 30th. Until then, the BEP3 deputy will continue to facilitate transactions as usual.
In light of this shift, users in possession of BEP3 assets on Kava Chain will be able to bridge these assets over to Binance Smart Chain and exchange them for BEP20 assets post-migration. Axelar is tasked with operating the bridge, and post-April 30th, the BEP3 deputy will cease its operations.
Kava Chain officials have issued a 'last call' for withdrawals using the BEP3 deputy. This functionality will remain until approximately April 30th, after which withdrawals to the Binance Beacon Chain will no longer be possible. A detailed governance proposal is expected to be released shortly, providing comprehensive details on the migration's full scope and impact.
All stakeholders are encouraged to familiarize themselves with Binance Smart Chain and complete any necessary preparations before the deadline. The Kava team has pledged full support during this transition, aiming for a smooth and uninterrupted experience. For additional information or assistance, users are directed to the Kava Help Center.