Nearly a year ago we launched the current BPX mainnet. The old chain that was imperfect in many ways has been replaced by our original, innovative implementation of the standard EVM chain using the Proof of Space and Time as a consensus algorithm. For the past 10 months, we have been implementing a multi-stage plan to abandon the V2 blockchain and move all users and assets to the new V3 network. According to the schedule, the final phase of the migration was finished today – March 1, 2024.

The great coin burning

The old and new BPX blockchains are absolutely incompatible with each other – they use completely different cryptographic algorithms for generating wallet keys and different addresses format. For this reason, carrying out the migration by e.g. airdrop was not possible. Therefore, we decided that the only reasonable option to perform the migration without harming the new blockchain with technological debt and eternal dependence on the old chain is to use a centralized bridge to allow all users to move their funds from old chain to the new one.

At the launch time, the new blockchain generated exactly as many BPX coins as were in the entire circulation of the old network and placed them at the hardcoded bridge address (0xD8d6897696569A597298475f712f8D50c4b41F5f). Every time a user sent BPX V2 coins to the BPX bridge, they received the same amount of BPX V3 coins from this pool in return.

As you can easily guess, not all coins has been transferred by the bridge. In every blockchain, there are always some coins that belong to people who abandoned the project at an early stage of development, forgot the wallet key, sent funds to the wrong address, etc. As promised, funds remaining in the bridge pool that have not been claimed by anyone until the shutdown of the bridge will not be used by developers or anyone else. In line with the migration schedule, these funds were officially withdrawn from circulation today by executing the burn transaction.

Exactly 93.598.194 BPX has been sent to the burning address (0x0000000000000000000000000000000000000000) in the transaction 0x3b628998be7503210842c2c7d31d75f2ba74ba244b81d8ab445626e1decd5225 confirmed in execution block 474237. Once this transaction was confirmed by the blockchain, the funds in the amount of 93 million BPX were irretrievably lost and will never come back to circulation.

V2 chain abandonment

We would like to remind that all funds remaining in the old chain have no longer any value and there is no longer any possibility of transferring them to the V3 network.

BPX developers have shut down all maintained full nodes of the old V2 network, including those providing transactions to the bridge.

With the burning transaction committed to the blockchain, the BPX V2 chain is officially abandoned, the migration operation is officially complete and V3 is the only proper BPX blockchain.