this post was submitted on 24 Nov 2024
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What Can We Do to Avoid Losing Assets When Chains Shut Down? (zerobytes.monster)
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The original post: /r/cryptocurrency by /u/mrtac96 on 2024-11-24 15:07:57.

Today i came to know Binance Beacon Chain has now shut down. Some chains managed to bind their assets (as shown in this tracker: https://github.com/bnb-chain/bcfusion), but some chains like FTM and Kava didn’t bind their assets to binance smart chain. This means the coins tied to these chains are now effectively lost forever.

I want to open up a discussion:

  1. What steps can users and developers take to prevent such losses in the future?
  2. Are there blockchain ecosystems that are immune to shutdown by entities or central authorities? (Please don’t mention ERC-20; the gas fees are prohibitively expensive for many users.)
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