Nearly two weeks ago we announced that our proposal to be listed on Binance DEX had been approved by Binance Chain Validators. To prepare for the listing, if you have the intention to trade CHZ on Binance DEX, you will need to migrate your Ethereum Chiliz Tokens to the Binance Chain. It may sound a little overwhelming, or maybe confusing, but it’s actually extremely simple.
BEP-2 CHZ Tokens will be able to be traded on the Binance DEX and the ERC-20 CHZ Tokens will be available on centralized exchanges when we announce. Note, this will not affect the supply of Chiliz; the total supply will remain 8,888,888,888 across both chains.
Before starting, please be aware that this is a ONE-WAY migration. There is currently not a way to return BEP-2 CHZ to ERC-20 CHZ.
To follow the steps below, you will need the following:
- A Wallet that supports Binance Chain (We recommend Trust Wallet)
- ERC-20 Chiliz Tokens.
- An account on Binance.com.
Please follow the steps very carefully as a mistake could result in loss of funds.
- Depositing your Chiliz ($CHZ)
- Go to Binance.com and login to your account.
- Go to the Funds tab and search for Ethereum.
- Click on deposit – this should present you with your Ethereum address.
- Send the amount of ERC-20 CHZ you wish to migrate/swap to the displayed address on Binance.
- Once sent, it may take a few minutes for the transaction to confirm (be verified by the blockchain) before they arrive in your Binance.com funds. You can view the confirmations on the right side of this deposit page (see below).
- Finding your withdrawal address
- Open Trust Wallet and add new crypto to your wallet. Search for ‘Chiliz’ and add the BEP2 Chiliz to your wallet.
- Open the BEP-2 Chiliz in your Wallet and press ‘Receive’.
- Copy the displayed address. Ensure the address starts with ‘bnb’, if it does not start with bnb, it is likely you have added the wrong CHZ. Note that also in the top left of the screenshot above, it says ‘BEP2’.
- Withdrawing your new BEP-2 Chiliz
- After the transaction has received the necessary amount of confirmations, go back to your funds page on Binance.com, as seen in the image above. You should have received the BEP-2 CHZ.
- Click the withdraw button and you will be faced with a screen that looks like the image below.
- There is no need to send a memo to withdraw the CHZ, so go ahead and click the ‘No MEMO’ checkbox. Enter the amount you wish to withdraw – in the image above, we withdrew 100 CHZ – and press the Submit button.
- Enter your Google Authentication Code and press Submit.
- You will then receive an alert box telling you that Binance has sent you an email to confirm the withdrawal request.
- Ensure the email looks like the one above, as phishing is a very common method for scammers to gain access to your funds. Check that all the information on the email is correct and press ‘Confirm Withdraw’.
- Once pressed, you will be displayed with the page above.
- Back on the Withdrawal page of CHZ, you should now see your withdrawal processing in the ‘History’ section on the right side of the page, as seen below.
- Congratulations! You have now successfully migrated your ERC-20 CHZ to BEP-2 CHZ and you will now be able to trade CHZ on Binance DEX when listing occurs. Note that it may take a few minutes for Binance to process the transaction and for the BEP-2 CHZ to appear in your Trust Wallet.
Please note that from the beginning, the Socios app will only accept ERC-20 CHZ deposits, we aim to integrate BEP-2 sometime in Q3/Q4 . Also note: It is NOT currently possible to migrate BEP-2 CHZ BACK to ERC-20 CHZ. If you are NOT interested in trading, and just interested in using the app from launch, we recommend keeping your tokens as ERC-20 until it is possible to swap back from BEP-2.
The Chiliz token will allow football fans to purchase Fan Tokens of their favourite teams, starting with Juventus, and Paris Saint-Germain with many more to come. Fan Tokens will allow millions of football fans all over the world to influence decisions made by the clubs VIA polls hosted on our app, Socios.com. Want to learn more about Socios.com? Check out our FAQ page here.
If you do have any issues or questions, you can ask in our Telegram.
—The Chiliz Team