Binance launched its blockchain protocol on April 18 and it already has its first project launch on its network. Mithril, a decentralized social media platform will migrate to Binance Chain. The company’s MITH token, that ranks 121st on CoinMarketCap will transfer from ERC20 to Binance’s BEP2 standard.
Binance Chain has been a highly anticipated project in the crypto world since its announcement and with its launch, the community provided ample support to the move. According to reports, Binance is luring companies into migrating to their new native chain and leave Ethereum.
According to Mithril’s blog post, the migration commenced after the mainnet launch of the Binance Chain and informed the MITH holders that the deposit and withdrawals on Binance.com will be halted for the initial 12-hour migration period, however, trading will continue. The post added:
“Once the initial migration of ERC20-based MITH to BEP2 MITH is complete, Binance users will be able to withdraw MITH to BEP2 wallets, such as the Ledger Nano S, and begin trading on Binance DEX. ERC20 versions of MITH held in private ETH wallets or on other exchanges will not be impacted.”
As Mithril announced about its migration to Binance chain, the price of MITH, Mithril’s native coin saw a surge. The coin also saw a 70% hike, followed by a market correction. At press time, MITH was valued at $0.0782 with a market cap of $40 million. The 24-hour trading volume of the coin was $108 million as it pumped by 67.10% over the past day. In the past seven days, the coin noted a surge of a massive 81.47%, which started to dip by 0.84% over the past hour.
Following the addition of the project, Binance announced the listing of MITH/USDT trading pair, which will start trading on April 19, 10 AM UTC.
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