Your favourite Libra Coin is now ready to migrate to the more efficient and cost-effective Binance Smart Chain (BSC). The migration will happen before the coin listing on a major crypto exchange. To ensure a smooth and hassle-free migration process, we recommend all existing investors and holders to stay tuned with the Libra website and social media channels to receive the latest updates.
What? – Libra Coin migration from Ethereum (ERC-20) To Binance (BEP-20)
When? – In the next couple of days, before listing on the crypto exchange.
For those wondering why we decided to switch from ERC-20 to BEP-20, here’s the answer.
Due to high gas fees on the Ethereum network, the cost of transactions is usually very high, which discourages users from performing more transactions. At Libra, we care about investors and users too much to let them suffer because of the issue of high transaction fees. This is why we have decided to move to the Binance Smart Chain, which is comparatively more efficient overall and has a lower per-transaction fee.
We constantly hear the feedback of our users and check community reviews on social platforms. Through this and the recent AMA, we came to know about the trouble of increasing transaction cost on the existing blockchain network. This troubled us deeply, as we can’t see our users in trouble. So, we concluded that it’s time to move to a more cost-effective and efficient blockchain (Binance Chain).
Another good news is that we are also planning to create and launch our own blockchain eventually. The development will start after releasing our products in line. Stay tuned for updates.
The proposed migration will cause a little bit of delay in the scheduled listing of Libra on the XT.com exchange. Now, the coin will be listed on the exchange on 2nd August.
Libra Coin is all set to be listed on XT.com, which is a major global crypto exchange, on 2nd August 2021. The migration process will be completed before that.
What does it mean for LC investors & holders?
Libra coin holders are not required to do anything on their part. Their accounts and wallets will be automatically transferred to the new blockchain. Users will be separately noted about the new blockchain and login details. The migration process may take up to a week. Meanwhile, the existing accounts on the Ethereum blockchain will continue working as before.
Once the migration process is complete and Libra Coin is shifted to BEP-20, users will notice a significant drop in gas fees and transaction fees, which is expected to boost engagement and demand of the Libra Coin.
More details will be revealed soon. Stay tuned for updates…