Foresight News reports that AltLayer stated on X that due to the surge in demand for the ERC20 version of ALT on Binance, the liquidity for this version of the token has become tight. Binance has therefore requested AltLayer's assistance in facilitating the cross-chain exchange of tokens from BEP20 to ERC20 to balance liquidity.
AltLayer stated that the exchange will be conducted through an on-chain mechanism: an equivalent amount of BEP20 ALT will be burned on the BNB Chain while the same amount of ERC20 ALT will be minted on Ethereum, ensuring that the total circulation remains unchanged. Users will see Binance withdraw 400 million BEP20 ALT and burn them, after which the equivalent amount of ERC20 ALT will be unlocked on Ethereum and transferred to a wallet controlled by Binance. AltLayer will publish the relevant on-chain transaction links after the exchange is completed to ensure the transparency of the entire process.
