Mithril becomes the first project to launch on Binance Chain, surges 70%

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Binance Chain, a blockchain protocol developed by Binance, will see its first project launch on the network.

The company announced Mithril, a decentralized social media platform, will migrate to the chain and its MITH token will transfer from ERC20 to Binance's BEP2 standard.

Since its announcement in early 2018, Binance Chain has been one of the most highly anticipated blockchain projects to date.

The exchange launched the Binance Chain mainnet and the network's first project is about to go live.

According to a press release, Mithril will be the first project to migrate to Binance Chain.

The company said that by migrating to Binance Chain, MITH token holders will be able to experience the "Speed, security, and user-friendliness" that have become associated with Binance.

The company's native token, MITH, will begin its migration from ERC20 to BEP2 shortly after the mainnet launch of Binance Chain on Apr.

When MITH finally migrates to BEP2, Binance users will be able to withdraw the coin to any BEP2 wallet, which includes the Ledger Nano S. The exchange also noted that ERC20 versions of MITH held in private ETH wallets or on other exchanges will not be impacted by the migration.

According to Mithril's blog, the reason behind its migration to Binance Chain is the network's usability.

Mithril Merchant Network partners have enabled the company's MITH token to gain real-world usage and Binance's user-friendliness will soon become crucial to its success, Mithril said in its release.